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FT2OM LLC

FT2OM, LLC is a finance transformation consulting services firm that partners with companies to evaluate their financial operations exposure.

Instagram: https://www.instagram.com/ft2omllc/
LinkedIn: https://www.linkedin.com/company/ft2om-llc/
Podcast: https://www.buzzsprout.com/1613089/

05/10/2024

Friday is a day to finish your goals for the week. It is a day to celebrate what you set out to accomplish at the beginning of the week.

05/09/2024

Data Modeling. It’s Not Just for IT Anymore 😯
Financial modeling content is a-plenty here on LinkedIn.
But what about data 📊 modeling? 🤔
Not so much. I’m seeking to change that and DATAVERSITY Education, is a great resource to start with in this space.
Successful data modeling starts with the ease of how it is retrieved for reporting purposes.
Do you remember your school course offerings in computer science? 😥
A world of many acronyms like SQL, RDBMS, VBA.
All of these are programming language constructs designed to fetch the information finance personnel need in a heartbeat 💗.
There are many business use cases highlighting the importance of solid data models. Here are a few that stand out from Dataversity’s archives:

👉 Creating a relational data model used for reporting on departmental purchases
👉 Generating no-code data models that accelerate the insurance underwriting progress and improve customer data flow
👉 Updating older data models to train AI algorithms used for precision marketing
The evidence is pretty clear that finance operations excellence is achieved via thoughtfully constructed data models.
This is yet another area where a Fractional Finance Director can contribute a lot of value 😀. They can advise on setup of the right data models for your organization.
Need more convincing on the value of onboarding a FFD? DM 💭 me to start a conversation about your data modeling questions or needs.
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Full Article Reference:
https://www.dataversity.net/what-is-data-modeling/

05/08/2024

Forbes recently raised a thought-provoking question for the C-suite - Why choose to work full-time when you can work part-time or on a project basis? 🤔
This question was the basis for a contributor's article on a specific career path 👉 the road 🛣 to becoming a fractional executive.
And guess what? The road is paved with flexibility 😀
Forbes has outlined 7️⃣ achievable ways you can land a fractional role:
1️⃣ Identify Your Niche
2️⃣ Identify Your Need
3️⃣ Build a Personal Brand
4️⃣ Network Effectively
5️⃣ Search Through Specialized Platforms
6️⃣ Market Yourself
7️⃣ Be Flexible and Adaptive
Full Article Reference: https://lnkd.in/eUj2CbWm
Which one applies the most on your fractional career journey?
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05/07/2024

What is decision paralysis? 😥 A definition and 4 easy steps to prevent it in the first place!
Reclaim.ai says it is the “inability to decide out of fear of making the wrong choice or being overwhelmed by too many options”.
As a career consultant and intrapreneur (I was a corporate warrior trying to make changes from the inside before I went out on my own 😉), I have seen this self-sabotaging behavior ensue at the executive level all the way down to entry-level personnel in any transformation program I’ve advised or led.
If this is plaguing your organization, is there anything you can do about it?
The good news is that you can…and in 4 steps nevertheless! 😊
1️⃣ Recognize decision paralysis
2️⃣ Prioritize your choices
3️⃣ Create your daily plan
4️⃣ Automate your decision making
How have you worked around this behavior?

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Full Article: https://lnkd.in/g6Y5Wdpf.

05/06/2024

I know it’s Monday, but it’s also a new day, a new week — and in that lies a new opportunity for something special to happen. —Michael Ealy

05/03/2024

Friday means it’s time to celebrate the victories of the week.

05/02/2024

When you acquire a new company, you don’t just acquire its’ shareholder value.

Most CFOs lose this perspective when negotiating an M&A deal.

You also acquire its people, processes, and technology, for better or for worse.

This is especially true in “hostile takeovers” where shareholders are approached directly without approval from the target company’s management.

In this situation, the acquired finance team has much less incentive to integrate, or cooperate even, with the acquiring entity.

I have worked with a handful of clients that have undergone this situation, and so much time is spent on non-value add activities like manual data aggregation and reconciliation.

Lesson Learned: if you are considering acquiring another company in the near future, please do your due diligence on how you will integrate its operating model in advance of executing the M&A transaction.

What you gain initially in shareholder value will be easily offset by the sunk costs associated with improper integration after-the-fact.

Again, this is an area where a Fractional Finance Directors (FFD) like myself can position you for success in a M&A deal.

Have you experienced an M&A deal gone wrong post-integration?

