Finance Function Transformation

Brief:

To review and transform the way an energy and natural resources company structured and delivered value through its Finance Function by using best practice benchmarks and to ensure that all non-value added activities were eliminated.

Approach:

Working with the company’s CEO and CFO, to develop and implement a work plan which:

  • Benchmarked it against a worldwide best practise Finance database, by function.
  • Conducted in-depth interviews with key personnel in each functional area to determine the current systems and processes used by the Finance Function.
  • Produced an overview of I.T. systems and processes used within the Finance area to determine the scope for improvement through better use of technology.
  • Reviewed key personnel within the Finance area to understand better their scope for development.

Outcomes:
finance

  • Preparation and presentation of a suggested staffing model and revised structural approach to deliver finance services. Part of this solution involved transaction processing within the company (AP/AP/Payroll/GL processing) and transforming the role of site-based personnel to become “Business Partners/Advisors”.
  • Identification of key initiatives required, by functional area, to achieve the benchmarks identified. These recommendations included both the processes required, as well as the system support which would be needed. These had been approved by the Company systems owners’ as being readily achievable and cost effective.
  • Detailed implementation plan for the transition; highlighting specific actions required as well as assigning resources and timelines to each.
  • Overseeing, over a six month period, of the implementation of the recommendations.
  • At the conclusion of the six month period, the company had effectively reduced costs by 42%.