Stepping Up: How Finance Functions Are Transforming To .
Stepping up: How finance functions are transforming to drive business resultsPwC global have just launched the latest edition of PwC's Finance Effectiveness Benchmark 2017 report , which brings together data from morethan 600 companies from around the world, and our observations on leading practice today.The report includes ten interviews with leading finance and business leaders who are highly successful in different aspects of finance, focusing ontechnology, culture, and effective transformation.The latest report concludes that top performing finance teams operate at 36% lower costs than average performers, and significantly better than poorperformers. The cost of best performing finance functions as % of revenue is 0.55%.They are working to improve business results by investing in commercial insight, and spending less time on transactional work.However, we see many finance functions trailing in their adoption of emerging technologies which could have a much greater impact in closing the cost gap,and in most businesses finance struggles to find the right model to deliver real commercial impact effectivelyFor the Israeli CFO, there are clear opportunities to drive tangible cost reduction within Finance and to drive growth within the business.A close proximity to emerging and cutting-edge technology and enablers to reduce the efforts on transactional processing and to drive business insightthrough data and predictive analyticsFurther there is opportunity to harness the agile business culture and top local talent from Israels university infrastructure and those trained in the hi-techsectorBut there are significant challenges for Israels CFO's also.While Israel's business culture is agile and execution driven, there is often a lack of focus on effective long-term planning, strategic alignment anddeveloping efficient processes for larger scale businessesFor these larger and more mature Israeli companies, typically those supporting the infrastructure of the Israeli economy, There are deeper structural issues,including workers unions & regulation and historic under investment in technology, which have resulted in a sluggish reaction and the need to transformFinance for the new digital and competitive landscape.Too often, we see that Israel's finance functions are pigeonholed as reactionary transaction scorekeepers instead of pro-active business partnersJoin us on 14 September at PwC for our Finance Transformation Round Table where we will be discussing these topics inmore detailRegards,Robert LanzkronFinance Consulting, PwC IsraelOffice: 972 (0)3 796 3809 Mobile: 972 (0)54 495 4194Email: robert.lanzkron@il.pwc.com
Finance Effectiveness Benchmark Report 2017Finance leaders are improving business results by investing in commercial insight, spending less time ontransactional work and running at lower costs. This year’s report takes a closer look at how this is being achieved bycompanies leading the way.Stepping upHow finance functionsare transforming to drivebusiness results
Key lessons for all finance functionsAddingvalueLess than aquarter of financetime is spentdeliveringbusiness insightInvestingin skillsTop quartilecompanies paytheir ‘insight’finance professionals25% moreFocusingeffortEven in topquartile companies,analysts spend40% of their timegathering data,not analysingMakingsavingsLeading financefunctions cost36% less than themedian financefunctionsEliminatinginefficiencyAcross many keyfinance processes,automation andprocess improvementcan reduce costs by35%-46%
Contents01 How leaders are transforming finance09 Developing an ambitious model for business partnering21 Realigning the operating model to focus on value27 Enabling new ways of working through technology35 Moving to a culture that puts value creation first39 Seek a new talent profile: Problem framers41 How leaders are pulling ahead67 PwC finance benchmarkingPwC insights17 Beyond the back office: Rethinking the finance function19 The soft power of the CFO24 Working capital: An opportunity to create value31 Creating value with analytics33 Robotics: An immediate opportunity for finance37 Talent and culture: Transformation affects people tooBusiness and finance leader interviews43 GE Oil & Gas: A new kind of finance for a new world of energy47 GlaxoSmithKline: Taking control of data quality in tax49 Royal Mail Group: Delivering business value51 Becton, Dickinson & Co: A merger focuses finance on the big picture53 Safilo Group: Speeding up the pace of evolution55 ClubCorp: Counts on the cloud57 Invenergy: Driving best practices with technology59 Sage Group: Enabling tomorrow’s finance today63 British American Tobacco: Setting the stage for a more effectivefinance function65 Informa: Expect the unexpected
