What is Powered Finance? | KPMG | UK

What is Powered Finance?

What is Powered Finance?

Find out more about KPMG Powered Finance, our cloud based finance transformation solution



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Why we created Powered Finance

According to the 2014 KPMG Transformation Survey - Business Transformation: People. Process. Results transformation has become a necessity, with multiple transformation triggers – technology, regulation and globalisation – creating simultaneous pressures. Indeed 93% of survey respondents said they had recently completed, were in the middle of or were about to embark on a transformation.

However it’s not easy to execute well - our research has shown that typical factors behind failed Enterprise Resource Planning software enabled finance transformations include:

  • A divide between business and IT functions leading to a lack of a coherent board strategy, business case and big picture plan, with manageable complexity
  • Lack of focus on outcomes and an inability to place the correct priority on the long-term benefits.
  • A failure to review and modify business processes to best align with the core system functionality of the new IT system. 
  • A focus on finance costs rather than boosting growth by un-tapping data insight. 
  • A focus on ‘go-live’ driven by lengthy implementations - rather than maintaining post go-live user engagement.
  • A lack of focus on embedding change before and after go-live allowing business units to introduce ‘shadow’ resources and cost. 

To seek to address these issues we used our extensive experience of leading successful transformation programmes to develop KPMG Powered Finance - our own ready-to-go cloud-based technology solution for Finance transformation. It aims to provide businesses with a clearly defined methodology and set of outcomes at a reduced cost, increasing the certainty of successful delivery, reducing risk and business disruption and creating the optimal finance platform for the future. 

Powered Finance

Powered Finance is a broad-ranging implementation approach that delivers a pre-built, next generation Finance function for clients, optimised for Oracle Cloud. 

By combining KPMG’s leading practises across business case, implementation, finance, technology, tax, controls, audit and adoption, we can help you create a leading finance function. Using a flexible library of pre-configured Solution and Delivery assets as indicated below, which we validate with you, we can provide a clear framework to help you rapidly transform the value of finance for the business.

We provide broad-ranging business case support and material to plan and manage the implementation.

Features of the KPMG Powered Finance approach include:

  • A pre-drafted Target Operating Model.  This includes: a chart of accounts design embodying leading practise, finance organisation design, key role descriptions and career paths. 
  • Core Finance Process Flows. By combining KPMG’s insight and experience with the standard Oracle Cloud ERP capability, we seek to address the key finance processes common to most businesses, incorporating a controls framework, segregation of duties and data access for each finance role. These flows are validated with you through structured workshops, such that you can design your system rapidly and identify the key areas where legacy processes will change. This enables you to spend more time on the specific requirements of your organisation that will generate the greatest value.
  • System Configuration – a pre-configured Oracle Cloud system, ready for client validation, which supports the Core Finance Process Flows above. 
  • Built-in reporting analytics tools to provide you with improved real-time reporting insight
  • Pre-drafted Project Organisation, Plan and Governance so you know who is needed at what point and for what purpose/outcome enabling you to make optimal resource decisions and remain focussed 
  • Testing strategies and approach identifying the key activities and resources required to support Powered Finance
  • A Data Migration strategy and approach for key data
  • An Integration strategy and approaches for typical scenarios
  • Training and Change strategy to aid system adoption during implementation and post go-live. In support of this strategy, the KPMG Learning Academy has created learning content and materials to enable and accelerate the implementation and adoption of KPMG Powered Finance. Our digital materials provide clear, engaging information for practitioners implementing the KPMG Powered Finance Solution. Our suite of learning materials allows every role impacted to access the learning they need to use the KPMG Powered Finance system.
  • Environment Strategy and Plans covering what environments are needed, when and for how long to assist with early planning.

Market feedback

KPMG clients and prospective clients see Powered Finance as a step change:

‘..not many of the topics of finance transformation have changed over the last 10 years - shared services, outsourcing, business partnering, etc. but everything has become much more commoditised. I genuinely think the way that KPMG has combined a cloud and subscription based finance solution with their off the shelf leading practice processes and know-how into a packaged delivery solution is a game changer’

Contact us

To understand what Powered Finance means 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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