Transformation and Financial Challenges in Accelerating Transformation using Benchmarks

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1 September 26, 2013 Transformation and Financial Challenges in Accelerating Transformation using Benchmarks This presentation was developed and delivered by IBM Canada for Financial Management Institute Capital Chapter event Transformation and Financial Challenges in No part of this presentation may be circulated, quoted, or reproduced for distribution without prior written approval from IBM

2 Agenda Benchmarking Public Sector Financial Management to Private Sector Financial Management Adopting Leading Practices in the Government Transformation Case Studies & Lessons Learned 2 September 26, 2013

3 Speakers 3 Kim Butler, CGA, PMP Associate Partner, Strategy and Transformation, IBM Global Business Services Practice Lead, Shared Services & Finance Transformation, Public Sector Canada Over 25 years of experience in the public & private sectors 15 years of executive management consulting expertise Expertise in: Program and project management, shared services, Finance strategy and transformation, executive client management, and organizational transformation management September 26, 2013 Svina Dhaliwal, CMA, PMP Managing Consultant, Strategy and Transformation, IBM Global Business Services 12 years of experience in the public sector 8 years of consulting experience Expertise in: financial planning, budgeting, reporting, costing, finance Strategy, performance measurement, contract management, business case development, project management

4 Benchmarking Public Sector vs. Private Sector Benchmarking allows organizations to: Establish a baseline measure and compare with similar organizations Identify potential areas for improvement and best practices Assess appropriate targets and serve as a business case for change Where does the data come from for IBM s Benchmarking Program? Primary research, such as new global surveys conducted by IBM, combined with partner research Founded in APQC's Open Standards Benchmarking Data is continually being updated, validated and normalized Where did the leading practices come from? Primarily from IBM projects and research as well as publicly available sources Intellectual capital generated from the Open Standards Benchmarking Collaborative What type of metrics are used? Cost Metrics Efficiency (FTE-based) Metrics Cycle-time Metrics - Median midpoint value in the distribution; half of respondents perform below and half perform above. - Benchmark 80th percentile in the distribution; 80% of the respondents perform below and 20% perform above. What type of organizations are included in the Public vs. Private Sector benchmarking? Public Sector: includes all branches; Executive, Legislative, Support Orgs, etc. and all levels of government and public sector entities Private Sector: all industries 4 September 26, 2013

5 Execute Control Direct An illustrative Finance & Accounting Business Component Model will help guide our discussion today on four focus areas Funding Funding & & Corporate Corporate Finance Finance Budgeting Budgeting & & Forecasting Forecasting Accounting Operations / Transaction Processing Accounting Close and Consolidation External Financial Reporting Financial Management Controls Framework Revenue (budget) Revenue & Funding Funding Policies Budget and Forecast Budget and Forecast Policy Policy Financial Policies (Including Asset) Accounting Policies External Reporting Statutory Policy Financial Risk Framework Revenue (budget) Revenue && Funding Guidelines Funding Guidelines Budget Guidelines Budget Guidelines Strategic Planning & Strategic Planning & Target Target Setting Setting Operational Operational Planning Planning Financial Guidelines (Including Asset) Financial Procedures & Business Rules Accounting Guidelines Close Coordination and Scheduling External Reporting Non Statutory Policy External Reporting Guidelines Financial Disclosure Requirements Financial Management Control Framework Financial Risk Identification and Ownership Capital Planning Funding Allocations Funding Allocations Budget Policy Budget Monitoring Policy Monitoring Monitor Authority and Limits Delegation Journal Entry Review & Approval Financial Reconciliation Reporting Compliance Monitoring Financial Risk Monitoring Source of Funds Source of Funds TB Submissions TB Submissions Management Budget Plan Approval Forecast Analysis Analysis && Monitoring Account Reconciliation Finance Policy Monitoring (Including Asset) Adjusting Entry Review & Approval Detective Self-Audit Financial Statements Approval Financial Controls & Compliance Monitoring Fraud Management Cash Management Cash Management Input to Main Estimates, RPP & DPR Revenue (budget) Revenue & & Funds Funds Processing Processing TB Submissions Revenue (budget) Revenue & & Funds Funds Requests Requests Input to ARLU Input to ARLU Input to Input to Estimates Supplementary Estimates CPP and EI Recoveries Budget Budget to Actual to Actual Variance Analysis Variance Analysis Budget Development Forecast Preparation Accounts Payable Processing Travel and Expense Processing Loans & Accounts Receivable Processing Journal Voucher Processing Interdepartmental Settlement Processing Acquisition Card Payment Processing Asset Accounting Asset Reconciliation Tracking & Mgmt Credit and Collections Pre-close Execution Close & Consolidation Financial Statements Preparation Regulatory Reporting & Public Accounts Production Regulatory Inquiries Handling Audit Support Financial Risk Scoring and Evaluation Financial Risk Reporting Financial Controls & Compliance Reporting Establish Financial Controls & Authorities 5

