Financial Planning Amp Analysis The Next Frontier Of-Books Pdf

Financial Planning amp Analysis The Next Frontier of
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The argument Specialised Experience These activities commonly. Specific FP A activities are increasingly being include specialised services such as actuarial analysis. outsourced risk management and specific classes of asset. Financial Planning Analysis processes are commonly management such as real estate. a level of complexity higher than the traditional, transactional outsourcing candidate processes While many FP A activities are candidates for. Generally FP A activities can be broken down outsourcing CFOs generally prefer to retain Strategic. into four categories Planning since they generally don t want to lose a seat. at the strategy table Certain Decision Support activities. Planning Finance is typically heavily involved in that require customised analysis stemming from close. building company strategic plans due to its proximity proximity to and knowledge of the business are. to financial data that drive planning decisions also strong retain candidates such as Tax Policy and. These activities typically include Acquisitions and Divestitures However budgeting. planning and management reporting are seeing, Budgeting Financial Analysts are typically heavily increased outsourcing activity which can often be. involved in both building budgets for business centralised and standardised using both process and. units and support functions as well as monitoring technology solutions while reducing traditionally high. expenditures on an ongoing basis costs and resource intensive long cycle times. Forecasting Forecasting of future financial Outsourcing FP A activities can support substantial. performance based on external market variables operational savings. inflation foreign exchange economic growth etc While there are some risks to outsourcing FP A. Business forecasts are critical inputs into both activities the benefits that some companies have. budgets and strategic plans gained are significant FP A is typically a large cost. centre due to the decentralisation customised nature. Management Reporting The creation and updating of these processes and the traditionally high cost of. of management reports is one of the more time experienced labor However outsourcing vendors. consuming and high touch tasks within the finance seek to streamline the redundancy through process. organisation and is thus a key driver of cost standardisation and centralisation If done effectively. the number of FTEs required to perform various, Decision Support and Controls While there is no FP A tasks may be significantly reduced. list of activities that comprehensively defines decision. support it generally refers to financial analyses that Additionally the decentralised nature of FP A. are performed to provide guidance on business functions with Analysts working in close proximity. decisions e g pricing analysis M A analysis to the business means that many companies are not. activity based costing and ad hoc financial modeling optimising their cost footprint Labor arbitrage through. centralising headcount in low cost locations continues. to be a meaningful source for cost savings, Figure 1 Common FP A process. Not typical, Key Less commonly sourced Most commonly sourced.
Planning Management reporting, Budgeting and Budgeting and. Strategic Profit centre, financial financial Expense Multi. planning Performance customer, planning planning revenue dimensional. measurements producer, allocations reporting, profitability. Decision support and controls, Accounting Financial Specialised experience.
Internal audit, Tax policy analysis, Acquisitions Actuarial. Risk Real estate, and analysis, Internal Project management management. divestitures reserving, consulting management, Source Deloitte Research IDC. Lastly vendors are investing heavily in FP A as a next big growth opportunity and most see FP A as the. future revenue growth area As a result vendors most likely candidate Vendors are investing heavily in. are placing an increased emphasis on building tools capabilities for two reasons. processes and methodologies that will differentiate. themselves in the marketplace and drive further Strong FP A capabilities will help vendors grow and. efficiency As competition between outsourcing protect their largest accounts The same apprehension. vendors intensifies with new entrants in the FP A that prevents many CFOs from outsourcing FP A in. marketplace we expect that customers will accrue the first place will drive apprehension around switching. many of the benefits from this increased competition vendors We expect vendor success in outsourcing. FP A to drive longer term partnerships, Evaluating FP A outsourcing can uncover incremental. opportunities for savings Demonstrating a full suite of capabilities including. Through the process of evaluating FP A outsourcing both transactional and FP A will best position. companies often uncoveropportunities for savings vendors to win incremental business We expect. from other service delivery options even if outsourcing future deals to become increasingly comprehensive. isn t the entire solution Companies frequently identify in scope As the market for transaction based finance. broken processes and systems ripe for redesign or outsourcing matures it will be increasingly critical. improvement Others are able to realise savings from for outsourcing vendors to be able to win higher. the full range of service delivery options including complexity work to meet growth targets We expect. Centres of Excellence CoE Shared Services Centres FP A to be a primary area where vendors will focus. SSC or a hybrid outsourcing and CoE SSC framework to drive incremental services. These hybrid models commonly outsource more, transactional subprocesses while more complex The hardest part is the transition.
