Standing up a new finance organization
($4 Billion Division of a Global Biopharmaceutical Company)
- A global Pharmaceutical Company (Former Parent) had spun off one of its businesses creating an $18 Billion Biopharmaceutical Company (New Company).
- The Former Parent had agreed to provide support services (e.g., HR, Finance, IT, etc.) to offset the limited infrastructure of the New Company post-spinoff.
- As the Former Parent was committed to providing only temporary support, the New Company had to create its organization swiftly.
- Our mandate was to stand up a finance organization for a $4 billion International Division including 30 countries.
- Developed a new business operating model by which some activities remained local and the rest were transferred to a Shared Service Center (SSC) and an Outsourcer’s Site.
- Documented activities and procedures.
- Outsourced tax compliance.
- Stood up a Shared Service Center in Costa Rica.
- Planned and executed transition of work from 30 countries to a Shared Service Center and an Outsourcer’s Site.
- Streamlined processes for all countries in scope.
- Shortened Accounting Closing from 6 to 2 days.
- Stood up the new Finance Organization within a 12-month timeframe.
- Project executed with minimal disruption to the business.
- Reduced the cost of the finance organization by 20% via efficiency gains and labor arbitrage.
- Freed up time to Country Management so that they could devote more time to grow the top and bottom line.
- Ended support from the Former Parent ahead of time allowing seven-digit figure savings.