Value Chain Area

Challenge 

The project involved conducting feasibility, design and implementation of a large shared services organisation providing a full gamut of finance services including Purchase to Pay, Record to Report, Order to Cash, Record to Report and Payroll.  

Fortis Solution 

Our experienced consultants successfully programme managed the implementation of a full finance function shared service organisation (SSO), over the course of a 9-month engagement.  We redesigned and successfully transitioned disparate systems, processes and people into an effectively functioning and efficient shared service environment. Fortis also assisted the client in designing and implementing a culturally appropriate change management programme which was central to the successful reorganisation and implementation of the SSO.

In addition to successfully implementing the new Shared Services Organisation, which saved the institution several million dollars and provided improved finance and administrative services, the project enabled successful implementation of policy recommendations  which transformed the business.  These included:

< Accounts receivable - implemented best practice on managing receivables.

< Accounts payable - implemented best practice document scanning and workflow DB.

< Staff performance reviews - implemented best practice staff performance measuring.

< Working capital and capital management optimisations.

< Developed performance scorecarding and financial analysis tools.

< Liberated senior staff to conduct analytical reviews and provide business decision support.

Value Chain Area

Challenge 

This global professional services organisation needed support to develop a Business Intelligence strategy, and once agreed implement a full business intelligence solution including data analytics, effective financial reporting, balanced scorecard and budgeting and forecasting. This also involved a risk management methodology and process to ensure the company mitigated key risks.

Fortis Solution 

Fortis worked with the CFO and other key stakeholders to develop the BI Strategy. This was aligned with key strategic imperatives and provided a roadmap of BI initiatives (including a blue-print and plan for the first initiatives on the roadmap).  Following this Fortis assisted the organisation to  design, build and test the business intelligence systems and processes. These included selecting and project managing implementation of appropriate BI software, designing key reports, budgets, forecasts and analytical tools and overseeing key process and cultural changes.

The development of an organisational BI strategy and roadmap was a significant turning-point for the organisation to enable better access to useful information.   The implementation which following provided significant outcomes including:

< More consistent standard reports and improved timeliness and accuracy.

< Provision of up-to-date information on which the organisation for decision-making.

< Improved performance through effective training and embedding of scorecards.

< Enabled adoption of a rigorous risk management and risk monitoring process and system.

Value Chain Area

Challenge 

This large oil and gas organisation required a detailed diagnostic on their finance organisation within a large global segment.  The company was experiencing reduced profitability and significantly increased costs against certain costs codes, however the key drivers of these costs and relevant solutions were unclear.

Fortis Solution 

Fortis conducted a 4-week diagnostic to identify areas for improvement.  We identified key opportunities to restructure the finance function to reduce costs.  In addition, a major problem was lack of access to timely information about costs and customer segments to identify areas for making cuts and unprofitable customer segments. 

Fortis conducted data mining and compiled key reports to illustrate the areas which management should focus upon.  Fortis also developed a roadmap for reducing costs and improving management reporting over the long-term.

The diagnostic provided key insight to executives on improvement areas including:

< General finance health-check analysis of the finance division's performance.

< Identification of key  problem areas including finance team structure, reporting and  specific drivers of recent losses (by customer segment and cost category)

< Provision of a roadmap, NPV analysis and clear programme to deliver solutions, focusing on improved profitability and management reporting solutions.

Value Chain Area

Challenge 

A significant public sector agency was experiencing major inefficiencies with its finance function, and finding that changes to International Accounting  Standards were  not being implemented in a timely manner. 

Fortis Solution 

Fortis personnel conducted a thorough review of the finance function which resulted in a roadmap for standardising, centralising and optimising the finance function. This included processes and systems to identify and adopt important changes to accounting standards (those impacting the public sector) in a timely manner, and using benchmarks and scorecards to measure performance across the finance function.

Fortis consultants then assisted the CFO to implement the recommended changes, including:

< Designing and implementing balanced scorecards on internal performance.

< Updating key reports to reflect IFRS standards.

< Redesigning and implementing best-practice processes to increase finance function efficiency.

< Freeing up senior staff time to focus on business decision support activities, in support of the CFO's and the wider government's key initiatives.