In a boundary-pushing project for one of the world’s leading communications providers, high value “mid-office” financial and accounting operations were transferred offshore for the first time.
This highly innovative “Knowledge Process Offshoring” programme to improve and streamline the finance function was the brainchild of one of Novo Altum’s directors.
His solution reduced the total cost of ownership by half, from decreased staff overheads and efficiency improvements, and established a measurable system of innovation and continuous improvement.
The client’s goals were nothing if not ambitious. Having already rationalised its reporting, planning and analysis mid office finance and accounting functions via a “Centres of Excellence” model in the UK, the next step was to leverage the efficiency gains it had achieved, to continue to drive up operational excellence while simultaneously further reducing costs.
Novo Altum’s director recognised that it would take a cutting-edge solution to deliver the superior customer service, standardised processes, tighter metrics, and improved controls and compliance which would optimise the client’s finance function and achieve the cost savings demanded.
In a global first, the decision was taken, on the advice and with the support of Novo Altum’s director, to transfer some of high value “knowledge process” operations offshore, a move which had never before been undertaken on such a scale.
50% of the client’s UK-based financial analytics posts were moved to India in a bid to strengthen its standardised global processes, thereby by taking advantage of the country’s highly trained, expanding and cost-effective labour market.
Working as a strategic partner, our director oversaw the smooth transition of the whole process, ensuring that service levels for this critical activity were maintained throughout. His approach included introducing a unique work shadowing and cultural change programme for the UK and Indian teams.
Taking such a step into unchartered waters was a big decision for the client, but the strength of the relationship with Novo Altum’s director gave them the confidence that he had the leadership and expertise to manage it successfully. As their director of group reporting, planning and analysis says, “It’s all about trust.”
It paid off. With no detriment to service delivery, the analytics activities were transitioned offshore, and delivered the planned efficiency gains reducing the total cost of finance ownership by half.