Research On ZTE's Financial Transformation Based On Process Reengineering

Since forty years of reform and opening up,Chinese enterprises seize the opportunity to absorb advanced elements and become an important member of the global innovation chain system.In the face of unpredictable external environment and turbulent domestic and foreign competition,companies hope to establish and maintain long-term competitive advantages,and the emergence of business process reengineering theory can help companies to respond to changes in the objective environment as a whole.Confirm the company's operation process,redesign the company's management process,and constantly adjust the company's strategy,management mode,organizational structure and cultural concepts.This article takes ZTE Corporation as the research object,and uses a combination of theoretical research and case studies to analyze the financial transformation path of ZTE Corporation.First,by combing the business process reengineering theory and drawing on core management concepts and methods,the three directions of financial process reengineering theory are derived,namely financial security,financial operation and financial strategic processes,and related concepts and theories of financial transformation,including organization The theory of flattening,resource allocation,coordination,and competition provides the theoretical basis for the later case analysis.Secondly,through the introduction of ZTE,we learned about its financial organizational structure,staffing and financial process before the transition,and focused on the necessity of ZTE's financial transformation.Then it analyzes how ZTE can rebuild the financial process and realize financial transformation from three perspectives:financial strategy,financial guarantee,and financial operation.Then analyze the effectiveness of ZTE's financial transformation.The research shows that through the financial transformation,ZTE has reduced the cost of financial management;the second is to improve the efficiency of financial management;the third is to support the strategic expansion of the company;ability.According to the results of the analysis,it is concluded that the company can learn from ZTE's experience in financial transformation:first,timely follow-up of financial organizational changes,including internal organizational changes and financial process reengineering,concepts and culture,and financial process reconstruction;The integration of processes and business processes;the third is the transformation of people is the key to the success of financial process reengineering,which requires financial personnel to complete the transformation of their own knowledge structure;the fourth is the establishment of network financial systems and the maintenance of information security systems.In the research of financial transformation,few people use the perspective of process reengineering to analyze.By using the financial process reengineering derived from business process reengineering,this paper analyzes the financial transformation of enterprises from three new perspectives:financial strategic process,financial operation process and financial guarantee process,extends and enriches the theories related to the financial transformation of enterprises,and expands the research perspective of financial transformation.Secondly,through the case analysis of ZTE's financial transformation,four key processes of financial operation process reengineering are selected,and the comparison between before and after process reengineering is carried out.Combined with the theory of financial process reengineering,the path map of financial transformation of enterprises under the new environment is proposed,which has certain guiding significance and reference for similar large-scale enterprises engaged in transnational operation Value.