7 Key Attributes to Make Your Shared Service Center or Global Business Services Stand out
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1 May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida 7 Key Attributes to Make Your Shared Service Center or Global Business Services Stand out Judy Bicking May 2017
2 About Your Presenter May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida Judy Bicking is a 27 year veteran of Johnson & Johnson. Her career has been focused on Procure-2-Pay, Order-2-Cash, and developing Shared Service Centers in the U.S. and Europe; earning high recognition for process improvement and major cost savings. She led the first department to earn IOFM AP Departmental Certification designation. Today she is a Public Speaker, does consulting in P2P and O2C and participated as co-founder and played a major role in writing and conducting certification training in these fields. She also owns and operates a retail department store along with her passion in doing mission work at home and abroad.
3 May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida 7 Attributes 1. Understand your C-suites views 2. Re-write YOUR Job Description 3. Build Your Business Case / Brand 4. Building Business Partners 5. Prove Your Value 6. Continuous Improvement 7. Marketing
4 #1. Understand the C-Suites View CFO Conference 2017 Thinking: Most process are a back-office process Focus hasn t changed: Reduce cost ~ ~ Reduce headcount How: Leverage headcount and systems Added: Compliance Fraud
5 A Little History Office work: Can t change that Can t treat office work like a production line Process not written down Centralizing Under one roof Reduced real estate and utilities As Is process
6 Shared Service Centers Late 80s: Re-engineered the process to: Leverages the resources Reduces Cost People (numbers) / Location Systems Ensure Compliance (fines / penalties) Process Improvement (Paperless) US organizing SSC s Ireland Mexico to India Focus: Cost reduction
7 Ford changed the perception of office work in the U.S. 1987: Ford launches ERS in the US 1970 s Mazda & Japan: launches ERS (Evaluated Receipt Settlement) Ford reported $5.00 per car savings in A/P with ERS $25 Million Dollars Annually
8 Today and the Future TODAY: Business Partners to the C-suite End-to-end process Eliminate Paper Eliminate Errors TAKE Ownership: Improve process Positive impact to the business Cash Management: business decisions Protect the cash Fraud control Data Integrity Internal Controls Compliance Cycle Time
9 It s a Journey Cost Reduction then it s about The data to show the way Breaking traditions Breaking down walls: Change Management Letting go Trusting those who perform the work Learning and benchmarking
10 Shared Service Path What Services? Accounts Payable *** - Payroll General Ledger - Benefits Travel Expenses - Asset Management Payroll - Safety Procurement - Customer Service Accounts Receivable - Technology Credit Management ***Most start with AP
11 #2 Re-write YOUR Job Description Ownership: Become the CEO of the process What is the purpose of any company? To make a profit What is the scope? your process? Or End-to-End [O2C / P2P/ R2R ~~~~ T@R] What is the mission? It s not to be the best transaction processor What is the vision? Status Quo? Best-in-class? World-class? What structure? Building Policy to achieve
12 Mission: from one Fortune 50 Company: Which delivers compliant financial services to B.U. Will enable the SSC to successfully implement standardization and best practices Will create an environment where employees are motivated and inspired to achieve both the business objectives and their personal development goals Through continuous improvement, we want to be recognized as a respected business partner that creates value for the organization
13 #3 Build Your Business Case / Brand What value do you bring? How can you make a profit? How to change the perception of your department? The NOISE Who is your customer? Who is your competition? Where will you locate your business? At Corporate? On-shore? Near shore? Off shore? Who will do the work? Employees? Outsourcers? Both?
14 Branding: What is your REAL value
15 What is your perspective? May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida What is your customers perspective?
16 Change YOUR Perspective Best transaction processor Cost effective and efficient Compliant and Preventing Fraud Bottom Line Savings Change Your Customer s Perspective Listen Internal & External Invest in Staff: training and skills Systems
17 Questions to consider: Where are you? Where do you want to be How do you get there Where to get answers? Conferences Benchmarking Websites How: Research May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida
18 #4 Building Business Partners Scope the end-to-end process Cohesive vs Conflicting Shot gun wedding Support: C-Suite Staff Those effected by the process Suppliers / Customers
19 Improve the center: #5 Prove Your Value One process at a time or One process per function Live by Metrics Compare against competition and outsourcers Keep Baseline to always reflect starting point Expand next process What other functions could benefit from a SSC / GBS environment
20 #6 Continuous Improvement You are never done If it s not broke, don t fix it: biometric payments New technology: self service New ideas that have been proven Empower cross functional teams who will: Design new concepts, idea s (may not be proven) LET GO!!! Release your control Gain / Earn Trust
21 This is not easy Creativity Innovation Willing to test the impossible Challenge the status quo
22 What is 28 7 Did you say 4? The right answer is 13! 13 X7 7x3 = 21 7x1= = 28 Addition checks multiplication
23 Toot your own horn Use metrics to back up claims Do you charge-back for services Holiday Inn vs. Ritz Carlton Change Management #7 Marketing WIIFT Cost Analysis: e-doc vs paper process Charge back OR vs.
