Elevating finance functions to the next level of maturity is critical for organisations as they navigate the challenges ahead

Our founder and CEO, Natalie Wharton was asked to present to over 100 Heads of Finance at the AICPA Future of Finance Summit in Austin, Texas last week.

She took the opportunity to share a ground-breaking new model that we have built in partnership with AICPA and its members through the Future of Finance advisory group to accelerate finance functions to the next level. We have been piloting the model here at WhartonBC with a US client since October this year.

The model aims to be a catalyst for Finance leaders to elevate their Finance function to the next level and create a successful, innovative and mature business ecosystems. This is achieved by providing the framework to; evaluate the current maturity level, identify gaps to achieve the required maturity and facilitate prioritisation of investment. There are 3 core parts:

• High level maturity model – to quickly assess current maturity across 5 dimensions (Technical, Business, Digital, Leadership and People)
• Assessment tool – to understand the gaps across sub-dimensions of each 5 dimensions using a series of assessment statements and analysis
• Action planning workshop - to interrogate the assessment results, and inform investment or development priorities to help close the gap and build a future ready finance function

At the Future of Finance Summit, we deep dived into the Leadership dimension, starting with a quick Poll asking attendees to assess which sub-dimensions they are focussing on developing in the longer-term and in the short-term. As you can see from the Poll results (below), there are significant differences in prioritisation. Being able to assess where you are currently and where you aspire to be in the future gives great insight into whether your priorities in the longer and shorter term accurately reflect the gaps that you have in maturity as identified by your finance team members and key business partners. Action planning to address maturity growth is then based on more concrete, consensus driven conclusions from your Finance team and partners.

The session then included running a mini maturity assessment with delegates on their own Finance functions, to ignite thinking on where their leadership focus should be in short and long term. Along with delegates sharing with the group the initiatives they are working on to elevate their functions to the next level.

Wharton Business Consulting have a dedicated Finance Transformation team who specialise in Finance Operating Model, Capability Frameworks and Career Development. If you are interested in learning more about the model or how we can help transform your Finance team, please get in touch at info@whartonbc.co.uk.

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