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05/01/2024

5️⃣ Reasons Your Transformation Has Gone Wrong 🤯 (and what you can do about it!)
1️⃣ Internal Under-resourcing - employees are hardly ever backfilled to transition onto project roles in implementations, they are burning the midnight oil, working overtime every single day (and sometimes weekends) just to keep up with the dual nature of their new role.
2️⃣ Drafting a sub-optimal Request-for-Proposal (RFP) - More often than not, critical workstreams in the overall RFP are left to the devices of the customer themselves. The three that come to mind that almost always receive little attention are: Change Management, Test Strategy/Execution, and Reporting Strategy.
3️⃣ Lack of cross-functional impact analysis / communication - All ERP platforms are interconnected and can impact each other in detrimental ways if the configuration is not understood at a minutiae level.
4️⃣ Lack of rationalization/cleanup initiatives prior to program kickoff - most customers know they have organization-wide rationalization initiatives that should be undertaken before they even begin thinking about transitioning to a new ERP platform. However, the reality is that many of them wait until months after the implementation has kicked off to start executing on these initiatives.
5️⃣ Underestimating enablement activities as part of implementation pre-planning - key enablement activities involve the following:
👉 Identifying personnel to fill key project roles / establishing a project charter
👉 Defining the project delivery / plan
👉 Discovery sessions (also referred to as conference room pilots)
Looking for an in-depth understanding of the above? Check out my recent podcast episode on the GrowCFO show --> https://lnkd.in/esqC-fwX
How do you avoid a transformation failure?
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04/30/2024

Selecting the right implementation partner (without burning🔥a hole in your wallet or sacrificing on quality😀)

There are many opinions on how to select the right one, but DemandDynamics has done a particularly nice job of summarizing the list to under 10! 😅

7️⃣ key factors to consider when selecting an ERP implementation partner:

1. Technical Expertise: Ensure the partner has in-depth knowledge and
experience with the specific ERP software you have chosen.
2. Industry Experience: Look for a partner with significant
experience in your industry or a related one, as they will have a better
understanding of your business processes and challenges.
3. Customization and Integration Capabilities: Verify that the
partner has the necessary skills and experience to handle complex modifications to the ERP system if needed.
4. Communication and Collaboration: Assess the partner's ability to
work closely with your team, communicate effectively, and provide ongoing
support and training after the initial implementation.
5. Innovative Offerings: Consider partners that can provide
value-added services and innovative solutions to enhance the ERP implementation and ongoing operations.
6. Methodology Alignment: Understand the partner's implementation
methodology and ensure it aligns with your project goals and timelines. A
well-defined, structured approach is crucial for a successful ERP deployment.
7. Post-Implementation Support: Evaluate the partner's ability to provide ongoing support and maintenance after the initial implementation. This includes responsiveness, availability of training, updates to the ERP system, and commitment to the long-term success of the ERP system.

What are your selection criteria?

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Full Article Credit: https://lnkd.in/e-XVYBan

04/29/2024

You do not find the happy life. You make it.” — Camilla Eyring Kimball

04/26/2024

Change your way of thinking. Use your energy to accomplish more productive things. The choice is yours and it can be made today!” —Garrett Kingston

04/25/2024

Enterprise process automation (EPA) is a broad term that is thrown around loosely by finance and IT colleagues alike, but what does it really encompass?

I’ve covered its definition previously, but have not unpacked what type of automation can be considered in this space relative to the other big players: RPA ( Robotic process automation) , ML( Machine Learning ) , and AI ( Artificial Intelligence ).

TIBCO, a leading provider of infrastructure software, published a very informative article highlighting the major differences between RPA and EPA.

“Process automation often requires a large input from IT engineers and developers, while robotic process automation uses robots that can be trained or are self-trained.”

So does that mean RPA is the better investment just because it’s lower cost?

No not necessarily. It all depends on the scope of what you are trying to automate.

For example, the article also says, “RPA is generally used for IT functions like email replies, data extraction, and other basic system tasks that a human would otherwise perform.”

In summary, RPA is a good option for “low-hanging fruit” or non-value add, repetitive tasks that do not require much thought.

EPA, on the other hand, is a much more holistic solution and involves process redesign in most cases.

TIBCO also has a quick and easy 5️⃣ -step framework on how to implement EPA in your organization:

1️⃣ Identify Tasks and Process That Can Be Automated
2️⃣ Set Your Organizational Goals
3️⃣ Choose the Right Tools
4️⃣ Change Management
5️⃣ Measure and Monitor

Do you agree with this assessment?

Address

Glen Ridge, NJ
07028

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

https://ft2om.com/

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