I graduated from Lancaster University in with a degree in Management and, not knowing quite what I wanted to do in my career, decided to join the EY Advisory Graduate scheme to get experience working ...

Hollie McCloy, Consultant

Hollie McCloy

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Finance Strategy Consulting

Optimising cost and efficiency

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Optimising cost & efficiency

The role of the modern Finance function is fast evolving to support and enable the ever-increasing pace of business change. Although the drive to optimise the cost and efficiency of finance never goes away, the role of the function to drive business value also becomes ever more important - operating as a true business partner to enable growth and drive cost efficiency right across the business. In our experience, some key themes driving change for the modern finance function include:

  • Faster close: enabling less time to be spent on the mechanics of the reporting cycle, and more on business support and business partnering.
Finance Strategy Consulting
  • Finance efficiency and reducing data gathering in favour of data analysis: often linked to faster close, many organisations are trying to rebalance their effort to spend less time on gathering and validating suitably high quality data, in favour of releasing more time to invest in analysis and insight. And, of course, the overall focus on  finance efficiency - considering basic ‘top down’ metrics such as finance function costs as a percentage of turnover - remains important as companies seek to maximise the value of their finance headcount and location strategy (linking to many of the other themes discussed here).
  • Automation of controls: the majority of controls in many organisations are still highly manual, although there is clear movement towards greater automation, particularly as new technologies (such as Robotic Process Automation) may offer some significant potential to go further in this respect.
  • Zero-based budgeting: although not a new concept, the systematic implementation of ZBB thinking and processes is having a significant impact right across the business.
  • Finance structure and effective business partnering: Finance is fast adapting to partner the changing face of the business, and to continue to drive efficiency and value. Streamlining across group / corporate finance and federated finance teams (at business unit or country level) continues apace, and the historic lines between financial, management and commercial finance roles may start to blur.

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A strong finance function is at the heart of any successful business, so any finance transformation is vital to get right. We’ve worked on some of the most challenging and critical transformations in this space – from major financial reporting programmes, to Procure-to-Pay transformations, to Treasury systems implementations. Whatever the nature of your finance transformation, we can help you set the strategy and deliver the change you need to realise your vision for finance.

Jon Bradbury

Jon Bradbury
Partner

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