6 Cycle- Time Efficiency Cost Benchmarking Public Sector Financial Management to Private Sector Financial Management - Accounts Payable Processing Accounts Payable Processing Metrics Processing payments of operating expenses and other direct or indirect vendor charges. Total cost of the process "process accounts payable" per one thousand Canadian Dollar revenue / budget for Government. Personnel cost (including benefits) of the process "process accounts payable" per one thousand Canadian Dollar revenue / budget for Government. Systems cost of the process "process accounts payable" per one hundred thousand Canadian Dollar revenue / budget for Government. Number of FTEs for the process "process accounts payable" per one billion Canadian Dollar revenue / budget for Government. Median Benchmark Gov t BM vs. Gov t Gov t Private Private BM $1.19 $0.74 $ % $0.62 $0.48 $ % $10.69 $7.27 $ % % Number of invoices processed per "process accounts payable" FTE. 5,194 11,281 18,219-38% Number of invoice line items processed per "process accounts payable" FTE. 13,279 47,500 72,833-35% Number of disbursements per "process accounts payable" FTE. 3,666 6,018 7,857-23% Cycle time in days from receipt of invoice until approved and scheduled for payment % 6 Notes: Total cost includes personnel, systems, overhead, outsourced and other costs for the process. Typically, a lower cost is considered better, all other variables (quality, productivity, cycle time, efficiency) being equal. The median represents the midpoint value in the distribution. This is the level at which half of respondents perform below and September 26, 2013 Not for Distribution half perform above.

7 Adopting Leading Practices in the Government Accounts Payable Processing High usage of Purchase orders for both goods and services (>80%) Process small differences without escalation for resolution. Sampling is used to detect irregularities. Use digital imaging technology for document processing and storage. Receive invoices electronically from suppliers Automate invoice routing through workflow automation. Integrate the accounts payable system with the procurement system to achieve automated electronic matching (invoice / PO / Receipt documentation) Fully integrated purchasing, payables, inventory management and General Ledger systems Segregation of duties between supplier set up, invoice processing and payment processing Effective and continuous reduction in invoice volumes through use of procurement cards, invoice consolidation, etc. Require vendors to consolidate invoices as much as possible Where vendors will not consolidate invoices, consolidate payment of multiple invoices into a single payment Capability to remit funds and remittance advices electronically and/or via the web, as payment options such as e- cash and web-based funds transfer emerge Provide on demand access to financial information internally through self service capabilities and to suppliers Centralized A/P organization. Shared services centre for transaction processing in a multi-location, multi-division organization Standardize A/P systems, policies and procedures. 7 September 26, 2013