24 AP Business Case AP tasks are mundane and repetitious AP has no control over the process They rekey, audit and expedite Are responsible for: Laws Regulations Paying the invoice on-time
25 Know your data! Accounts Payable Example: QUESTIONS: 1.When does the clock start? 2.Can the goal be 100%? 2 nd year goal 3 rd year goal
26 SSC VISION Disney: Accounts Payable will provide timely and accurate payments carried out by highly trained professionals who conduct themselves with a caring attitude and a pleasant disposition NEW MISSION: by: Judy Bicking To build a cohesive relationship with procurement and suppliers to develop a compliant purchasing strategy for goods and services to meet the needs of the organization while making a positive impact to the bottom-line, protecting the cash, supporting the cash management strategy and delivering timely, accurate data to the financial statements.
27 AP Business Partner Business Partner to C-suite Cash Management Financial Statements accurate and timely Budget Control Closing: automagically! Discounts Take all discounts when interest rates are low Do cost of cash calculations when interest rates are high A 2% early payment discount is equivalent to: 36% annual interest rate! Spend Management: The Gold ~ next slide Recovery Audits Recover dollars How to prevent
28 Spend Management PO vs. Non PO Buy what they want No preapproval When they want Top dollar No dating / discounts Last minute Overnight charges After math: Suppliers not paid Debt not recorded Overall frustration with AP AP is Actual Spend Total spend Over Spent Budgets, Managing the Debt and Compliance Issues (OFAC)
29 How to Attain Funding Negotiate using cost savings to fund: Document Management New or Upgrade ERP Which will continue to save $$$ Use savings from: Discounts taken Pcard Rebates Spend Management
30 Best Practices: Choose carefully what you fund 1st Best Practices that takes collaboration ERS / POR Pcard EDI Best Practice AP can control: Upfront Imaging & Workflow Convert Paper to an e-image Auto-match Reduce cycle time with escalation AP Portal: Self Service 24/7 You can t fight City Hall
31 Document Management Upfront workflow: build in compliance Invoice must be received by AP Invoice must contain valid PO# Rules and Tables built from P&P On-line approvals payroll Legal & Taxing Reg s: Local, State & Federal Eliminate Fines, Penalties, Interest Charges - OFAC: Vendor Master - Sales & Use / VAT - Dead Beat Reporting - Minority Spend - Unclaimed Property - Board Members / Industry specific
32 Best AP Best Practice May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida Automating processes such as e-invoicing with automated workflow allows organizations to enhances cash management capabilities: Increases visibility into Spend: Appropriate Spend Policy can be set Accurate cash forecasts Make strategic payments (discounts)
33 Paper vs. Image: Other Best Practices: Eliminate Bottlenecks: #1 Receiving the invoice (40%) #2 Missing Receipt Negative or Assumed Receipt Notice Benefits: Closing C+6 becomes a non-event Financial Statement accuracy Discount Management
34 Develop the staff: Don t reduce all headcount Keep positive, motivated staff to implement and support: Spend Management Discount Management & Education Promote Change Management Hire innovators (not keyboarders) who can review data and make recommended process changes
35 Accounts Payable Example: May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida QUESTIONS: 1.When does the clock start? 2.Can the goal be 100%? 2 nd year goal 3 rd year goal
36 Discounts: May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida Take all discounts when interest rates are low. Do cost of cash calculations when interest rates are high. A 2% early payment discount is equivalent to 36% annual interest rate!
37 Conclusion May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida SSC s brings the necessary volume to achieve: Cost reductions, Leverage resources Ensure compliance Can make the organization more profitable Best Practice: Document Management which can be leveraged for all functions!
38 May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida Process Improvement: Paperless The Gartner Group: estimates that a 5% reduction in operating costs has the same impact as a 30% increase in sales.
39 Key: Study the end-to-end Process May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida Must Question every stage of the process
40 May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida IMPOSSIBLE Just change your perspective Which will change their perspective Manage SSC as an independent business Take charge of your career Motivate staff with job satisfaction Elevate the status of your department
41 May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida Stages: Where are you? Stage s: Reduce cost = Headcount Reduction - Leverage resources & systems by accumulating volume - Ensure Compliance (fines/penalties) High Level Stage 2. Process Improvement (paperless) - Reduce headcount w/bp (Imaging) - Deeper dive on compliance - Recover Audits Stage 3. Today: Positive impact to bottom-line - Aggressive End-to-End - Controller involvement of In/Out Flow of Cash process - Change in C-Suite Ownership - E-filing Stage 4. Future: under construction Future
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