In collaboration with the Finance team and other key stakeholders
Reduced costs by 25% & Time spent on processes by 88%!
Ministry Of Defence
Challenges and requirements
The client’s reporting and the planning, budgeting and forecasting (PBF) processes were inconsistent, not documented and not clearly communicated across the Team.
The Team was constantly “fire-fighting” to produce management information and complete their regular reporting requirements, with extensive delays in producing the reports and budgeting and forecasting information.
There was ongoing manual manipulation of data and formatting per reporting cycle, leading to errors, poor quality reports and an unhealthy pressurised environment for the Team to operate within. The inaccurate information reduced confidence in the information. So, senior management teams and the Board were unable and reluctant to rely on what was eventually being presented to them.
The Team was stressed, extremely busy and demotivated due to their poor processes, sub-optimal performance and damaged reputation.
Our approach
The Finance team were at their emotionally lowest point. We had to be considerate and empathetic to implementing changes at such a challenging time. We promoted a complete overhaul of processes and behaviours, in a considered manner with the team’s input throughout.
Define and document
scope
scope
Capture current issues and prioritise
Design target state process to resolve top priority issues
Agree detailed roles and responsibilities for new processes
Complete skills audit and training needs analysis for target state
Design and deliver individual training plans
Client Testimonial
“I worked with Medhya on a complex finance transformation project on a large international defence programme. Medhya led on improving our ways of working across functions to deliver better cost management and improved forecasting. The enthusiasm and energy that Medhya brought ensured the whole team came along on the change programme, delivering more sustainable standardised processes and timetables, and improving quality and compliance. The project culminated with a couple of away days to showcase and embed the new processes. Medhya organised the content for the away days and used her networking to arrange for the Permanent Undersecretary of State for Defence at the time to attend as the guest speaker to motivate the team and raise the profile of their achievements within the MOD.
I would love to work with Medhya again.”
Benefits
Reduced the time taken to complete the reporting process by 88% (from six weeks to five days)
Additional cost savings of approximately 25% (3 FTEs)
The reports are now downloaded directly from the Finance system without manual intervention to correct errors
A marked improvement in the Finance team’s credibility and reputation in the first two months following the process improvement