Finance Transformation
Your business faces unprecedented change. Our digital innovation experts are here to guide you on the path to transformation and help you stay ahead of the competition.
The role of finance is changing
Finance is no longer concerned with managing operational tasks—it’s also concerned with providing strategic insight leading to better decision making. CFOs are under growing pressure to move beyond their traditional roles and become trusted business partners, supporting organisations with strategy and value-creation.
Finance transformation supports such change, leading to the adoption of new technology involving process improvement whilst supporting organisational change. It can involve streamlining, simplifying and optimising processes, freeing up bandwidth and reducing the resources needed for transaction processing and reporting. This can lead to better decision-making, and by leveraging data and boosting analytical capabilities, transformation can enable the CFO to become a strategic business partner.
Enhanced efficiency
Scalability
Compliance and risk management
Improved decision-making
"Change is inevitable, however, the ability to see change as an opportunity is not. At Millennium where others see challenges, we see opportunities."
Guiding Change, Delivering Success
Proven Expertise in Delivering Transformation
We have delivered more than 1,000 projects globally, by leveraging the skills of our expert teams to enable business transformation and effective stakeholder engagement.
Change is a journey, and we have the knowledge and experience to support you at every stage of the way.
Regulatory Compliance
The regulatory landscape is evolving with ever-tighter standards. We help you understand and navigate these changes confidently.
Finance Transformation
We help firms across various industries design the blueprints and source the solutions for their future state finance architecture.
Business Change
From tactical, day-to-day projects to long-term strategic programs, we partner with firms to drive meaningful and lasting change.
Cloud Migration
Cloud ERP is now mainstream thanks to its ability to address modern business challenges by providing scalability, flexibility and cost-effectiveness. We can support you on your Cloud journey and make the transition stress free.
Our approach
Designing the Future of the Finance Function
We help you reimagine your finance architecture, create a thriving digital culture and unlock the power of your data. Our proven approach provides a framework for designing, building and sustaining a world-class global finance organisation.
Discover
We work with you to define the problem, make the case for change and create a roadmap.
Design
From planning and resourcing to stakeholder buy-in, we help you turn ambition into reality.
Solve
We develop the processes and source the solutions required to meet your project needs.
Deploy
We help you to implement new systems and solutions, from deployment to documentation.
Support
Our experts provide dedicated support and user training once your solution goes live.
REGULATION COMPLIANCE
Navigating a Shifting Regulatory Landscape
Over the past 30 years, Millennium Consulting has supported CFOs through complex finance transformation programs.
Following the 2008 financial crash, regulatory compliance has assumed far greater importance for Financial Service organisations, which need to comply with new legislation, including Sarbanes Oxley, MiFID, Basel, Dodd Frank, and changes to IFRS reporting.
Millennium works with UK, European, and North American financial institutions on complex finance transformation programs, typically involving design, configuration, build, development, and software testing. Being software agnostic, we use the leading IFRS technologies that meet clients’ requirements.
IFRS 9
Designed to cover financial instrument handling, IFRS 9 came into force in 2018. However, many firms still do not have the tools to streamline their processes and simplify compliance. We have the knowledge to identify and implement solutions that reduce the operational cost of meeting requirements.
IFRS 15
IFRS15 was developed and brought into force from 2018 to bring transparency to revenue recognition. Its business impact goes far beyond the finance function, so our practitioners work closely with firms to where the latest technologies can help them deliver compliance as efficiently as possible.
IFRS 16
In force from January 2019, IFRS16 adds complexity to the lease accounting process, increasing the time and effort it takes firms to complete – along with the added risk of inaccuracy. We use our expertise to advise on and source solutions that reduce the burden of compliance on the finance department.
IFRS 17
In force from 2023, IFRS17 represents a significant change in the regulatory framework for insurance contracts. Firms need to be ready to handle huge data flows at a pace, so we help them better understand the new requirements and how the latest cloud-based systems provide a clear route to compliance.
GAAP
While designed to bring greater consistency to US accounting standards, generally accepted accounting principles (GAAP) create a major challenge for firms as they navigate a complex mixture of rules and requirements. We help businesses create an effective pathway to compliance while delivering improved insight into business performance.
MiFID II
Arriving in 2018, MiFID II expanded the scope of the original harmonised standard for investment services across the European Economic Area. Our experts help finance teams tackle the additional complexity of compliance, identifying solutions that streamline the process.
BASEL III
Developed to strengthen risk management, governance and transparency banking, Basel III was a far-reaching reform of regulation in the sector. We help firms understand and manage its impact on their business while laying the foundations for compliance with the forthcoming Basel IV standard.
SOLVENCY II
Solvency II is designed to consolidate regulations for insurance firms across the EU into a single standard while ensuring adequate levels of consumer protection. Leveraging our industry expertise, we help organisations create efficient processes that deliver an effective route to compliance.
LDTI
Designed to improve the flexibility of finance systems under GAAP, LDTI will involve significant changes to systems, processes and data for many firms. We guide organisations in identifying and implementing these changes to meet the standard’s requirements by its January 2023 deadline.
Building a Resilient Finance Function
Cyberattacks are inevitable, is your company prepared?
We offer cybersecurity services designed to address business continuity and cyber resilience challenges. Our expertise focuses on strengthening systems against evolving cyber threats while ensuring that businesses can recover effectively from potential attacks.
Our approach goes beyond protection; we emphasise building resilience with advanced strategies to anticipate, respond to, and recover from cyber risks, ensuring that organisations remain secure and operational in the face of disruptions.
Is your organisation ready to navigate the data-driven world?
In today's data-driven world, gaining access to the extensive data repositories held by most corporate entities is essential, however most organisations struggle with unclear strategies, misaligned units and inadequate data literacy.
Our team of experienced data scientists and analysts empower customers so they gain maximum benefit from their valuable data. With decades of experience in the field, we provide strategic guidance so you can realise the full potential of your data.
- Data governance: Implementing policies, procedures and standards to manage data as an enterprise asset
- Data quality: Assessing and enhancing the health, accuracy and completeness of data
- Analytics & insights: Building capabilities to glean meaningful insights from your data
- Data literacy: Driving adoption of data skills and mindset across the organisation
- Technology & tools: Selecting the optimal data architecture, platforms and infrastructure
Artificial Intelligence (AI) offers significant business benefits in today’s digital landscape. It enhances efficiency through data analysis, automates repetitive tasks, and enables personalised customer experiences. AI also supports predictive analytics, informed decision-making, and innovative product development. By optimising operations and improving competitiveness, AI helps businesses stay ahead of market trends, reduce costs, and drive growth.
To learn how AI can transform your business, contact our team for tailored solutions that enhance efficiency and innovation.
ERP project recovery
If your organisation has been feeling the effects of a failed ERP implementation then targeted intervention can fix what went wrong, ensure a return on sunk cost and reinvigorate your ambitions for transformation.
As well as writing off costs already incurred, project abandonment also means not obtaining the benefits you hoped to achieve from your ERP program; benefits such as greater visibility across the business, enhanced reporting, process efficiencies and cost savings.
Faced with such an uncertain environment, the need for these capabilities is greater than ever. So, if project rescue is feasible, it’s almost always in the best interests of the business.
Organisational Change
We work with you to integrate your new solutions and practices into your organisational culture and operations, ensuring that your transformation and change is fully adopted, maintained and sustained.
Contact Millennium
If you want to discover how we can help transform your business, please get in touch.