A business transformation project or an innovative enterprise architecture project is needed for the enterprise's business and financial strategic planning process and to prepare this business enterprise to integrate into the globally interconnected economy in a whole and robust manner. The integration of financial engineering and information technologies is fundamental, where the latter is the gluing element that makes this fine-grained environment run efficiently. Today, these finance-related technology standards and fields are ready and can be applied as automated block-chains to enable the traditional business environments as a part of the networked global economy. An important factor in frequent business transformation projects' changes and financial reengineering iterations are the roles of the business transformation manager, project managers, finance analysts, the business environment's technological maturity, and enterprise architect(s) who should be supported by the optimal business transformation framework.
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A business transformation project or an innovative enterprise architecture project in needed for the enterprise’s business and financial strategic planning process and to prepare this business enterprise to integrate into the globally interconnected economy in a whole and robust manner. The integration of financial engineering and information technologies is fundamental, where the latter is the gluing element that makes this fine-grained environment run efficiently. Today these finance related technology standards and fields are ready and can be applied as automated block-chains to enable the traditional business environments being a part of the networked global economy (Trad & Kalpić, 2014a).
An important factor in frequent business transformation projects’ changes and financial reengineering iterations are the roles of the business transformation manager, project managers, finance analysts, the business environment’s technological maturity and enterprise architect(s) who should be supported by the optimal business transformation framework and technology platform that should include holistic financial technology enablers and modellers. Technology enablers are designed in four categories of architectures as shown in Figure 1.
Figure 1. The four categories of architectures that can be applied
These technology enablers or architecture categories should also be capable of supporting the business environment’s financial engineering cloud and distributed integration in a complex block-chain globalized business environment. To achieve this financial engineering technology integration, critical success areas, key performance indicators and critical success factors must be defined and used to evaluate possible technology pitfalls and risk. For a business transformation project there must be provided the audit, assert, govern, automate, trace, monitor and control of its financial status. The mentioned pitfalls depend on how the business environment’s technology platform is built and on the relations between the business and: 1) data; 2) application; and 3) technology, as shown in Figure 2.
Figure 2. Traditional business architecture
The business transformation project or/and enterprise’s architecture project critical success factors can be configured to manage the complexities in handling of asynchronous financial flows in (e)business local and international financial environments. Transformed business environments need built-in automated block-chain controls that are capable of recognizing fraud, dysfunction, intentional black swan effects (Taleb, 2007; International Monetary Fund, 2009), bad investments, business transformation project budget slips, loss of (e)transactions, illegal activities and tax evasions (Trad & Kalpić, 2015a; Trad & Kalpić, 2015b). The Business Transformation Manager’s (BTM) profile is of utter importance for the technical implementation phase of the complex Business Transformation Projects (BTP) and also for its skeletal enterprise architecture activities; where the BTM or enterprise architect’s creatively robust design decisions are done in real-time by using outputs from the available business and financial environment’s monitoring and logging subsystems (Gartner, 2013). Many factors can influence the finance engineering process, like: 1) the influence of automation of accounting in business transformation projects; 2) the automation of the business environment’s block-chain(s); 3) level of resistance; 4) the holistic financial control mechanisms; and 3) level of technology maturity and background conditions.