The Role of a Subject Matter Expert in the Restructuring of the Finance Department within a Shared Services Center
Client:
A global corporation with a large finance department in a European country.
Challenge:
Our client, a global corporation with a significant financial and accounting department, faced the need to restructure this unit and transition to a Shared Services Center (SSC) model. The key challenge was to comprehensively map existing financial processes, identify areas requiring optimization, and design a new, more efficient SSC structure to enhance operational efficiency and process organization.
Our Solution:
We acted as a Subject Matter Expert (SME) in this critical restructuring project. Our responsibilities included:
Analysis of “As-Is” Processes: We conducted an in-depth assessment of the existing financial processes, focusing on understanding the current operational state, identifying key components of each process, and pinpointing areas for potential optimization.
Discussion of Key Process Elements: Through workshops and working sessions with key stakeholders, we conducted detailed discussions on various financial processes, breaking them down to an appropriate level of detail. This enabled us to gain a deeper understanding of the department’s needs and challenges and identify opportunities for improvement.
Designing the Target SSC Structure: Based on our analysis, we designed the new target structure for the finance department under the Shared Services Center model. Tasks and responsibilities were divided into three primary streams: Procure-to-Pay (P2P), Order-to-Cash (O2C), Record-to-Report (R2R). This new structure was designed to streamline workflow, increase efficiency, and enhance resource management.
Results:
Conducted a comprehensive analysis of existing financial processes and identified key areas for optimization. Designed a new, optimized structure for the finance department, improving work organization and operational efficiency. Successfully reorganized the accounting team, enabling better management of financial processes within the three key streams (P2P, O2C, R2R). Improved workflow efficiency and enhanced transparency in managing financial tasks.
Conclusion:
Our role as a Subject Matter Expert was crucial to the successful restructuring of the finance department and its transformation into a Shared Services Center. By conducting a thorough “As-Is” analysis and designing an efficient target structure, our client achieved better workflow organization, process optimization (both operational and technological), improved operational efficiency, and greater transparency in managing core financial processes.
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