The recently appointed CFO of a leading manufacturer of high tech equipment was concerned that his global Finance Team was behind the curve in both efficiency and effectiveness.
To develop best practice, he brought in external expertise led by one of Novo Altum’s directors to evaluate the current situation, develop the vision for the future and support implementation of the many changes required.
As a result, a more efficient and effective Finance Function was created, which was able to play a far greater role in driving the business forward by providing better management information and business support.
The company’s complex set-up was the root cause of the Finance Function’s inefficiencies. Since it had a multi-divisional structure, each with its own Finance Team, processes and policies were diverse, the quality of management reporting was poor, and because separate processes and teams existed to produce consolidated financial information, a significant and unnecessary amount of manual effort was required.
It was vital that our director designed a solution which would enable the Finance Team to provide appropriate support to the business, improve the use of business partnering, and put in place a clear overarching Finance strategy – all of which were currently lacking.
Having conducted an intensive analysis of the existing situation, Novo Altum’s director developed a broad programme of change across the Finance Function which included:
- Development of consistent processes and policies
- The application of shared services
- Outsourcing of certain Finance activities
- Improved management reporting
- The development of Business Partnering
- The implementation of a revised consolidation system, and its application for both central and divisional reporting
By providing a fact based assessment of the current situation, gaining internal buy-in for the target operating model for Finance, and successfully managing programme implementation, the approach taken by our director delivered significant improvements in both the efficiency and effectiveness of the Finance Function.
Moreover, it had a sustainable impact in driving business performance by providing better management information and on-going business support.