Complementing the concept of Extragility (Hormaza Dow, 2022), below we outline a description of Agile Finance Practices organized around key themes such as Planning and Adaptability, Continuous Improvement, Collaboration and Communication, Automation and Efficiency, Agile Documentation and Estimation, Prioritization and Decision-Making, Continuous Delivery and Releases, Team Organization and Dynamics, Stakeholder Engagement, Code and Configuration Management, and Compliance and Standards. These practices offer actionable insights into applying agile principles within the financial domain, from iterative and incremental planning to test-driven financial analysis and prioritization of financial goals.
They encourage a culture of continuous improvement, collaboration, and efficiency, aiming to enhance financial management’s responsiveness and adaptability to change. By integrating agile methodologies with a focus on financial practices, organizations can achieve a balance between fast-paced decision-making and comprehensive consideration of their societal and environmental responsibilities. The Agile Finance Practices underpin the ExtrAgility framework, providing a roadmap for businesses to navigate the complexities of modern finance while contributing positively to society and the environment. Through ExtrAgility, Hormaza Dow presents a vision of business agility that is not only dynamic and responsive but also deeply connected to the well-being of our planet and its inhabitants, heralding a new era of corporate responsibility and innovation.
Thematic Agile Finance Practices
1. Planning and Adaptability:
- Iterative and Incremental Financial Planning
- Evolutionary Financial Requirements
- Just-In-Time Financial Decision-Making
- Client-Driven Financial Iterations
2. Continuous Improvement:
- Refactoring
- Financial Refactoring
- Continuous Financial Delivery
- Continuous Financial Feedback
- Financial Retrospective Meetings
3. Collaboration and Communication:
- Pair Financial Analysis
- Self-Organizing Financial Teams
- Physical Setup Reflecting Agile Finance Philosophy
- Collocated Financial Stakeholders
- Frequent Face-to-Face Financial Communication
4. Automation and Efficiency:
- Automated Financial Reporting Builds
- Test-Driven Financial Analysis (TDFA)
5. Agile Documentation and Estimation:
- Start with Minimal Financial BRUF (Big requirements up front)
- Agile Financial Documentation
- Agile Financial Estimation
6. Prioritization and Decision-Making:
- Prioritization of Financial Goals
- Daily Financial Progress Tracking Meetings
7. Continuous Delivery and Releases:
- Smaller and Frequent Financial Releases
- Constant Financial Velocity
8. Team Organization and Dynamics:
- Self-Organizing Financial Teams
- Pair Financial Analysis
- Physical Setup Reflecting Agile Finance Philosophy
- Collocated Financial Stakeholders
9. Stakeholder Engagement:
- Collocated (when possible) Financial Stakeholders
- Frequent Face-to-Face Financial Communication
- Client-Driven Financial Iterations
10. Code and Configuration Management:
- Financial Configuration Management
- Financial Code Ownership (Collective and Individual)
11. Compliance and Standards:
- Adherence to Financial Standards and Regulations
- Consideration for ExtrAgility such as Profit, People, Planet
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T. Hormaza Dow, (2022, April). “Comparative website structural study and proposal of intragility, interagility and extragility as contextual framework to guide an adaptive business agility path” [MBA Project]. Laval University, Faculty of Business Administration (FSA) Quebec, Canada.
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