Process Excellence in Financial Services: Bringing Process Improvement to the Finance Function

ICTD International Centre for Training and Development

How long?

  • 5 days
  • in person

ICTD International Centre for Training and Development

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Who should attend

  • Finance Directors and Chief Financial Officers
  • Financial Controllers and Financial Managers
  • Accounts Payable and Collections managers
  • Budget and planning officers
  • Financial advisers and other finance professionals and accountants
  • Managers being prepared or with the potential to assume key finance posts in the company

About the course

The most progressive organizations have applied business process improvement and re-engineering techniques to transform their finance systems to be more efficient and to significantly reduce the cost of the finance function. But senior managers still expect the finance team to fulfill their traditional role of record keepers and reporting managers, whilst raising the challenge to provide better quality and more timely information.

The very best companies have gone ‘back to basics’ to question the very purpose of the 21st century finance function; this leading edge course focuses on some key issues for the Chief Financial Officer and his finance team:

  • How the finance function fits in to the organization’s value creation process
  • How the finance department can support key business decision making
  • How the best finance departments work as strategic business partners
  • How business process improvement methods can be applied to improve key finance systems
  • How the CFO can act as a transformational leader to change finance for the better

## Course Objectives

The objectives of the seminar are to enable delegates to:

  • Identify the challenges facing today’s finance function and develop the concepts and tools to participate in the transformation of the finance function in to a value focused business partner
  • Understand the process by which their organization and its finance team creates and delivers value to its key stakeholders; how process improvements can enhance this process
  • Understand Lean principles and how global companies have used a Lean philosophy to achieve operational excellence; how Lean principles can be applied to the finance function
  • Understand and participate in business process improvement and reengineering programs to analyze and improve finance function workflow and systems
  • Identify and assist in finance process improvements in the most important areas, from basic functions like ‘Procure to Pay’ through to Performance Management Systems
  • Understand and apply process improvement to strategically important functions like risk management ‘what-if’ forecasts and cash flow forecasts
  • Understand the importance of visionary leadership in transforming the role of the finance function
  • Consider and select their own key areas for finance function process improvement

## Course Outline

21st Century Challenges for the Finance Function

  • The burden of detail and compliance
  • The cost efficiency imperative
  • Balancing the pressures on time, cost, quality and service
  • Today’s challenges for finance: controlling, closing, reporting and planning
  • Future challenges for finance: control and empowerment; business partnering

Finance Role in Creating and Delivering Value to Key Stakeholders

  • Understanding the strategic context of the challenge
  • Defining organizational vision, values and mission
  • Defining and understanding the organization’s business model
  • Understanding the value creation process
  • How finance fits in to the value creation system
  • How the finance function delivers value to its customers

Lean awareness and applying Lean to finance

  • What Lean is and why it’s important
  • Traditional versus Lean
  • What Lean entails – six key principles
  • Defining and understanding value
  • The Three M’s of waste
  • Value added and non-value added activities
  • Using value stream mapping
  • Using Lean as a competitive advantage – The Toyota Production System
  • Waste reduction – at the heart of Lean
  • The 5S approach to eliminating waste
  • Applying Lean to the finance function

Business Process Improvement and Reengineering (BPR)

  • What BPR is and why it’s important
  • How BPR builds on organizational mission
  • Critical success factors in implementing BPR
  • Don’t automate – obliterate
  • Workflow analysis and design

Improving finance function processes – basic functions

  • Common problems in ‘customer to cash; systems
  • Process improvements to ‘customer to cash’ systems
  • Common problems in Procure to Pay (P2P)
  • Process improvements to P2P systems
  • Process improvements to inventory systems

Improving finance function processes – implementing Fast Close

  • Standardization and centralization
  • Key areas of focus to achieve Fast Close
  • Typical problems and fixes
  • Refining and accelerating the reporting process

Improving finance function processes – strategic decision making

  • The shortcomings of traditional approaches to calculating profit
  • An activity based approach to understanding cost behavior
  • A strategic approach to pricing products and services
  • Calculating the profitability of customers, products and services
  • Strategic activity based decision making
  • Strategic cost reduction

Improving finance function processes – Performance Management Systems

  • Why 70% of organizations fail to achieve planned success
  • Using a Performance Management System to link strategy to operations
  • Understanding and using strategic themes and maps
  • Understanding and defining key financial objectives and their drivers
  • Mapping shareholder value improvement to organizational improvement areas
  • Practical tips on identifying key success factors (KSF’s)
  • Defining and building a balanced scorecard four your organization
  • Developing key performance indicators (KPI’s) and key results indicators (KRI’s)
  • Using Business Intelligence (BI) and Enterprise Resource Systems

Improving finance function processes – effective forecasting

  • Classifying and understanding risk
  • Identifying key risks and key business drivers
  • Identifying key cash flow drivers
  • Designing and using forecasts to manage risk
  • Designing and using forecasts to manage cash flow
  • Best practice in using Excel™ forecasts for effective decision making
  • Case study: using Excel™ to build a ‘what if’ key driver forecast

Improving finance function processes – the way forward

  • Transforming the finance function: back office to front line
  • The finance professional as strategic business partner
  • Why world class organizations are moving to shared services
  • Cross functional teams – how they can make a strategic difference
  • A decentralized approach to organizational management
  • Beyond Budgeting: Adaptive Management Processes
  • Improving budget and planning processes with rolling forecasts

Leading change in the Finance Function

  • The role of the visionary CFO
  • Mangers or leaders?
  • Sharing the vision for the future of the finance function
  • Understanding the importance of organizational culture
  • Analyzing the organizational culture – McKinsey 7S Framework
  • Challenges and approach to managing change
  • Kotter’s 8 Step approach to managing change
  • The importance of urgency
  • Getting the right people ‘on the bus’
  • Building and leading the winning finance team

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Process Excellence in Financial Services: Bringing Process Improvement to the Finance Function at ICTD International Centre for Training and Development

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