Finance Transformation

Accelerating digital disruption, compounded by COVID, makes it harder for CFOs to predict the future and guide their business. In 2021, CFOs must increase their team’s agility to support the business. They must deliver real-time actionable insights from data, release finance resources trapped in low value-add work and switch up to higher value-add activities.

Our Solution

Our service helps finance leaders accelerate their finance function transformation.

Starting with small, fast sprints that quickly show how new ways of working, combined with the right technology partners, can deliver value.

We start small but think big. Our approach scales these sprints across the finance organisation, accelerating the transformation journey.

Jonathan Smare
Partner, Financial & Business Transformation

Solving These Challenges and Bringing These Benefits

Challenges

  • Pressure on CFOs to guide their whole company’s transformation journey whilst juggling demands to provide more insight and support new revenue streams, business models and acquisitions.
  • The frustration that financial resources are trapped in low value-add, repetitive tasks.
  • The pressure to reduce cost-to-serve.
  • Rigid finance processes stifle response times and inhibit business agility.

  • Multiple sources of ‘truth’ and poor data quality due to siloed data sources and unclear data management.
  • The internal IT organisation under pressure to reduce core IT legacy infrastructure and application costs whilst delivering new digital capabilities.
  • Reluctance to partner with the big consultants that push lengthy expensive transformation engagements.
  • Difficult to identify the right nimble technology partners due to choice overwhelm.

Benefits

  • Confidence and competence in the team’s ability to lead transformation and improve time-to-value.
  • Timely actionable insight from data to inform strategy and drive operational excellence:

    • Data lakes with financial, operational and customer data.
    • Dashboards and real-time data access for everyone enabling self-service and predictive analytics.
    • Data stewardship and a single source of truth.
  • Reduced low value-add work and the release finance resources:

    • Intelligent automation of key processes.
    • Automated monitoring to reduce cost, improve data quality and manage risk.
    • Automated policy-based controls and improved operation security and compliance.
  • Agile business capabilities and support:

    • Stronger business partnerships & ecosystems.
    • Improving forecast delivery and accuracy.
    • Continuous closing and re-planning, enabling real/near real-time reporting.
    • Accelerating M&A/divestiture projects.
  • An ability to attract new finance talent and develop new skills.
  • Fast benefits and clear planning by prioritising and working backwards from company strategy.

What We Do

We use a comprehensive blueprint for the finance functions transformation. Focusing on reducing low value-add work, providing agile business capabilities and delivering near/real-time actionable insight solutions. This sets the scope of the transformation approach and prioritises the road-map for the delivery process.

Financial Technology:
Clear Strategy and Governance

Producing the right financial technology strategy to create enhanced business performance and value.

Improving governance processes, combined with stronger cross-functional working practices, to produce solutions and innovations faster.

Providing clarity on the transformation and speeding deployment. Reducing risk and accelerating benefit.

Improving Financial Process by
Re-engineering and Automation

Intelligent automation of key financial processes.

Automated policy-based controls and improved operation security and compliance.

Automated monitoring to reduce cost, improve data quality and manage risk.

Releasing finance resources trapped in low value-add work. Enhancing productivity and benefiting operating costs.

Improving, knowledge, Insights
and Reporting for the Organisation

Transforming cloudy data environments into clear data lakes – with rich financial, operational and customer data.

Developing data stewardship and a single source of truth.

Deploying dashboards and actionable real-time data access for everyone. Enabling self-service and predictive analytics.

Disintermediating finance from the burden of reporting. Democratise data access to increase agility, reduce latency, scale, availability.

Delivering timely and actionable insight from data to inform strategy and drive operational excellence across the business.

Building An Effective Financial
Leadership & Organisation

Helping to build a finance leadership team who can lead the change ongoing.

Empowering culture changes and new ways of working enabled by technology.

Building the right skills and experience through all layers of the finance organisation.

Developing transformation as a competence within the finance function and incubating future talent.

Utilising effective working practices within the team and cross-functionally.

Future-proofing the financial function and allowing it to perform the functions the organisation needs moving forward.

Building a Rich
Partner Ecosystem

Via effective technology partner selection, deployment and management processes. Extend the capabilities of the organisation.

Identify COTs vendors that enhance and speed-up critical functions.

Who have development teams that produce flexibility, with scaling and cost-control.

Enabling the right technology partners to become a seamless part of the organisation’s ecosystem.

Improving strategic flexibility and costs of operation.

Agile Business Capabilities
& Support

Strengthening business partnerships through continuous closing and res-forecasting. Enabling real/near real-time reporting and planning.

Improvements to forecast delivery and accuracy.

Accelerating M&A/divestiture projects.

Improving agility and reducing risks.

Our Proven Iterative Approach

Our approach improves innovation and agility in a series of prioritised sprints. Embedding successful elements of culture and ways of working into the organisation enabled by technology. Starting with the first sprints, we follow these nine steps to accelerate your transformation as we scale the sprints.

1. Plan

  • The end-to-end project plan is developed.
  • Activities, timelines, RACI, governance. To control the fast-paced sprint approach.
  • Progress reporting is conducted against this.

2. Analyse

  • Discovery to gain insight into your organisation’s strategic and tactical needs.
  • We work with you and your leadership team backwards from your company strategy and internal customers to prioritise your top use cases.
  • We do this rapidly from company strategy documents and interviews with key stakeholders and internal customers.

3. Prioritise use case

  • We confirm the first use case with you and exec sponsors and stakeholders.

4. Ideate

  • We hold a structured 1-2 day ideation workshop attended by a combination of core internal and external experts.
  • Using design thinking, we start by describing the persona; identifying the pain-points, consider alternative solutions and related benefits.
  • Develop the core idea in enough detail to understand the expected customer benefits.

5. Scope

  • Mini-business cases are developed to confirm the concepts ‘fit’ to the business and its likely cost.
  • Evaluate whether it needs to be developed or can be served by off-the-shelf solutions.

6. Sprint proposal

  • Identify technology solution partners to address the use case.
  • If off-the-shelf is not possible, we identify a development partner for a fast sprint.

7. Build team

  • Form a sprint team around fast prototyping/development and deployment.
  • Motivate and empower the team with strong executive sponsorship.
  • Encourage new behaviours and ways of working to enable agility and innovation.

8. Mobilise

  • We expect to work at pace; succeeding or failing fast and iterating.
  • Review prototypes regularly with internal/or external customers to gain feedback and iterate.
  • On milestone, completions communicate progress to all stakeholders.

9. Deliver and scale

  • On sprint, completion recognises the success of the sprint team, critical behaviours, its new ways of working and time-to-value.
  • Learnings from successful sprints and gaps identified are taken to the sprint scale-up plan.
  • Repeat steps above to scale-up more sprints addressing priority use cases.
Finance Transformation: Reckitt logo

Reckitt was going through a massive finance transformation project drawing financial information across 85 countries, 200 brands, and 40,000 products.

case study

Expert Insight

Marjory Carrero

Financial Transformation Expert
Strategy, Leadership & Innovation

Jonathan Smare

Partner, Financial & Business Transformation
Strategy, Leadership & Innovation

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