Full year savings of £1.6m (23 FTEs)
Improved financial control
Improved right-first-rate of invoice processing by over 40%
Improved financial reporting to enable better visibility
The Shared Services Centre has been a huge success. Well done to everybody involved.
CFO
Define it
Our client was grappling with a number of challenges within their finance function and systems. Their Enterprise Resource Planning (ERP) tool was on premises and needed upgrading to the cloud as it was going out of service. They had a decentralised operations, with finance teams dispersed across multiple locations, leading to inconsistencies and inefficiencies. Repetitive tasks, such as data entry and invoice processing, were performed manually, consuming significant time and resources. Furthermore, a lack of standardisation across departments, with varying processes and systems, hindered data accuracy and reporting. This decentralised structure also limited visibility, making it difficult to obtain accurate and timely financial information for informed decision-making.
We worked with our client to help them clearly define their goals and determine the scope which included accounts payable, accounts receivable, general ledger and financial reporting. We then helped them determine the project resource requirements and helped them assemble a cross-functional team internally, along with a team of experts from CI Projects.
Improve it
To address these challenges, CI Projects implemented a comprehensive Finance Shared Services Centre (SSC). This involved:
Establishing the Shared Services Centre:
Centralised key finance functions, including accounts payable, accounts receivable, and general ledger, within a dedicated shared services team.
End-to-End Process Design:
We documented existing finance processes to identify pain points, inefficiencies, and opportunities for improvement using Lean Six Sigma. We also conducted data analysis to evaluate the quality, accuracy, and completeness of financial data to assess its suitability for the new ERP system.
Gap Analysis:
We compared current processes and data with the capabilities of the selected ERP solution to identify gaps and potential challenges.
Process Re-engineering:
After analysing the existing processes and identifying opportunities for automation and improvement, we re-engineered the processes and implemented Lean principles to streamline workflows and eliminate waste.
ERP Implementation:
We worked with the chosen vendor to translate business requirements into a technical specification and configured the ERP system to match the business processes and data requirements, minimising the need for extensive customisation. We supported the implementation of the new Enterprise Resource Planning (ERP) system to streamline financial operations and improve data accuracy.
Sustain it
CI Projects developed and executed a comprehensive change management plan to ensure smooth transition and user adoption. We provided comprehensive training to all stakeholders on the new processes and systems.
We provided ongoing support for a period of 3 months after the new ERP system and SSC was launched. This included regular reviews of the system to identify further opportunities for improvement, additional training and development for users, and addressing any issues or questions that arose. We were able to deliver a solution that has significantly enhanced their financial operations and positioned them for future growth.
Key benefits
- Streamlined processes and automated workflows led to significant time savings
- A centralised ERP system ensured data consistency and reliability, enabling better decision-making
- New Shared Services Centre established in Newcastle
- Saving of £1.6m achieved in the first 12 months through a reduction of 23 FTE
- Improved right-first-time rate of invoice processing by over 40%
- The new ERP system facilitated adherence to regulatory requirements and best practice standards
- Leveraging advanced analytics, the solution provided valuable insights to support strategic planning and decision-making
