Challenge
Gain buy-in and simplify to transform
Nonstandardized processes across global finance operations were hampering growth and adding costs for this insurer. Problems included intensive manual reporting processes, inconsistent guidelines, no global accounts receivable tool, and different reconciliation processes across segments of business.
It already knew it had to standardize processes to achieve the efficiencies, speed of growth, and cost savings it desired and had embarked on a global transformation program. But with that program focused on broader technology and tool implementation, there was an opportunity to augment this with a detailed roadmap to guide it to completion. It selected Genpact, its partner of more than 10 years, to evaluate its finance operations for accelerated process transformation, implement more specific digital and IT solutions, and drive an end-to-end transformation program.
Solution
Detailed roadmaps to navigate change
To identify the biggest opportunities for transformation that would meet the different objectives of the various parts of the business involved, we began with an in-depth review of finance operations and a due diligence review of processes across business segments and geographies for an insider's view of the business. We found two key problems:
- Although the multiple initiatives within the transformation program all had individual owners, it was a challenge to align global leads and resources to drive wider change across geographies and business segments
- Initiative owners in the transformation program had focused on system implementation rather than end-to-end transformation
We suggested several solutions to overcome these barriers to change:
- By showcasing global scenarios and best practices across the industry, we could act as a change agent to encourage resource matching and help initiative owners envisage the full transformation journey, break down silos, and fix fragmented processes
- By conducting thorough due diligence, we could demonstrate savings targets backed by facts and supported with a future roadmap
- We suggested global blueprinting, mapping each region in detail to identify every process and bring consistency and standardization across its financial planning and analysis processes
- We combined our process and insurance skills to design the missing components of the existing TOM
Our program of work with the client is underway:
- We created a blueprint TOM for treasury operations in North America
- For accounts receivable and global collections, we're accelerating the TOM journey and supporting to-be state process standardization across regions
- We're supporting reconciliation platform implementation in three regions for balance sheet reconciliations
- Financial planning and accounting – we're supporting the design of a future- state TOM and self-service reporting with a team of data scientists and digital technology experts
Take a copy for yourself
Download Pdf opens in a new tabImpact
Faster end-to-end transformation
Genpact has accelerated finance transformation with scalable, strategic solutions and standardized global processes that have delivered greater governance and visibility across the finance function. We've also achieved operational efficiencies by consolidating operations into a global shared services model.
As a result of the outcomes so far, the client has asked us to help build dedicated teams to automate reporting and treasury operations with reconciliation platform implementation across geographies and business units as well as global TOM implementation for collections.
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