Finance Transformation

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Finance Transformation by Philip Price - CFO -Readers Digest

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Finance Transformation

  1. 1. Finance Transformation<br />Finance Transformation<br />Phil Price<br />Chartridge Associates<br />CFO Europe, Readers Digest International<br />5th July 2011<br />
  2. 2. Finance Transformation<br />Introduction<br />What does Finance Transformation mean?<br />What does it mean to you; where is it on your agenda?<br />What are the key enablers?<br />Why are some companies leaders and some laggards?<br />What does it mean for Finance structure & culture?<br />
  3. 3. Finance Transformation<br />Introduction<br />Phil Price, CFO Europe, Readers Digest International<br />Passionate about driving and delivering profitable business growth based on World Class Finance through a focus on total quality, process excellence, ruthless continuous improvement and high performance teams.<br />Quintiles Transnational, Professional Services Organisation<br />Iron Mountain Europe<br />Bausch + Lomb<br />Readers Digest Europe<br />Interactive session<br />Maximum participation<br />Key takeaways?<br />
  4. 4. Finance Transformation<br />What does Finance Transformation mean?<br />Effectiveness & efficiency<br />Real-time information; forward looking v backward<br />Quality; right first time; zero defects<br />Cost as % of revenue<br />Benchmarking<br />Outsourcing<br />Continuous improvement<br />Standardisation<br />
  5. 5. Finance Transformation<br />What does it mean to you; where is it on your agenda?<br />Cost cutting<br />Better MIS<br />Improved controls<br />Supporting growth<br />Supporting contraction<br />Change is the norm<br />Are you being Reactive or Pre-Emptive?<br />
  6. 6. Finance Transformation<br />What are the key enablers?<br />Why do 80% of change programs fail?<br />Management buy in<br />Driven from the top<br />Desire to move forward & change<br />Culture<br />Standard systems<br />Standard processes<br />Clarity of ownership<br />
  7. 7. Finance Transformation<br />Why are some companies leaders and some laggards?<br />Is there Leadership?<br />Is there a Burning platform?<br />Are other issues more important?<br />How do you get into the Virtuous Circle?<br />Is the Culture a help or a hindrance?<br />Is there a Focus on performance?<br />Are you looking to treat the disease rather than the symptoms?<br />
  8. 8. Finance Transformation<br />What does it mean for Finance structure & culture?<br />Finance as a business<br />Finance mission<br />Finance structure <br />Finance culture<br />
  9. 9. Finance Transformation<br />Finance as a business<br />Is Finance an overhead?<br />Is Finance a cost centre?<br />Or is Finance a “business within a business”, with:<br />Products & services<br />Customers<br />Competitors<br />
  10. 10. Finance Transformation<br />Finance Mission<br />Deliver quality information to our partners on a timely basis, cost effectively<br />Drive business performance<br />Grow revenues<br />Improve margins<br />Maximise cash<br />Manage risk<br />
  11. 11. Finance Transformation<br />Finance Structure<br />Business partnering & FP&A<br />General accounting, control & reporting<br />Transactional activities<br />Credit control<br />Specialist Finance, eg Tax & Treasury<br />
  12. 12. Finance Transformation<br />Finance Culture<br />Leadership:<br />If you don’t know where you are going, any direction will do<br />Motivated and energetic team<br />Every person doing what you want every minute of every day<br />Performance focus<br />What gets measured gets done<br />Clarity of Ownership<br />Quality focus; right first time, zero defects<br />Change friendly; change leading<br />Continuous improvement; lean & six sigma<br />Ruthless Continuous Improvement Machine<br />From Reactive through Pro Active to Pre Emptive<br />
  13. 13. Finance Transformation<br />Conclusions<br />?<br />
  14. 14. Finance Transformation<br />Finance Transformation<br />Phil Price<br />Chartridge Associates<br />CFO Europe, Readers Digest International<br />5th July 2011<br />

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