8 Cycle- Time Efficiency Cost Benchmarking Public Sector Financial Management to Private Sector Financial Management - Travel & Expense Processing Travel and Expense Processing Processing advancements and reimbursements for employee travel and expenses on the organization s behalf. Metrics Total cost of the process "process expense reimbursements" per one thousand Canadian Dollar revenue / budget for Government. Personnel cost (including benefits) of the process "process expense reimbursements" per one thousand Canadian Dollar revenue / budget for Government. Systems cost of the process "process expense reimbursements" per one hundred thousand Canadian Dollar revenue / budget for Government. Number of FTEs for the process "process expense reimbursements" per one billion Canadian Dollar revenue / budget for Government. Median Benchmark Gov t BM vs. Gov t Gov t Private Private BM $0.24 $0.12 $ % $0.08 $0.05 $ % $1.58 $0.54 $ % % Number of T&E disbursements per "process expense reimbursements" FTE. 3,478 13,516 11, % Cycle time in days to approve and schedule T&E reimbursements % 8 Notes: Total cost includes personnel, systems, overhead, outsourced and other costs for the process. Typically, a lower cost is considered better, all other variables (quality, productivity, cycle time, efficiency) being equal. The median represents the midpoint value in the distribution. This is the level at which half of respondents perform below and September half perform 26, 2013 above. Not for Distribution

9 Adopting Leading Practices in the Government Travel & Expense Processing Reimburse T&E expenses through direct deposit (through payroll system) Maximize use of common corporate credit card. Use common, consolidated expense management software across the organization Reimburse expenses with receipts valued above risk threshold, and without receipt below risk threshold (i.e. $75) Do not provide travel advances Track travel and expenses to the level of detail required for control and risk thresholds (i.e. air fare, meals, parking, taxi, etc.) Use digital receipt imaging. Where the company is to pay the cost of travel directly, e.g. for a conference block booking, purchase orders are raised through the procurement process. Maximize automated data population for expense claim creation. Process claims in centralized processing or shared services centers Provide on demand access to policy and expense-tracking information Train all employees on the expense reimbursement process, policies and system. Employees should book all travel through the authorized travel agent, who ensures that the booking is with preferred suppliers and in line with policy. Implement policies/systems to process expense reports electronically Maintain a clear, simple expenses policy with appropriate tolerances and levels of authorization. Employee details maintained by Human Resources, but payment details held and maintained by AP to process payment 9 September 26, 2013

10 Cycle-Time Efficiency Cost Benchmarking Public Sector Financial Management to Private Sector Financial Management - Loans & Accounts Receivable Processing Loans & Accounts Receivable Processing Processing loans and accounts receivable transactions including payments, defaults, interest expense to ensure that balances reflect the actual amounts owing. Median Benchmark Gov t BM vs. Metrics Gov t Gov t Private Private BM Total cost of the process "process accounts receivable" per customer receipt. $ $9.95 $ % Total cost of the process "process accounts receivable" per invoice processed. $86.32 $11.48 $ % Total cost of the process "invoice customer" per invoice processed. $ $77.03 $ % Total cost of the process "invoice customer" per invoice line item processed. $84.21 $18.83 $ % Number of invoices processed per "invoice customer" FTE. 6,229 40, ,941-61% Average days sales outstanding (measures timeliness between sale of goods or services, and receipt of payment) % Cycle time in days from transmission of invoice to receipt of payment % 10 Notes: Total cost includes personnel, systems, overhead, outsourced and other costs for the process. Typically, a lower cost is considered better, all other variables (quality, productivity, cycle time, efficiency) being equal. The median represents the midpoint value in the distribution. This is the level at which half of respondents perform below and September half perform 26, 2013 above. Not for Distribution

11 Adopting Leading Practices in the Government Loans & Accounts Receivable Processing Regular forecast of cash receipts available for treasury purposes Employ cycle billing to reduce periodic surges in billing levels Take advantage of automated links between systems to reduce process cycle time Integrate system with billing, collection, AP and GL. Electronic invoicing & collection automated according to credit terms Automated tools to assist in: overdue balance follow-up, exception invoices, etc. Net out payables and receivables and only pay/collect the difference between them Color-code remittance courtesy reply envelopes for accelerated processing. Easily accessible summaries of debtor days, daily collection, aging Automatic flagging and reporting of high risk accounts Aged debit balances should be reviewed by management on a regular basis and explanations sought as to why debts have failed to be recovered. Use of workflow software to monitor process and help resolve queries Image processing to facilitate online query handing Online customer interface allowing suppliers/customers to update and amend set fields such as contact delivery details and view a breakdown of their outstanding account details one single interface for customers. Shared services centre for transaction processing - Cross-functional teams for customer support, order entry and dispute resolution Clearly defined and communicated AR guidelines Materiality limits for automatic write-off tolerances Focus on error reduction activities 11

