The Situation

* The Finance function was behind the curve in the adoption of Technology and Processes
* There was NO standardisation and each unit followed its own processes
* There were 100’s of 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.

The Task

* Led the efforts to transform Finance function that involved Re-implementing SAP System,
* Re-imagining and automating processes and controls as also 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

The Action / Approach

  • Led the efforts to ‘sell’ the new vision for 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

The Result

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

Pains relieved 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

Focus In On: Responsible for Innovation

New Areas of Value:

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

Improvements around:

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