How leaders aretransforming financeFinance needs to play acritical role in ensuringorganisations continueto thrive. This requiresinvestment in newpractices, technologies,and skills that increasethe business’s capacityto adapt at pace.Powerful emerging technologiescombining automation, artificialintelligence, and data analyticspromise to generate insight, yieldsignificant efficiencies, reduce costs,and improve quality for businesses.At the same time, seismic shifts incustomer expectations, channels tomarket, the competitive landscapeand, of course, the global economicand political outlook all combine toadd growing risk and uncertainty,but also the opportunity toimprove dramatically the decisionsbusinesses face on a daily basis. Yetamid all these changes and pressuresthe mandate for the finance functionremains largely the same: reportingfinancial results and performance,making sure their organisations aredelivering against their strategy,steering the business in a fast-changingworld, and being at the forefront ofdriving business results.In PwC’s 2017 Finance EffectivenessBenchmark report we consider howfinance functions are responding tothese forces for change which affectbusiness as a whole, but also the wayin which finance functions themselvesoperate and the role they are asked toplay in their organisation. There arekey challenges for businesses in theirquest to grow and create competitiveadvantage, align costs with theirbusiness strategy, and manage theimpact of changes in technology, riskand regulation on their organisationnow and in the future. Finance hasa key role to play in supportingthese areas.Finance also plays a key role inaddressing CEOs’ most pressingconcerns. Five of the top ten threatscited by CEOs in PwC’s 20th CEOSurvey1 are around uncertain economicgrowth, over-regulation, exchange-ratevolatility, an increasing tax burden, andsocial instability. These are topics thatcarry significant financial implications,and finance functions can prove theirworth by offering insights that helpto mitigate risks, uncover hiddenopportunities, weather economicshocks, and prosper amid uncertainty.The slowing of the downward costtrend highlighted in this report is one ofthe most surprising findings to emergefrom our most recent benchmarkinganalysis (See Figure 1). In PwC’s 2015Finance Effectiveness Benchmarkreport, we predicted that the downwardpressure on costs would continue, andpossibly even accelerate, as financeorganisations applied new automationtechnologies such as artificialintelligence (AI) and robotic processautomation (RPA) to their activities.But it appears that for many, finance’srate of technology adoption has laggedbehind other corporate functions whichhave embraced advanced automation1 1,379 CEOs in 79 countries were interviewed forPwC’s 20th Annual Global CEO Survey, 20 yearsinside the mind of the CEO What’s next?(www.pwc.com/ceosurvey)1 PwC
and begun to realise its potential. Thishas contributed to the slowing of thepace of cost reduction in finance overthe past two years. There are manypilots and ‘proofs of concept’, but thechallenge for finance leaders is toaccelerate adoption. As we will discussin this report, the benefits are widerthan cost reduction.This report will help you assess howyour finance function stacks upagainst your peers, offering real-worldexamples of leading and emergingpractices that top-tier performers arefollowing to gain business advantage.It will show you the way forward,and what future success may looklike across a range of areas of youroperating model and remit. The dataand viewpoints presented here amountto a snapshot of what finance functionsare doing now – whether throughautomation, talent strategy, or businesspartnering to seize opportunities toimprove not just their finance functionsbut their enterprises as a whole.The case studies and interviewswith finance leaders, in section II ofthe report, show the importance ofinnovative thinking in helping financeteams move from being a ‘traditional’to a ‘progressive’ function. Many serveas a reminder that leading financeorganisations that fail to recognisethe steep change required in theirbusiness, risk being left behind andeven becoming irrelevant as the marketfor their products and services evolves.Finance needs to play a critical rolein ensuring organisations continueto thrive. This requires investment innew practices, technologies, and skillsthat increase the business’s capacity toadapt at pace.Top concerns of CEOsPercentage of CEOs indicating these areas are a c growth80 82%68%%Increasingtax burdenExchangeratevolatility68 70%%Source: PwC’s 20th Annual Global CEO SurveyFinance Effectiveness Benchmark Report 2017 2
