To address the need to have a more efficient finance organisation and reduce FTE by 10% within 3 years, our client’s CFO requested a study to develop a target operating model and finance systems architecture that would deliver on his cost reduction objectives. We worked with outside consulting firms and finance representatives to assess what was being done, as well as what other financial institutions were doing at the time. The result was a five year road map to implement solutions to make finance more efficient. The first component of the vision was to modernise the bank’s budget and reporting platform from a mainframe based software to a global client server platform.
Over a two year period a new consolidation, budget and reporting platform was developed, in cooperation with an external developer, and implemented across the firm, and in the first year of implementation finance was able to shed 10% of its personnel.
As well as achieving material cost benefits through a 10% effort reduction, this implementation paved the way for future cost avoidance.