This document discusses finance transformation, including what it means and how to achieve it. Finance transformation refers to making finance more effective and efficient through real-time information, quality processes, and cost reductions. Key enablers include management buy-in, standard systems and processes, and a culture of continuous improvement. Successful companies have leadership driving transformation from the top down and treating it as an ongoing effort rather than just addressing symptoms. Finance must be structured as an internal business focused on supporting company growth through business partnering, accounting, and specialist finance functions.

1. Finance TransformationFinance TransformationPhil PriceChartridge AssociatesCFO Europe, Readers Digest International5th July 2011

2. Finance TransformationIntroductionWhat does Finance Transformation mean?What does it mean to you; where is it on your agenda?What are the key enablers?Why are some companies leaders and some laggards?What does it mean for Finance structure & culture?

3. Finance TransformationIntroductionPhil Price, CFO Europe, Readers Digest InternationalPassionate 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.Quintiles Transnational, Professional Services OrganisationIron Mountain EuropeBausch + LombReaders Digest EuropeInteractive sessionMaximum participationKey takeaways?

4. Finance TransformationWhat does Finance Transformation mean?Effectiveness & efficiencyReal-time information; forward looking v backwardQuality; right first time; zero defectsCost as % of revenueBenchmarkingOutsourcingContinuous improvementStandardisation

5. Finance TransformationWhat does it mean to you; where is it on your agenda?Cost cuttingBetter MISImproved controlsSupporting growthSupporting contractionChange is the normAre you being Reactive or Pre-Emptive?

6. Finance TransformationWhat are the key enablers?Why do 80% of change programs fail?Management buy inDriven from the topDesire to move forward & changeCultureStandard systemsStandard processesClarity of ownership

7. Finance TransformationWhy are some companies leaders and some laggards?Is there Leadership?Is there a Burning platform?Are other issues more important?How do you get into the Virtuous Circle?Is the Culture a help or a hindrance?Is there a Focus on performance?Are you looking to treat the disease rather than the symptoms?

8. Finance TransformationWhat does it mean for Finance structure & culture?Finance as a businessFinance missionFinance structure Finance culture

9. Finance TransformationFinance as a businessIs Finance an overhead?Is Finance a cost centre?Or is Finance a “business within a business”, with:Products & servicesCustomersCompetitors

10. Finance TransformationFinance MissionDeliver quality information to our partners on a timely basis, cost effectivelyDrive business performanceGrow revenuesImprove marginsMaximise cashManage risk

11. Finance TransformationFinance StructureBusiness partnering & FP&AGeneral accounting, control & reportingTransactional activitiesCredit controlSpecialist Finance, eg Tax & Treasury

12. Finance TransformationFinance CultureLeadership:If you don’t know where you are going, any direction will doMotivated and energetic teamEvery person doing what you want every minute of every dayPerformance focusWhat gets measured gets doneClarity of OwnershipQuality focus; right first time, zero defectsChange friendly; change leadingContinuous improvement; lean & six sigmaRuthless Continuous Improvement MachineFrom Reactive through Pro Active to Pre Emptive

13. Finance TransformationConclusions?

14. Finance TransformationFinance TransformationPhil PriceChartridge AssociatesCFO Europe, Readers Digest International5th July 2011