About the reportIn compiling this report we draw onthe detailed, in-depth benchmarkingstudies we have performed of nearly600 finance organisations acrossdifferent industries around theglobe. These projects enable us tomeasure the wide variations in theeffectiveness and efficiency of financeacross dimensions such as geography,industry, and size of organisation.They also enable us to understandwhat the finance teams are doing todeliver benefits to their organisations.The data enables us to identifyopportunities for finance functionsto improve how they operate andquantify the potential benefits suchchanges may have for the businessesthey work within. In addition, we haveincorporated the views of businessand finance leaders, and othersworking to make the finance functionmore productive and insightful,and consequently more capable ofcontributing to driving results withinthe context of the organisation’swider strategy.This report is the seventh we haveproduced since 2009. The majorfactor which has changed recentlyis, unsurprisingly, the impact thatadvancements in technology andautomation have had on what financeteams do, how they do it and whatis expected of them. These changesare gathering pace all the time, butcloud, RPA and similar approacheshave lowered the cost of entry, andtechnology can no longer be thoughtof as a barrier to what can be achievedby finance.The barrier now appears to be morecultural or organisational and thisplays out in many of the client storiesand data analysis contained withinthe report.For more information about PwC’sbenchmarking methodology andservices, please see page 67 at theend of this report.What can we learnfrom top performers?Where savings have been made byadopting new technologies and waysof working, there has often been anoffsetting drive to invest in peopleand the skills they need in order toharness the potential of the technologysolutions at their disposal. With a desirefor more analysis and insight and theadoption of new tools to drive this,finance teams have needed to upskilland develop in order to keep pace withthe change. This is also a trend which wesee continuing – finance teams will bevery different in their composition in fiveyears’ time from how they look today.So how are the top finance functionsresponding to these challenges andWhat sets top performers apart?SpendSpend more time onanalysis versus datagathering20%more timePay25%Pay ‘insight’ financeprofessionals.moreRun atTop performers arestill able to.36%lower costSource: PwC finance benchmark data3 PwChow are they looking to seize theopportunity presented to them?Over the past several years, financefunctions have pursued efficiencyimprovements through the traditionalmeans of process simplification,standardisation, shared services,and outsourcing. Top-tier functionsin particular have made enormousstrides. According to our analysis,in efficiency and cost of financethe top quartile finance functionsoutperform the median by 30% to40%, and they embody the virtuesthat we have discussed in the pastand throughout this report. Often,we see teams stuck in traditionalthinking, with leaders who aren’tcommitted to agilityand innovation.
Figure 1: Finance continues to control costs, and top performersare investing in value-added activitiesFinance cost as a percentage of -16MedianTop quartileSource: PwC finance benchmark dataExperience shows that it’s focus andskill, not magic-bullet technology,that separate the top performersfrom the rest of the pack: They are highly effective inharnessing skills to genuinely impactbusiness decisions, providing theinsight that CEOs are demanding. They’re clear on theirvalue proposition.Are declining finance costsbeginning to reverse? They’re not content with businessas usual and want to keep improvingand challenging the way they operate,the value they add, and how theyinterface with the business. They have an unrelenting focuson efficiency – challenging what tostop doing, as well as what tostandardise and automate. They are committed to a ‘lean’environment and driving continuousyear-on-year improvements in waysof working. They embrace change, particularly innew ways of working and more visualand technology enabled managementstyles using collaboration tools toreduce cycle times and newbehavioural techniques to get thebest of their staff. They are starting to embrace newcloud-based and robotictechnologies, often instead of thetraditional outsourcing route.Finance is increasingly under pressureto focus on innovation and deliveringvalue, but, of course, this needs to bebalanced with the continuing focuson efficiency and cost. Our benchmarkdata shows a slowing in the long-termdownward trend in the cost of finance(Figure 1), which may be somewhatsurprising given the messages we hearabout technology and automation,especially robotics, and the costsavings they can bring. The cost gapbetween leading performers and thosein the median range of performanceremains high, but there are signs thatit is beginning to narrow. Perhapsthis is evidence of the fact that thechallenge for the top performers ismore difficult as they have alreadydrawn upon many of the traditionaltechniques used to increase efficiencysuch as process standardisation,shared services, and automation.Finance Effectiveness Benchmark Report 2017 4
