How Network Rail has created a finance team ready for the future

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How Network Rail has created a finance team ready for the future by Patrick Butcher, Group Finance Director, Network Rail

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How Network Rail has created a finance team ready for the future

  1. 1. How Network Rail has created a finance team ready for the future Patrick Butcher, Group Finance Director, Network Rail
  2. 2. Agenda <ul><li>Background </li></ul><ul><li>Finance strategy </li></ul><ul><ul><li>Systems and processes </li></ul></ul><ul><ul><li>People development </li></ul></ul><ul><li>Challenges </li></ul><ul><li>Business partnering and finance </li></ul><ul><li>Looking to the future </li></ul>
  3. 3. Network Rail <ul><li>Company </li></ul><ul><li>Formed in 2002 </li></ul><ul><li>Not for dividend </li></ul><ul><li>UK rail infrastructure </li></ul><ul><li>Since 2002 </li></ul><ul><li>Cost reductions </li></ul><ul><li>Performance improvements </li></ul><ul><li>Improved safety performance </li></ul><ul><li>£600m cost reduction since 2002 </li></ul><ul><li>28% reduction in delays </li></ul><ul><li>Over 1bn passengers annually </li></ul>Number of trains
  4. 4. Network Rail finance <ul><li>All aspects of finance </li></ul><ul><ul><li>Planning </li></ul></ul><ul><ul><li>Taxation </li></ul></ul><ul><ul><li>Management accounting </li></ul></ul><ul><ul><li>Governance & control </li></ul></ul><ul><li>Nothing outsourced </li></ul><ul><li>c500 staff nationally </li></ul>
  5. 5. Our targets for the control period
  6. 6. Our strategy for success Translated for finance Systems Processes People Corporate Strategy Stop the rot One company, one way Delivering value
  7. 7. We faced many challenges <ul><li>The future </li></ul><ul><li>Systems </li></ul><ul><li>Common business platform </li></ul><ul><li>Shared systems strategy </li></ul><ul><li>Processes </li></ul><ul><li>Centralised </li></ul><ul><li>World class </li></ul><ul><li>People </li></ul><ul><li>Graduate scheme </li></ul><ul><li>Competency and succession plans </li></ul><ul><li>The Past </li></ul><ul><li>Systems </li></ul><ul><li>Disparate </li></ul><ul><li>Uncoordinated </li></ul><ul><li>Processes </li></ul><ul><li>Local </li></ul><ul><li>Inefficient </li></ul><ul><li>People </li></ul><ul><li>Lack of talent </li></ul><ul><li>No structured development </li></ul>
  8. 8. Our systems have been the foundation <ul><li>But our people strategies have delivered the improvements </li></ul><ul><li>Graduate scheme </li></ul><ul><li>Talent management programme </li></ul><ul><li>Succession planning </li></ul><ul><li>Competency framework </li></ul>
  9. 9. The rise of the business partner
  10. 10. Why is this important? Quantitative skills Qualitative skills Data capture Reports Insight Impact Analysis Comfort Zone Value Influence
  11. 11. Business partnering in finance <ul><li>Integral to our operation </li></ul><ul><li>We have </li></ul><ul><ul><li>Centralised processing activities </li></ul></ul><ul><ul><li>Centralised reporting expertise </li></ul></ul><ul><ul><li>Created local business partner roles </li></ul></ul><ul><li>This results in </li></ul><ul><ul><li>Consistent process </li></ul></ul><ul><ul><li>Quality outputs </li></ul></ul><ul><ul><li>Great customer feedback </li></ul></ul>
  12. 12. Looking forward <ul><li>Significant change since 2002 </li></ul><ul><ul><li>Processes, systems & people </li></ul></ul><ul><li>Demand for business partnering met through </li></ul><ul><ul><li>Centralisation, reorganisation and training </li></ul></ul><ul><li>Increasing need for us to be </li></ul><ul><ul><li>Open, transparent, accountable </li></ul></ul><ul><li>Finance must support this through </li></ul><ul><ul><li>Devolving accountabilities </li></ul></ul>
  13. 13. Ready for the future Birmingham New Street King’s Cross Thameslink
  14. 14. And a bit further away <ul><li>Leaving Glasgow at 6:45am and arriving in central London at 9am </li></ul>

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