Case Study: Finance Transformation In The Pharmaceuticals Industry - From The F Troop To The 82nd Airborne
Source: Deloitte Touche Tohmatsu
The finance organization at this leading pharmaceutical company generated considerable business value through its understanding of company issues, its analytical capabilities and its responsiveness to operating-unit needs. The challenge: Could the finance function continue to do all that ¡V and improve efficiency at the same time? Responding to slackening growth and profits in the pharmaceutical industry, the company had implemented an overall enterprise effort to reduce costs and improve efficiency in its support functions. The company also wanted to have a consistent operating model globally, independent of the country or operating unit where the work was delivered. When the finance function came under the microscope, company leaders realized that, despite the value finance was delivering, it was doing so inefficiently. Specific problems included: "X Duplication of effort. "X Nonstandardized processes. "X Lack of prioritization.