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Finance transformation turns mission impossible into immediate savings

Read how a Third Horizon restructure gave an air services provider a clear strategic direction and made the sky the limit for new opportunities and efficiencies...

Background
Management at a major utilities business had set the agenda for the Finance division to focus on value-add activities – but internal issues including inconsistent systems, duplication of functions and limited automation made achieving it impossible.

Our Role
Third Horizon was engaged to work across Finance’s business groups to identify major improvement opportunities, quantify associated costs and benefits and develop a structured implementation plan.

Initially, we assessed the efficiency and effectiveness of the practices within the functions through detailed analysis, stakeholder surveys and development of cost and FTE maps. This enabled us to identify potential improvement opportunities - and confirm them against industry benchmarks.

The improvement opportunities were scoped and validated with the executive team before being prioritised into tangible improvement initiatives, and associated business cases completed.

Results
Our work delivered significant benefits - driving process excellence, strengthening the organisational model, enhancing capability and building organisational culture.

Our diagnostics identified three key improvement initiatives that could be implemented immediately - and that would save more than 15 per cent of operating costs - by reducing transactional costs, streamlining reporting systems and consolidating the Finance structure.

Additional information