While IFRS is being deployed, we frequently use the term convergence and adoption. So, what is the distinction between the two?
One key thing to focus on is the pain point / points of your client. This will define your quick wins for you. During your initial days onsite, you should query your client for the pain points. Some standard questions can be:
- Which is the biggest problem you face in the current function?
- Where do you think we need to focus most?
- What delays the execution of your process?
- Do you end up paying interest and penalties?
- Are your technology costs very high and does ERP license bleed your department?
- Are your execution timelines defined?
- Do you track and record failure points?
- Are your customers / vendors / stakeholders satisfied by your services?
- How do you think you can make your customers / vendors / stakeholders rate you better?
- What service level objectives do wish to ultimately strive for?
You must be wondering how does this tie up into metrics. This will build your base line foundation. You have to build a measure point at the start of the transition. This will help you showcase your achievements. As you build the to be process, these pain points will help you prioritize your work areas.