12 Cycle-Time Efficiency Benchmarking Public Sector Financial Management to Private Sector Financial Management - Close & Consolidation Processing Close & Consolidation Metrics Reviewing preliminary trial balance and adjustments and performing final review of P&L and balance sheet. Combining two or more entities for reporting purposes. This includes the elimination of inter-company transactions between consolidated entities. Median Benchmark Gov t BM vs. Gov t Gov t Private Private BM Number of journal entry line items per "perform general accounting" FTE. 40,385 77, ,618-49% Percentage of journal entry line items that are corrective/adjusting. 3.00% 1.55% 0.66% +135% Cycle time in days to perform monthly close at the business entity level % Cycle time in days to produce period end management reports % 12 Notes: Total cost includes personnel, systems, overhead, outsourced and other costs for the process. Typically, a lower cost is considered better, all other variables (quality, productivity, cycle time, efficiency) being equal. The median represents the midpoint value in the distribution. This is the level at which half of respondents perform below and half perform above. September 26, 2013

13 Adopting Leading Practices in the Government Close & Consolidation Processing Simplify and standardize the chart of accounts Standardizing and streamlining an organization's charts of account can dramatically improve the speed of the close process. By establishing a focused and consistent set of accounts across business sites, an organization can effectively measure business performance in accordance with strategic objectives, as well as reduce consolidation time during the close process. Automate the financial close The generation of consolidated reporting from a data warehouse is an automated process, driven by preset consolidation rules. At the point of transfer for consolidation purposes, information is automatically checked for errors of omission and for incorrect periods. The ability exists for consolidations to drill down to the original records in any entity. For all consolidation items, transactions are recorded in the same account name and code in each legal entity's general ledger to facilitate and simplify the consolidation process Simplify departmental relationships as far as possible for consolidation purposes Journal entries kept centrally at their source 13 September 26, 2013

14 TRANSFORMATION CASE STUDIES & LESSONS LEARNED 14 September 26, 2013 Not for Distribution

15 Case Study: Province of Nova Scotia Background Province of Nova Scotia entered into a 10 year contract with IBM for SAP Application Managed Services with an annual commitment for SAP Capital Transformational Project work SAP Managed Services Scope includes Level 1 Service Desk, Break Fix, Technical System Maintenance, System Monitoring, Minor Enhancements, Standard Operational Changes Business need Implement Common business processes to better facilitate management of all business/operational functions and decision making across the Gov Departments & Entities Consolidate SAP instances across Functions and Departments Leverage the IBM Managed Services Transition as the lever to consolidate remaining SAP Support teams into one Shared Services operated by IBM with one Government retained organization to support multiple broader Province of Nova Scotia Public Sector Clients and Environments Economic Development to keep and build new jobs in Nova Scotia to help provide a long term facility to grow talent to service their needs and other clients across North America and Globally Outcomes Solution approach Solution consisted of three components: Year SAP AMS + Projects, cost neutral to PNS fixed over the term Including IBM to offer comparable job offers with sign on bonus to all impacted staff (unionized and non unionized) 2. Development of an IBM Services Centre to grow a pool of talented resources (500 over 6 years) to support the Province of Nova Scotia s business and technology needs as well as other clients across North America and Globally 3. Partnership with 7 Post Secondary Institutions to develop curriculum, and provide Analytics software to support the development of skill graduates for local IBM jobs Initial scope for consolidation and transition of the SAP Support Centre as one Shared Services to support the Province of Nova Scotia, Department of Health, Nova Scotia Municipalities, Nova Scotia School Board, Nova Scotia Liquor corp, etc With the long term cost stability of their operating budget, PNS is now working with IBM on transformational initiatives through Projects to help drive further business and cost benefit for the Province of Nova Scotia Province has achieved one Shared Service and COE for SAP Service Management and have saved significant money to date consolidating one support organization Province of Nova Scotia, through efficiencies in the contract and IBM s delivery to date, is actually spending less than their initial budget and currently are using these savings to help fund transformational initiatives