activities including management of the outsourced Some CFOs may be apprehensive about outsourcing. resources are consolidated in a specialised CoE within FP A for good reason At many large organisations. a captive Shared Services Centre FP A processes and technologies vary between. business units and geographies This lack of, Across large global organisations FP A processes standardisation makes big bang transitions to. are often inconsistently and ineffectively performed 3rd parties difficult complex and highly time. making centralisation and standardisation a significant consuming As such vendors are seeking to improve. opportunity to reduce costs Due to the embedded the maturity of their transition capabilities to both win. in the business nature of many FP A organisations the trust of skeptical prospective clients and to be able. the business is accustomed to customised and ad hoc to deliver on their promises Depending on the vendor. reporting and analysis much of which does not add two primary areas of focus appear to exist. value While some customised reporting and analysis. is typically required to support business decisions it is The technology transition Working with. important for companies to candidly look inward and fragmented management information systems. eliminate unnecessary ad hoc reporting that does not across different business areas and geographies. add value can be extremely difficult for vendors to manage. Many vendors are focusing on technology and tool, With a targeted evaluation of FP A outsourcing standardisation as the key to transformation. companies can identify a range of savings opportunities. and may form Centres of Excellence COEs incorporate The knowledge transition One of the most. select sub processes in Shared Service Centres or common knocks on outsourcing FP A is that it. outsource specific activities All of these potential is difficult to outsource context based high value. solutions can reduce costs improve speed and quality work Some vendors are focusing on the operational. through centralisation standardisation and provide transition processes including knowledge transfer. savings opportunities Embarking on an evaluation and change management methodologies to quickly. of FP A outsourcing can be an effective first step up skill their staff Many vendors are developing. for those looking to embark on a broader FP A some version of a phased transition approach to. transformation journey maintain business continuity and service quality. during the transition, Outsourcing vendors are scaling up their FP A. offerings to meet new demand from current and, Vendors who clearly define and demonstrate both. perspective clients, technology and knowledge transition capabilities.
As the broader F A outsourcing marketplace matures. are gaining competitive advantage in this business. vendors have had to invest heavily in capabilities and. process marketplace, methodologies to continue to win business with some. 3 000 staff performing these activities with the market. leaders alone F A vendors are all looking for their. Case Study Global Technology Services Firm The benefits. Realises the Benefits of Centralisation and, Standardisation Through FP A Outsourcing Improved business insight Report standardisation and. the introduction of a single monthly management, The situation performance metric package. A leading Global Technology Services firm had a large. and decentralised global finance organisation nearly Reduction in cycle time Conversion of legacy ledger. double in size of its nearest competitor A lack of queries to a simpler and more efficient format drove. standardised processes and disparate financial systems a reduction in time spent building reports and. drove far too much focus on administrative tasks rather freeing time for analysis. than value added business insight driving a negative. perception of Finance amongst its business partners Increased forecasting accuracy Introduction of. Other problems included new processes and forecasting techniques reduced. forecast variance by 20 30, A lack of a company wide data strategy. Increased productivity Automation introduced, No global process standardisation or leadership by the vendor resulted in savings of 100 man days.
Disparate financial applications utilised across, geographies Cost Savings Client achieved finance savings of 10. The unfortunate result was that the finance Case Study Leading Minerals Company Realises. organisation could not provide the timely insight to Reporting and Analysis Quality Improvement. support critical executive decisions despite close. dependency of senior line management on their The situation. decentralised finance partners The outsourcing A leading global minerals company struggled with. vendor was originally brought in primarily to provide the quality of management reporting due to the. transactional support proliferation of ad hoc reports that failed to provide. timely business insights required for executive decision. The solution making A particular need was Activity Based Costing. The vendor quickly gained the trust of its client and models that were used to understand efficiency across. rapidly moved up the value chain to perform FP A multiple business units. activities including decision support analytics and. overall business advisory services The client s processes The solution. were moved to one of the Vendor s offshore CoE s to The outsourcing vendor utilised an initial team of. facilitate consolidation The vendor developed a clear 30 people to centralise the reporting function In doing. strategy for transition including granular analysis of the so it was able to implement standardised processes to. individual activities performed by staff and separated provide real time reporting In all the vendor took over. those that were predominantly transactional i e the following processes for the client. journal entry from those that were more analytical in. nature planning forecasting etc Information Systems Balance sheet and related. The vendor also worked with the client to, implement common data standards and consolidated Competitor Analysis Segmentation SG A spend. the clients retained FP A processes into a single CoE analysis. This consolidation drove scale and standardisation of. the client s processes A back office front office Audit Support Preparation of financial reports. delivery model was implemented whereby the vendor close package. drove standardisation and process automation across. all back office work freeing the front office team to Activity Based Costing Implementation of ABC. focus predominantly on the CFO s agenda model cost analysis and reporting. The benefits Once considered an untouchable part of the Finance. organisation companies are beginning to realise that. Reduction in turn around time of reports from four there can be significant quality benefits to centralisation. days to two for over 50 of management reports and standardisation by leveraging a full range of service. delivery options As such vendors are playing their. Automation of 40 of reports part in the outsourcing space by heavily investing in. FP A capabilities, Introduction of value add analytics. Contact information, Improved report accuracy, Punit Bhatia. Competitive pressures to reduce costs and improve BPO Advisory Leader. FP A performance are key drivers leading 020 7007 9466. companies to evaluate service delivery options punbhatia deloitte co uk. The real value from the recent uptick in FP A Mandeep Gill. outsourcing is the benefit companies are able to Senior Manager. Financial Planning amp Analysis The Next Frontier of Business Process Outsourcing Financial Planning amp Analysis FP amp A outsourcing is increasingly being used by

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