Understanding the most common missteps—and how to sidestep them—can make all the difference between a transformation that delivers real value and one that falls flat. In the second installation in this multi-part series, Stefan Boehmer, CFO of Körber Supply Chain explores the seismic shift the finance function is undergoing towards becoming a tech-enabled strategic partner at the centre of enterprise decision-making.
Successfully navigating a finance transformation is no small feat. It’s a complex undertaking that touches every part of the organization, and there are numerous ways companies can stumble along the way.
Understanding the most common missteps—and how to sidestep them—can make all the difference between a transformation that delivers real value and one that falls flat.
One of the most fundamental mistakes organizations make is launching a transformation without a clear vision or strategy. Without a well-defined picture of the future state, specific objectives, and a strong link to the broader business strategy, efforts quickly become fragmented.
Teams may head off in different directions, resources can be wasted, and the transformation ends up addressing symptoms rather than root causes. Clarity and alignment from the outset are essential.
Another frequent issue is a lack of attention to change management. Too often, the focus is placed squarely on technology implementation, while the human element is overlooked. This oversight leads to resistance, poor adoption of new tools and processes, and ultimately, unrealized benefits.
Finance professionals, like everyone else, are creatures of habit. For real change to take root, organizations must invest in communication, training, and support to bring people along on the journey.
Data management is another area where companies commonly fall short. Many underestimate the complexity of data migration, fail to address data quality issues, or neglect the need for seamless integration between new and legacy systems.
The result? Inaccurate reporting, unreliable insights, and operational inefficiencies. Even the most sophisticated tools can’t produce value if the underlying data is flawed. The old adage still rings true: garbage in, garbage out.
Poor planning and unclear scope are also major culprits. Without thorough preparation, realistic timelines, and a well-defined budget, projects are vulnerable to scope creep, delays, and ballooning costs. Finance transformation needs structure and guardrails to stay on course; otherwise, it risks becoming unwieldy and unmanageable.
Equally critical is ensuring the transformation aligns with the company’s strategic goals. If the initiative doesn’t clearly support broader business priorities, it risks being viewed as just another IT project—rather than a strategic enabler. This disconnect can sap momentum and make it harder to demonstrate tangible value to stakeholders.
Communication breakdowns are another common pitfall. When organizations fail to engage stakeholders across finance, IT, business units, and leadership, misunderstandings arise, buy-in dwindles, and support erodes. Transparent, ongoing communication is essential—not just to keep everyone informed, but to build ownership and trust.
Talent and skills are often overlooked in the rush to transform. Assuming that current finance teams are automatically equipped to operate in a transformed environment is a risky bet.
New technologies and ways of working require fresh capabilities—particularly in areas like data analytics, digital tools, and strategic thinking. Upskilling and reskilling are not optional; they’re prerequisites for success.
Another misstep is placing too much emphasis on cost-cutting, rather than value creation. While managing costs is important, viewing finance transformation purely through a savings lens can limit its potential. When approached strategically, transformation can unlock insights, improve decision-making, and drive broader business performance—benefits that far exceed simple cost reductions.
It’s also important to remember that transformation is not a one-time event. Many organizations make the mistake of thinking the work is done once the initial implementation is complete.
In reality, transformation is an ongoing process. It requires continuous refinement, the ability to adapt to evolving business needs, and a willingness to embrace emerging technologies over time.
Finally, the choice of technology and vendor can make or break a finance transformation. Selecting tools that don’t align with the organization’s specific needs or partnering with vendors who lack the expertise to provide adequate support can lead to costly setbacks.
The right solution should not only meet today’s requirements but also scale with the business and integrate seamlessly into the broader technology landscape.
Avoiding these common pitfalls won’t guarantee success, but it will significantly improve the odds. With the right strategy, planning, and focus on people, data, and alignment, finance leaders can drive transformations that deliver lasting impact and position the function as a true strategic partner to the business.
Finance past 2030: A vision for the bold
As we look beyond 2030, the finance function is set to undergo a profound transformation—one that redefines not just how finance operates, but what it means to be a finance organization.
At the heart of this shift is the rise of autonomous finance operations. Picture a near-autonomous back office where accounts payable, receivable, financial planning and analysis, and even close and consolidation cycles are handled with minimal human intervention.
Powered by AI, quantum computing, and real-time data, this “self-driving Finance” environment continuously reconciles ledgers, flags anomalies, and optimizes working capital on the fly. Predictive models for cash flow and demand will evolve dynamically, reacting instantly to market shifts, customer sentiment, and even geopolitical developments.
We’re also entering an era of finance without borders. As globalization accelerates and blockchain-like infrastructures become more mainstream, finance operations will no longer be constrained by geography or time zones. Real-time, multi-entity accounting with seamless currency conversion and instantaneous consolidation will become the norm.
Finance teams will operate in a “follow-the-sun” model, supported around the clock by intelligent, context-aware AI copilots that facilitate collaboration across regions.
Equally transformative is the evolution of business partnering into a hyper-personalized experience. Instead of one-size-fits-all reporting, AI copilots will proactively deliver tailored insights to each business stakeholder—anticipating what a supply chain leader, product manager, or HR executive needs before the question is even asked.
Immersive finance will replace traditional embedded finance. Imagine leaders stepping into augmented-reality dashboards where they can literally walk through financial performance in three-dimensional space.
It’s not just about visualization—it’s about interaction and intuition.
Finance will also take on a new role as the steward of sustainability. Future finance teams will be charged with integrating financial and non-financial value creation, becoming the driving force behind ESG reporting and accountability. Carbon impact, social responsibility, and long-term enterprise value will no longer sit in separate silos.
Technologies like ESG blockchains, real-time social ROI dashboards, and dynamic impact modeling will make transparency and accountability seamless—and immediate.
Perhaps most exciting is the promise of quantum finance. With quantum computing, finance teams will be able to simulate millions of interdependent variables in real time, enabling levels of scenario planning previously unimaginable.
This leap in computational power will help model emerging economic frameworks such as Web3, decentralized autonomous organizations (DAOs), and token-based business ecosystems. Finance professionals won’t just adapt to new models—they’ll help shape them.
Final Thoughts
The finance function of the future isn’t just evolving—it’s being reinvented. No longer confined to cost control and compliance, Finance is stepping into the spotlight as a strategic powerhouse, central to business agility, innovation, and growth.
This reinvention is driven by several key enablers.
By digitizing operations—automating repetitive tasks, applying advanced analytics, and deploying interconnected systems—finance professionals are freed to focus on strategic, value-added activities.
Embracing agile methodologies fosters cross-functional collaboration, continuous learning, and responsiveness to change—qualities that are essential in a fast-moving, uncertain business environment.
Just as important is the reinvention of the finance talent profile. Tomorrow’s finance leaders will need fluency in data science, digital technologies, and strategic thinking, combined with strong business partnering skills. Investing in the right capabilities—both human and technological—is no longer optional. It's essential for remaining relevant.
Ultimately, the future of Finance isn’t about doing the same things faster. It’s about doing entirely different things—rethinking workflows, organizational structures, and even the role of finance itself.
The imperative for leaders is clear: the time to reinvest in technology, talent, and strategic vision is now. Organizations that act boldly today will be those that position Finance not just as a support function, but as a critical engine of innovation, resilience, and long-term value.
This article is part of a multi-part series. To read part 3 click here →
Stefan Boehmer is Chief Financial Officer at Körber Supply Chain. In his role, he drives finance transformation through digital innovation and process optimization.
