Transformation of the finance function to deliver superior partnership to the business
Client: A Fortune 500 Alco Bev Company
Situation
- The Finance function was behind the curve in the adoption of Technology and Processes
- There was NO standardization, and each unit followed its processes
- There were 100’s Excel Sheets, while SAP ERP was used only as a voucher entry system
- Finance Costs were high
- No meaningful business partnering
- Month-end results were available on Day 24, post-month-end.
Task
- Led the efforts to transform the Finance function that involved Re-implementing the SAP System,
- Re-imagining and automating processes and controls and setting up shared services for Finance Operations.
- Led to standardizing and simplification of all processes, increasing the number of business controls
- Reducing the month-end book closing from Day 24 to Day 4, among other benefits, led by technology.
* Finance function could partner with the business more effectively. - Reassess manpower and skill set requirements: Current Organisation vs. Retained Organisation
Action
- Led the efforts to ‘sell’ the new vision for the Finance function within the business.
- Took senior finance colleagues to other businesses to show how they have moved ahead / moving ahead (external orientation)
- Brainstorming for success with a BIG 4
- Benefits needed were cataloged and agreed
- Change and Transformation needed within the business as well as within Finance were cataloged and agreed.
Results: Value was delivered by;
- Fostering a human-centric, transparent, trustworthy and agile culture
- Improved business agility and ability to rapidly respond to change and opportunity
- Successful, timely delivery of evidence based transformative change
- More consistent and sustainable profitability and business growth
Changes included;
- Lack of appropriate capabilities, skills, tools, and methods
- Unclear business strategy and requirements
- Inefficient or misaligned operating model and lack of business agility
- Misaligned goals across business and silos
These led to the following Transformation in the Finance function :
- Deliver the month-end closing by Day 4
- Standard Processes across the business
- Confirmation of standard operating controls and compliance
- New operating model – Shared Services, Finance Business Partnering & Specialist teams like Tax
Relevant Skills: Finance Transformation, Organisation Agility & Development, Change, Business Transformation