16 Case Study: Government of Alberta Background Government wide initiative incorporating 24 ministries, to reduce expenditures while maintaining public services unchanged Lack of integration among existing applications made data consolidation and reporting difficult, resulting in significant manual manipulation of outputs Employs more than 35,000 many of which were directly impacted by transforming human resource application delivery Business need Primary objective was to increase availability and quality of information to support decision making in a timely and cost effective manner Solution approach Implementation of PeopleSoft HR including access to employee information via an on-line 24/7 self-service portal Manage operations of hardware infrastructure and provide application management services Upgrade PeopleSoft HR to Version 9.0 incorporating biweekly payroll and self service time reporting Outcomes Aligned to Government of Alberta strategic initiatives relating to creation of Shared Services and cost savings Completed upgrade/transformation in less than 18 months Significantly increased ability for most employees to have self-service access to their own employee information Received high levels of performance and standards against service level agreements including the award of a Gold medal for Government transformation excellence. Lessons Learned 1.Service Provider SLA s demonstrate better results when defined as outcome-based rather than flowing down the same SLA s that the Shared Services organization provides to their clients. 2.Greater focus should be on organizational change management 3.Strong commitment from senior executives within the Government imperative to drive transformation 16 September 26, 2013 Not for Distribution

17 Case Study: IBM s Finance Transformation 17

18 Case Study: IBM Finance Transformation Setting the stage for IBM s Finance Transformation Why? IBM Finance was highly decentralized a maze of systems 14K finance employees was 2 times competition High percent of time spent on administrative tasks Lack of integration and unique measurement systems led to inconsistent data Finance viewed as low value add What we did? Single source of truth one ledger; one financial data warehouse; common definitions Introduced global processes owners responsible for technology and data quality Created Centers of Excellence providing financial skills and standardized support IBM Financial systems built on commonality in support of an integrated management system Common worldwide planning system Single worldwide consolidation system Accounts Payable Financial information strategy Business Mgmt. Info Acctg Consol Fin'l Planning Corporate Whse Ledger Employee Disbursements Assets Treasury Mgmt. Info Geo Whse Intercompany Accounts Receivable Common data definitions and processes Corporate data standards-financial elements Single worldwide chart of accounts Finance lead client Single worldwide financial information warehouse (FIW) Common geographic megacenters Common information Common ledger Common transaction applications Common data definitions Centralized Finance Unresponsive No BU ownership No BU control Scale economies Control of standards Critical mass of skills Transactions IBM's Finance Model Vision and leadership Corporate-wide strategy & architecture Units control priorities BU's have ownership Responsive Decision Support Common Standards Synergy Decentralized Finance Excessive cost No standards Reinvention of wheel No synergy or integration 18 September 26, 2013

19 Case Study: IBM Finance Transformation The results of transformation on the Finance Function How we have evolved Focused on the basics ( 94 98) Standard / Common Process Automation Functional Best Practices Financial Reporting Integrated the Enterprise ( 98 02) Shared Services Web Enablement Core Competency Decision Support Moved to globalization ( 02 present) Process Outsourcing /Global COEs Technology Exploitation Rationalized ERP Information On Demand Impact Optimized global capability Increased use of global support from 12% in 05 to 50% in 12 Shift to higher value work Increased decision support work from 30% in 94 to 70% in 12 Lowered expenses Lowered expense to revenue share from 3% in 94 to 1% in 12 Focused on employee development New career paths inside and outside of Finance organization 19 September 26, 2013

