finance transformation: a journey to world class
TRANSCRIPT
Finance Transformation: A Journey to World Class
Bruce Burrows
November 24, 2020
Lead learning outcomes
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Sustainable transformation takes time and focus
How to develop a “True North” for the function
and how to embed it in the organisation
Create value by being a Business Partner
and a Change Agent
Improve efficiency and effectiveness by being a
Controller and a Service Driver
Develop high performing team players who are
Dynamic, Productive, Capable, and can Communicate
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Content
Whois Tetra Pak?
Transformationof our Finance function
Summaryand conclusion
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Content
Whois Tetra Pak?
Transformationof our Finance function
Summaryand conclusion
01
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We commit to making food safe and available, everywhere
Our vision
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Protects What’s Good (Food, People, Planet)
Our promise
>25,000 Employees
>160 Countries
€11.5 billion Net sales
>3% of turnoverInvestment in R&D
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68 years working alongside food producers
Our business
Packaging Processing Downstream
Units
delivered 358 2,404 1,057Units in
operation >8,770 >90,350 >21,340
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Of significant scale
A global operation
11 Technical Training Centres
12 Processing & production sites
89Sales offices
31Market companies
10Product Development Centres
55 Productions plants
5R&D Centres
6 Customer Innovation Centres
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The widest range in the industry
The perfect food protection solutions
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Everything we do is dictated by our Strategy
Strategy 2030
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Content
Whois Tetra Pak?
Transformationof our Finance function
Summaryand conclusion
02
It all started with a “wake up call”
/ 12
The start of our journey
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We knew we could improve, but the urgency
wasn’t there until we received a very clear
message from our CEO that he was not happy
Benchmarking with The Hackett Group revealed
we fell far short of our peer group on both
efficiency and effectiveness
We started by clarifying our purpose, our value
proposition to the company
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The “true north” of everything we do in the Finance function
Finance function strategic objectives and goals
“We drive value and ensure world class business services, to deliver sustainable business performance within our control framework”
Business Partner Change Agent ControllerBusiness Services
Driver
High Performing Team Player
Drive right
decisions,
balancing risks &
opportunities.
Support profitable
growth, cash flow
and productivity.
Orchestrate timely
transformational
change and
innovation, by
optimising
organisation,
process, systems
& data
Secure high
quality reporting,
controls &
governance to
protect Group
assets
Deliver effective &
efficient business
services to ensure
integrated
operations
Develop critical
behaviours & skills
to secure high
performing &
engaged teams
Priorities to support Strategy 2030
► Priorities directly linked to individual performance management
► Alignment and focus for delivery and consistent communication
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Finance & Tax 2020 priorities
Business
partner
Optimise functional expenses
& discretionary spend
Forward looking financial
scenarios
Operating Capital
management
High Performing Team Player
Productive
Change agent Controller Service driver
Prepare SEA Finance
Pre-requisites
Expand use of robotics
Finance Innovation
Capable
Internal control monitoring &
tax compliance
Group Reporting & Analysis
Functional Productivity
Dynamic
Deliver all services with
continuous improvement
Simplify, standardise and
automate
Modern Business Information
& Analytics
Effective communicators
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Standard approach transformation projects, large or small
Business Transformation Process
Initiate
Analyse
Design
Plan
Develop
Implement
Clearly state what
you want to
achieve
Prove the business
value, define the
required changes
Detail how the
solution will work
Create the plan
that delivers the
value
Get everything
ready to
implement
Deliver project
and track results
Business Transformation Process
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The value we generate – our effectiveness and efficiency
Performance formula
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Process – a global standard for how we do things
► Global processes redesigned and enforced: transactional, reporting, planning
► Measured process compliance and best practice implementation by entity
► Transactional shared services created
► Standards, structure, scale are important
Process
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People and how they are organised
► Good HR processes for talent management and career planning
► Different competences are needed
► Focused performance objectives linked to our priorities
► Standard organisation blueprint across all market operations
► My philosophy: “Centralise to standardise, don’t standardise to centralise”
► Created shared service centres
People
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Systems to enable our processes and force compliance
► Leverage on single instance SAP
► Globally available consistent and reliable data allows standardisation
of performance measures, improved benchmarking etc.
► More automation and robotics
► Self-service reporting
Systems
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Data is the fuel that allows the engine to run smoothly
► We were heavily under-invested
► Data structure and ownership, processing cycle time and accuracy have improved
► Master data maintenance and stewardship
► As we move towards the intelligent enterprise data becomes more important
► Enterprise Data Management strategy now being implemented
Data
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This is a never-ending journey
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Managing the change
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Achieved The Hackett Group “World Class”
accreditation in 2019” now the journey continues
to keep it …
Focus on communication: Clear, Concise,
Credible, Cascadable
Appoint the right “change-minded” leaders
Start small, build credibility and then
scale up to repeat
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Content
Whois Tetra Pak?
Transformationof our Finance function
Summaryand conclusion
03
Summary and conclusion
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Don’t wait for the message from your CEO
If you don’t do the basics right then the fancy
things don’t matter
Set the direction and stay your course,
it takes time
There is no easy way to reach World Class
Take the tough decisions quickly. The short term
pain is far outweighed by the long term gains
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