[This article is based on a presentation given by Manish Gundecha, Head of Transformation Finance, Personal Systems at HP, at our Finance Transformation in 2024. Catch up with this presentation, and others, using our OnDemand service. For more exclusive content, visit your membership dashboard.]

When it comes to finance transformation, change is constant. Over the last few years, I’ve had the privilege of diving deep into this area, both learning and implementing changes within the finance function at HP, Inc.

In this article, I’ll share what I’ve learned along the way, from the interconnected pillars of transformation to the importance of culture in driving real, measurable outcomes.

What transformation means to me

Transformation is a word that gets thrown around a lot these days. Whether it’s setting up a transformation office, implementing new technologies, or adopting AI and machine learning, everyone has a different take on what “transformation” actually means.

For me, transformation is all of this - and more. It’s not just about shiny new tools or reacting to tough economic times. Transformation is a constant, essential process for staying competitive, no matter the external circumstances.

One misconception I often hear is that transformation is only necessary when things are going south.

I completely disagree.

Whether your industry is booming or facing challenges, transformation should be a priority.

Why?

Because it’s not about reacting to bad times - it’s about constantly evolving to stay ahead. For me, transformation boils down to three key elements: sustainable competitive advantage, structural change, and measurable outcomes.

Let’s break each of these down.👇

1. Sustainable competitive advantage

At its core, transformation should give your business a competitive edge. Here’s an example: Imagine you’re in an industry where commodity prices fluctuate wildly.

If it takes your company weeks to adjust your pricing to reflect those changes, by the time your new prices hit the market, conditions may have already shifted. In contrast, a company with real-time systems that can adjust pricing almost instantly will have a major advantage over you. That’s what I mean by sustainable competitive advantage.

Transformation isn’t just about implementing the latest technology, it’s about using that technology to gain an edge. Whether it’s faster decision-making, more accurate data, or improved processes, the goal is to stay ahead of your competitors.