Delivering the PMO for a global Financial Transformation
To better support rapid, global growth and to leverage more value from its finance reporting, our client instigated a financial transformation that would deliver more effective, consistent and streamlined operations. The transformation would take the function from a traditional operating model to a modern, service-centric approach.
Practicus was engaged as an independent advisor to review and implement the client’s operating model that had been designed by a Big 4 consultancy.
Practicus took the consultancy’s design and adapted it to reflect regional differences in the client’s portfolio. The team took the time to understand the business and identify how the model might work in practice, and then set about assuring its delivery.
The programme will deploy the new finance operating model to over 50 countries, and includes workstreams covering:
- Offshoring all simplistic financial processing in the UK and US to India through a pilot phase. Once proven, the solution will be rolled out to all other countries affected by the transformation
- Reorganising Finance into a new service-centric structure consisting of Group Finance, Control and Accounting function and Business Partners
- Deploying the operating model on the ground. This workstream involves changing the day-to-day processes of staff to deliver consistently and efficiently. A major focus is on a cultural change to ensure work is stopped on irrelevant tasks
- Changing the data, systems and infrastructure configuration. The workstream is tasked with consolidating the multiple data structures, legal structures and implementation tools to make them as consistent as possible
Practicus is now overseeing and coordinating implementation of the new operating model. From our position in the central PMO, we are providing assurance that the transformation is properly planned with the right level of governance, risks understood and resources are where they need to be to deliver.
Beyond the rigour and control offered by the transformation PMO, Practicus has also been able to identify where capability gaps need to be filled to ensure success. Once such example has been where Practicus identified that change management capability could support staff buy-in for the changes.
Practicus then offered change management support, initially in the UK and US, by delivering a consistent approach to communications, supporting leaders in how to engage their teams and rolling out an engagement plan to deliver changes across the rest of the world. This additional support has proven invaluable to the transformation.
Most of the internal resources working on the programme have limited time and project capability available to contribute. It was important to hold them to account so that deadlines could be met without negative impact to other work. We overcame this challenge by building rapport, helping them prioritise their work and making sure they understood and were bought into the changes being made.
With assurance and oversight from Practicus, the transformation is on track this year to implement the target operating model and associated benefits. The new model will drive efficiencies and money saving with systems and processes that are sensitive to the cultural nuances of each region.