The benefits of Powered Finance

The benefits of Powered Finance

Discover why Powered Finance is different and how it can help you

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Why are clients saying KPMG Powered Finance is a 'game changer'?

KPMG Powered Finance combines the insight of KPMG’s finance, technology, tax and audit practices with the technology and expertise of Oracle, providing a robust framework for success - fundamentally changing ERP enabled finance transformation. This combined proposition is designed to address many of the typical issues associated with finance transformations. 

Lengthy implementations that do not deliver as expected

A factor behind finance transformation project failures is the length of time it takes to deliver a ‘requirements led’ implementation. This can often lead to a loss of focus on the rationale for the project and a push to ‘go-live’ with something – anything! Traditionally, around six months of a transformation programme are spent requirements gathering and designing processes and systems. Organisations do not see their new ERP system until many months after they start. 

With KPMG Powered Finance we have already defined, considered and built 80 percent of each commonly designed process (Record to Report, Acquire to Retire etc.). These processes are non-client specific and add little strategic value - allowing us to focus on the areas that differentiate your business. 

We can start to validate our pre-configured technology-enabled solution with you on day one of the project rather than month six or seven. Powered Finance can compress the average ERP implementation from approximately 18 months  to 9 months.

In essence, Clients see KPMG Powered Finance like this, in terms of return on their time:

Post go-live sustainability

Transformation is most successful when there is a focus on continuous improvement and user engagement. Powered Finance helps clients address this significant challenge.

  • Our pre-defined processes allow business to build up complexity in the system over time, or as the business evolves. 
  • Our organisation design includes extensive finance job roles and draft career paths indicating how engaged users can progress through the organisation
  • Our cloud-based system means you will be kept up to date with the latest software capabilities – helping to future proof your organisation. 

Customised and Frozen system

Many transformations fail to adequately review and modify business processes to align with the core functionality of the new IT system. This can result in legacy sub-optimal processes continuing to be used, with ‘gaps’ addressed through customisation - unintentionally ‘freezing’ the design and reducing future flexibility. 

These legacy based transformations take longer, consume most time and resource, add the least value and give rise to ‘shadow IT’ to address business change.

KPMG’s (RC) Powered Finance approach is designed to remove this risk, using our Organisation, Process and System know-how and associated designs to steer clients towards standard processes that are optimised to work with the system and their organisation, avoiding customisation.

Insufficient time to focus on strategic value

Historically, transformation projects spent an extensive length of time on defining and gaining agreement on the scope and nature of the business processes and related security, controls and compliance reporting aspects of the new system. While crucial they deliver limited strategic value. 

Powered Finance incorporates a broad-ranging pre-built finance system - including the business processes, security, controls and compliance reporting. This gives clients the opportunity to define and deliver the timely insight required by the business and move finance up the value curve. 

Scope drift

Many transformations encounter issues due to the potential for division between the business and IT, leading to a lack of a coherent board strategy, business case and big picture plan that subsequently affects scope and focus.

Powered Finance provides a broad-ranging framework allowing scope to be managed and decisions to be made quickly.

To understand the potential benefits for your organisation please contact us at Powered@kpmg.co.uk and our Powered Finance Team will respond as soon as possible.

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