The company aimed to create a world-class M&A team and achieve ambitious growth targets, while reducing its tax burden. But after a year, senior leaders remained unaligned on the specific objectives. Cultural differences among the company’s geographically dispersed finance units slowed things down, and cost-cutting orders from the top sowed further confusion. The effort stalled out.
- Prioritize: Working with Bain, the company extensively interviewed its executives to determine what the finance transformation’s “point of arrival” should look like. The company set strategic objectives, metrics, KPIs, targets and timelines; redefined workstreams; and redirected resources to achieve these goals.
- Simplify: Bain and the company identified bottlenecks and pain points, and found that they didn’t need half of the existing transformation initiatives. They calculated the cost of each trouble area and developed improved workflows that yielded savings.
- Invest: Based on the company’s strategic objectives--grow its market share, elevate its business and strategic planning capabilities, develop high-value data analysis capabilities, and improve its tax management―Bain benchmarked the finance department’s spending activities against industry standards. That enabled the company to see where to invest and where to cut spending and focus on efficiency. One outcome: the company saw that it could spend less on internal auditing and channel more resources into its M&A capabilities.