Service Summary

Finance Transformation services addressing critical issues facing finance across major industry sectors, including vision, strategy and impact, organisation and talent, business processes and controls, and technology

Typical Benefits

Enhanced ability to drive financial returns, cashflow and sustainability
Quality, speed and savings from optimisation and automation of finance processes
Operational Excellence and Improved resilience across finance team
Meaningful and actionable Finance KPIs and metrics
Improved Forecasting / Predictive Insights / Budgeting
Finance Compliance and data quality is right first time, on time, every time
Reduced audit control points and rework
Reduce Financial Irregularities (e.g. unnecessary payments)

Overview

Positioning Finance to sustain and grow the business with enhanced value add and more effective and efficient processes and systems, which are fit for the future. With our world class experts, we have the capability to offer genuine Finance Transformation rather than just business-as-usual body shopping.

Finance functions are under a lot of pressure but typically have staff who focus on BAU and not on designing and implementing change. Additional pressures can exist where processes are inefficient, meaning that staff spend the majority of their time producing numbers and arguing over data quality, rather than helping the business to interpret the numbers and make data-driven business decisions.

Our Finance Transformation service covers multiple areas, which can be offered singly or in combinations, in a single country or multi-nationally:

  • New Target Operating Model – typically enabling effective process management and improved focus on strategic insights and business partnering
  • New / Improved organisational models including Shared Services, Outsourcing and Centres of Excellence
  • New analytic models and reporting packs, deep diving into key financial performance and financial sustainability issues
  • New process design / streamlining to create efficiency and better service and compliance (including lean six sigma approaches)
  • New systems implementation, typically Accounting systems, ERP and Data analytics
  • Skills training and development for finance staff and non-finance staff
  • Business case development and post-implementation benefits evaluation
  • Adoption of new finance technologies (for example new payments technologies and blockchain)
  • Metrics, Key Performance Indicators and Data Dashboards to better understand business performance and to track Finances progress on its transformation journey

Our expertise covers the full range of Finance processes and services, including Order to Cash, Purchase to Pay, Record to Report, Budgets and Forecasts, Treasury and Financial Risk Management, Bank and Cash, Stock and Asset Management, General Ledger, Consolidations and Statutory Accounting, Compliance and Control, Data Analytics, Business Case Development and Business Partnering.

Service Delivery Experts

Kevin Fines-Smith

Chris Sutton

Christian Jönsson

Michael Ball

Martin Westlake

Our Requirements of You

* Ensuring an executive sponsor from your organisation is allocated to the engagement, communicates the rationale behind it and signs off any ‘Terms of Reference’.
* Assisting in all possible ways to ensure that a contract, (and confidentiality agreement where necessary) is in place, in advance of any work commencing.
* Ensuring all support is in place and access is granted for all and any required data, processes, policies, meeting rooms and nominated resources to enable successful delivery of the engagement.
* Ensuring sponsor availability within the agreed timeline, to resolve any significant issues that may impact the timely completion of the engagement, if not resolved in a timely manner.

Our Commitments to You

* Provide support throughout service delivery using our World Class Professionals and Subject Matter Experts.
* Provide high quality deliverables in a timely manner and in line with agreements upon engagement with the client. (Any changes to this will be mutually agreed in writing, in advance, between all involved parties).
* Provide deep insights and genuine value-add in all possible areas throughout the engagement.
* Provide progress updates and feedback at regular intervals, agreed in advance or at the engagement ‘kick off session’.
* Respect all personal and professional development of client team members throughout the engagement.

Deliverables

Deliverables reflect the customer needs. They could include (depending on the type of engagement):

  • Design and delivery of new operating model with job descriptions and skills requirement
  • Assess options and implement new / improved organisational models including Shared Services, Outsourcing and Centres of Excellence
  • Create new analytic models and reporting packs, deep diving into key financial performance and financial sustainability issues
  • Design, document and implement new processes and controls leading to improved efficiency and better service and compliance (including lean six sigma approaches)
  • Configure and implement tools and systems, typically Accounting Systems, ERP and Data Analytics
  • Develop Business Cases and undertake post-implementation benefits evaluation
  • Provide advice and create route maps for the adoption of new finance technologies (for example new payments technologies and blockchain)
  • Deliver skills training and development for finance staff and non-finance staff
  • Setup Metrics, Key Performance Indicators and Data Dashboards to better understand business performance and to track Finances progress on its transformation journey
  • Act as trusted advisor to the CFO
  • The provision of seasoned finance experts on an interim basis

Available Service Engagement Models

*This service may be engaged via multiple engagement model options to provide maximum flexibility.

Project Based Engagement

Project based engagements operate on the basis of agreeing work and any outcomes or milestones for delivery in advance of commencement of any engagement in a ‘Statement of Work’. Prices are fixed for the agreed deliverables and should changes be required, these may incur changes to delivery costs. Payment for Project Based Engagements are agreed on a case-by-case basis, giving consideration to risk, contract value, client payment history, relationship longevity and duration.

Network Units

Network Units enable complete flexibility around any engagement. When using Network Units, clients can swap and change delivery experts, scope and duration of engagements in a frictionless manner with very little notice, in line with the quantity of Network Units purchased. Network Units can be purchased in blocks of any size and at any time and are billed in full at point of purchase.

Subscription Service

A HiveMind Subscription Service enables clients to flexibly engage with HiveMind Expert(s) in line with the subscription purchased. Subscriptions typically run for 12, 24 or 36 months or can also be arranged on a rolling 6 monthly basis. Subscriptions for 6 or 12 months are billed at the commencement of service, with billing for 24 or 36 month contracts taking place on the annual anniversary of subscription commencement.

Focus In On: Responsible for Finance / CFO

New Areas of Value:

Fast access to reliable data to enable front-line decision making

Improved Forecasting / Predictive Insights / Budgeting

Meaningful and actionable KPIs and metrics

Enhanced ability to drive financial returns, cashflow and sustainability

Becoming true business partner(s) to CEO and across the business

Compliance and data quality is right first time, on time, every time

Quality, speed and savings from optimisation and automation of finance processes

Best in class cost and service efficiency

Time and resources to drive strategic topics and projects

Rapid adoption of new technologies

Improved resilience and workload management across finance team

Attract, develop and retain quality staff

Improvements around:

Finance function under a lot of pressure from operational tasks

Unable to maintain steady cash flow and control costs

Inefficient or non-standard processes

Fast growth / volatility causing significant stress

Complex and changing government regulations across multiple jurisdictions

Unexpected breaches of data security and integrity

Contentious stakeholder relations and/or lack of board confidence absorb excessive amounts of direct personal time

Arguing over data quality instead of supporting data driven decisions

Not acting as a business partner due to lack of involvement in key decision making

Lack of the right resource for projects to improve performance

Unable to produce accurate timely reports

Knowledge attrition due to staff turnover