20 Case Study: IBM Finance Transformation Competitive Advantage Strategic Insight IBM s Finance Transformation continues to evolve What s next? Becoming a Value Integrator Predictive and forward-looking insights Performance optimization Automated production of key metrics Analytics to enable self service Business analysis and interpersonal skills to communicate, convince and influence How will we get there? Build technologies and tools to support business analytics Embed predictive capabilities into operational systems and processes Invest in analytical and consultative skills development of employees helping them become trusted business advisors 20 Value Analysis Why is this happening? Report How many, how often, where? Gather Data What happened? Administrative Trusted Advisor What s the best that can happen? Predictive What will happen next? Competence / Skill Level Quantitative Analytical Statistical Techniques Data Modeling Trend Analysis Core Pulling Reports Reconciling Data Performing Ledger entries Forecasting Project Management Financial Partnership Concepts Accounting Principles Invoicing Skills Change Management Consultative Influencing Risk Management Insight Generation Scenario Persuasive Communication analysis Leadership Negotiating Packaging & Presenting Business Ethics Business Acumen Problem Solving Building Trust Listening Qualitative

21 Spending Transformation to date has shown steady saving from efficiency improvement, with future saving from value-driven efficiencies IBM Transformations to Date Benefits Realization WW Process Ownership Primary focus on Efficiency Value-driven Efficiency and Volume focus Common data Common ledger Common systems Centralization Shared Services Savings * 2006* 2007* 2008* 2009* Est *Note: Prior years re-stated for mission transfers 2013 Est 2014 Est 2015 Est 21 September 26, 2013

22 Through these case studies and others alike, key Lessons Learned have emerged on Finance Transformation Rumors and myths will develop - Be sure to communicate clearly and often Implementation can be step wise, but early scope must be wide enough to deliver clear value Delivering hard cost savings often means significant workforce impacts The benefits are significant and are achievable It takes more time and is more difficult to implement Go faster than you think you will be able Finance transformation is an effective road to cultural change Sustained leadership trumps good project management Neglect the people issues at your peril Get governance right, but don t hesitate to evolve governance as finance transformation matures Political commitment comes with strategic alignment Working horizontally does not come naturally in government foster trust and collaboration 22 September 26, 2013

23 Maturity Transformation Journey through Stages of Maturity Transformation Journey High Gain insights through incorporating risk into performance management and centers of competency Providing and owning the single source of the truth Med Drive efficiency and effectiveness through common systems and scale economies Low Integrate Finance through standards, enabled by global process ownership Timeline 23 Source: IBM Global Business Finance Services Operating Model Optimization February 2009

24 Transformation is achieved through rigorous and thoughtful attention to the core building blocks The Journey to an Integrated Organization Utilize risk as an economic evaluation tool Providing and owning the single source of the truth High Medium Low Strictly adhere to global process ownership enterprise-wide Implement a standard chart of accounts / standard information architecture enterprise-wide Use standardized common processes enterprise-wide Strictly adhere to common data definitions enterprisewide Mandate and enforce global standards for all business units Fully embed access / process controls in risk systems Reduce the number of ERP instances Establish Centers of Excellence for Core and Specialized Services Use shared services for transactional activities Reduce the number of Finance applications & black book tools Conduct formalized risk identification that is institutionalized within the organization s responsibilities Use outsourcing (for noncore activities) Use centers of excellence for decision support Formally incorporate risk indicators into performance monitoring Use historical comparison of key risk and performance indicators Conduct routine management monitoring & reporting that includes risk factors Legend - Actions Establish global standards Simplify Use predictive analytics / modeling for measuring and monitoring risk Use risk adjusted forecast and plan Converge performance and risk management Through the use of headlights (forward leaning insights) versus tail lights (historical) Through greater efficiency and effectiveness Through considerable manual effort Timeline << Clie 24

25 Successful Transformations are a Journey with Common Key Elements Transformation has been, and is, an Evolutionary process Transformation requires Standardizing Data and Systems Reengineering Common Global Processes Consolidating Core Functions into Shared Services Globalizing / Nationalizing Centers of Excellence Strong executive support Clear Vision, targets and measurable objectives Continuous effort need to dedicate resources to get results To look at Data, Processes and Tools and balance across all three with a focus on the cost of delivery Implementing and Promoting Self- Service Communicate, communicate, communicate Exploiting Business Analytics 25 September 26, 2013

26 Thank You 26 September 26, 2013

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