Finance Transformation In Pharmaceuticals - From The F Troop To The 82nd Airborne
Source: Deloitte LLP
The finance function of one of the leading pharmaceutical company was generating significant business value through its understanding of company issues, its analytical capabilities, and its responsiveness to operating-unit needs. However, the challenge that the company faced was in ensuring that its finance function continues to bring in considerable business value along with improving efficiency simultaneously. Recent slack in the business growth and profits were the main reasons, which forced this pharmaceutical company to implement an overall enterprise effort for reducing costs along with improving efficiency of all its support functions. On detailed scrutiny, some of the major problems areas with the working of company's finance function that came to light included redundancy in processes across operational units leading to wastage of both human resources and information, non-standardized processes resulting in lack of consistency, and lack of prioritization in the company's finance organization. The company is implementing a global finance operating model that would maintain finance's responsiveness and strategic partnering capabilities while significantly reducing the sources of wasted time and effort. To achieve its goal, the company is seeking assistance from Deloitte, a leading business management and consulting service provider. Once on the job, Deloitte examined all of its financial processes so as to determine where and how each process would have to be function.