Top performers operateat lower cost not byreducing service levelsbut by standardising andsimplifying their coreprocesses and systems –enabling them to freeup resources to focuson business partnering.The median cost of finance continuesto fall from its 2011-2012 high but ata declining rate. For top performers,there has been a marginal increase inthe cost of finance for the first timesince 2011-2012, and for the first timesince 2009 the gap between top andmedian performers has fallen below40%. In part, our studies suggestthat this is a reflection of a deliberateinvestment in finance capability intop-performing organisations. AsPwC’s CEO survey highlights, CEOsare concerned about having thenecessary talent in finance, and thebroader business, to drive profitablegrowth. However, as we discuss laterin the report, we believe that in thelonger term the downward trend willresume, and probably accelerate,given the proliferation of cost-savingtechnologies such as RPA and cloudbased finance applications. We onlybegan seeing finance teams look toimplement these types of innovativetechnologies in the last year or so andcurrently most are in pilot orproof of concept stage, exploringhow best to leverage the technologiesacross their functional domains. Onceorganisations begin to ‘industrialise’the use of these automation tools,we’d expect to see a significant dropin finance costs generally, althoughthis will still be offset by the costof upskilling the team into a moreanalytical function to meet thepreviously mentioned CEO demands.In our experience, top performersoperate at lower cost not by reducingservice levels but by standardising andsimplifying their core processes andsystems, typically enabling them tofree up resources to focus on businesspartnering. It’s not about chasingcost reductions – our interviewsconducted as part of the benchmarkstudies suggest that organisationswhich focus on a holistic view of changewithin finance and aligning thiswith the wider business strategy canachieve a better cost performanceand, in addition, a more effectivefinance function.Figure 2: Larger companies take advantage of economies of scaleCost of finance by company revenue1.34%0.89%0.84%0.87%0.62%0.57% 0.7 billion 0.7-1.9 billion0.59% 2.0-6.6 billionMedianSource: PwC finance benchmark data5 PwC0.40% 6.7 billionTop quartile
Assessing your businessagainst peersThis report cites numerous metricsused to measure finance functionperformance. When comparing yourfinance function against those metrics,it’s important to be sure they arerelevant to your situation. The datashows that the size and complexityof the business have a significantinfluence on relative performance– more so than industry sector.Smaller organisations often cannottake advantage of the economies ofscale that larger companies do, but atthe same time operating in multiplegeographies has a high cost impact(Figures 2 and 3).To reduce costs in complex andgeographically dispersed functionstakes innovative thinking aboutthe finance operating model.Examples of this type of thinkinginclude the collaborative technologieswe are seeing emerge and thediscussion of how organisationscan work together in ‘ecosystems’to create mutual benefit. There is alot to learn from small businessesand startup.‘Finance as a service,’is an emerging concept for smallerorganisations. There are examplesof even relatively small financefunctions using techniques that biggercompanies utilise, such as focusingfinancial planning and analysis inspecialist, centralised teams. Cloudbased Enterprise Resource Planning(ERP) and other applications nowmake sophisticated tools available at aprice point that is achievable for smallThe size and complexityof the business have asignificant influence onrelative performance– more so even thanindustry sector.Figure 3: A multinational footprint adds complexity and costCost of finance by revenue and operating countriesWhen smaller companies have complex, multi-national financerequirements, they have difficulties keeping costs down. 1.25 billion 1.25 billion 25 countries2.11%1.02%11-25 countries1.69%0.98%2-10 countries1.32%0.77%0.85%0.65%One countrySource: PwC finance benchmark dataFinance Effectiveness Benchmark Report 2017 6
and often higher remuneration rates.But whether a sector is high-cost orlow-cost, the cost of finance amongindividual companies within the sectorcan vary widely. When challengingyourself on what’s possible to achieve,do not simply look within your industry.Instead, look at companies whose size,complexity, geographical and product/channel profile are similar to your own,and consider the approaches that wediscuss in this report. To achieve realcompetitive advantage, finance needsnew and innovative thinking togetherwith a willingness to explore newtechnologies and ways of working,rather than incremental changeexecuted in the ‘traditional’ manner.companies, and as we will see in thereport small companies focus less onautomating manual processes (as theestablished big player
PwC global have just launched the latest edition of PwC's Finance Effectiveness Benchmark 2017 report , which brings together data from more than 600 companies from around the world, and our observations on leading practice today. The report includes ten interviews with leading finance and business leaders who are highly successful in different aspects of finance, focusing on
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