KlarityWorks

In today’s fast-paced business environment, CFOs must ensure their finance teams have tools that enhance efficiency and drive strategic value. Yet, when it comes to replacing outdated ERP systems, some CFOs adopt an “if it’s not broken, don’t fix it” mindset. This perspective, while understandable, can hinder an organization’s growth and competitiveness. As an advisor helping CFOs achieve successful finance transformations and digitalization initiatives, I’ve observed several tell-tale signs indicating that an ERP system is failing or not optimizing your finance team’s potential. Here are the top ones to recognize and why proactive change is crucial. 1. Manual Workarounds and Spreadsheets are Pervasive If your team relies heavily on spreadsheets for tasks your ERP should handle (and very proud about it), it’s a sign your ERP isn’t meeting your needs. Manual workarounds increase error risk and consume valuable time. 2. Lack of Real-Time Data and Insights Modern finance functions require real-time data to make informed decisions. If your ERP can’t provide up-to-date information, it’s holding your team back, leading to missed opportunities and reactive decisions. 3. Inability to Scale with Business Growth As your business grows, your ERP should scale accordingly. If your ERP struggles with increased transaction volumes or new business models, it’s a major red flag, stifling growth and leading to inefficiencies. 4. Poor User Experience and Adoption If your team finds the ERP cumbersome, they’re likely not fully leveraging its capabilities. A user-friendly ERP enhances productivity and engagement. Low adoption rates signal a system not meeting needs. 5. Limited Integration Capabilities Your ERP should seamlessly integrate with other business applications. If it can’t connect with critical tools like CRM, HR, and analytics platforms, it creates data silos and impedes decision-making. 6. Delayed Financial Close Process An efficient ERP streamlines the financial close process. If your team faces prolonged closing periods, it’s a sign your ERP isn’t optimizing workflows, delaying critical financial insights. The Cost of Doing Nothing The signs of a failing ERP system are clear, and the cost of inaction can be significant. Delaying an ERP upgrade or replacement can lead to: • Operational Inefficiencies: Slowed processes and increased manual work reduce productivity and morale. • Lost Competitive Edge: Inability to leverage real-time data prevents staying ahead of market trends. • Increased Risk: Compliance issues and data inaccuracies lead to financial and reputational damage. Taking the Next Step Investing in a new ERP system isn’t just about fixing what’s broken; it’s about empowering your finance team with tools to drive strategic value and propel your organization forward. #FinanceTransformation #ERP #DigitalTransformation #CFO #CIO #CEO #Workday #KlarityWorks

What do you get when you mix great Balvenie whiskey and a bunch of finance leaders from various industries? It was a great night with great conversations. Thank you, Lee Thong Tan KlarityWorks and Workday Adaptive Planning, for the tremendous evening. It's nice to meet you, Shilong Yu, Krishan Sharma, soo hui H., Aston Koh, and Elyse Low.

I had the opportunity to engage with a brilliant group of #CFO and Finance leaders on one of the most pressing issues in our field: the challenges of consolidation and strategic planning. We discussed how traditional enterprise performance management vendors use technology that can support either a highly structured group consolidation process or a flexible agile planning process, but not both. What #Finance teams really need is one that addresses the distinctly unique requirements of both processes, resulting in a finance team that isn’t forced to compromise because of technology shortcomings. The insights shared today emphasized the need for solutions that can provide comprehensive visibility, flexibility, and control, allowing finance teams to make more informed decisions faster. This aligns with the broader goal of transforming financial management into a less cumbersome, more strategic function that can better support overarching business objectives. I look forward to further discussions and innovations in this area, as we continue to explore how technology can be a game-changer in financial leadership. Thank you to all the participants for a thoughtful and forward-looking conversation. Let’s keep pushing the boundaries of what’s possible in finance! Vince Randall Daphne Looi Jerome Foo Gideon Wong Mike Cherng Alphonso Ngiam Linh Chu Kristina Florensia Chek Yang Ang #workday KlarityWorks

🚀 Strategic Partnership Announcement! 🚀 KlarityWorks is proud to announce our official partnership with Workday, a leader in enterprise cloud applications for finance and HR. This collaboration marks a significant milestone in our mission to support CFOs and CHROs in their finance and HR transformation journeys. By integrating Workday’s robust solutions with our strategic advisory services, we will empower finance and HR leaders to unlock new levels of efficiency, agility, and insight. This transformation will drive sustainable growth, innovation, and operational excellence across entire organizations. We look forward to this exciting journey and the transformative impact we will create for our clients. Pannie Sia Daphne Looi Sarang Chipalkatti Amit Gupta Chek Yang Ang #KlarityWorks #Workday #FinanceTransformation #HRTransformation #Digitalisation #StrategicPartnership #CFO #CHRO #BusinessGrowth

#Finance transformation is crucial for organizations aiming to stay competitive in an increasingly digital world. However, many projects in this domain fail to deliver the expected outcomes. Let’s explore the top reasons I often hear from #cfo and some mitigating approaches to ensure success. 1. Lack of Clear Vision and Objectives A successful finance transformation starts with a well-defined vision and clear objectives. Often, projects fail because the goals are ambiguous or misaligned with the organization’s overall strategy. Mitigating Approach: Ensure alignment with corporate strategy by involving key stakeholders from the outset. Clearly define the desired outcomes and create a roadmap that outlines the steps to achieve these goals. Regularly revisit and adjust this roadmap as needed. 2. Inadequate Change Management Change management is often underestimated in finance transformation projects. Resistance to change from employees can derail the project, causing delays and decreased morale. Mitigating Approach: Implement a robust change management plan that includes regular communication, training programs, and support systems. Engage employees early and address their concerns to foster a culture of openness and adaptability. 3. Insufficient Resources and Skills Projects often fail due to a lack of necessary resources and skills. This includes both financial resources and the expertise required to execute the transformation. Mitigating Approach: Conduct a thorough resource assessment before starting the project. Ensure that you have the right mix of skills within your team or consider hiring external experts. Allocate sufficient budget and monitor resource utilization throughout the project. 4. Poor Data Quality and Management Data is the backbone of any finance transformation project. Poor data quality and management can lead to inaccurate insights and flawed decision-making. Mitigating Approach: Invest in data quality initiatives and establish strong data governance practices. Regularly audit data for accuracy and completeness. Utilize advanced data management tools to streamline processes and enhance data reliability. 5. Lack of Executive Support Without strong executive support, finance transformation projects can struggle to gain traction and secure the necessary resources and attention. Mitigating Approach: Secure executive sponsorship from the beginning. Ensure that senior leaders are actively involved and committed to the project’s success. Regularly update them on progress and challenges to maintain their engagement. Takeaway —————— Finance transformation is complex. By addressing these common pitfalls and implementing strategic mitigating approaches, you can significantly increase the likelihood of success. Clear vision, effective change management, adequate resources, high-quality data, and executive support are the pillars that will support your transformation journey. #cfo #cio #ceo

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It is Thirsty Thursday! What a great way for #cfo and #Finance leaders to come together for a cozy afternoon learning about wine while networking with like-minded Finance community. Glad to have so many smiling faces at our inaugural event in collaboration with Workday Adaptive Planning. We look forward to meeting everyone and more in future gatherings. #workday Daphne Looi Amit Gupta Chek Yang Ang Lee Thong Tan