Does your organisation need to achieve a step change in profitability?
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- George Terry
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1 Does your organisation need to achieve a step change in profitability? How EY s Rapid Profit Transformation service can help reduce your cost base and improve cash conversion
2 Companies are facing mounting pressures in an increasingly challenging market to deliver better value for money and meet stakeholder expectations. Despite many macroeconomic indicators remaining relatively robust, EY s 2016 Australasian Capital Confidence Barometer suggests that the previously bullish outlook for global and local economies has largely dissipated with a view that low growth will be the norm for years to come. Only 7% believe even modest improvement is likely with 41% of executives expecting conditions to decline. It is no surprise that protecting the core business and driving greater value from existing operation and capital has increasingly been on top of the agenda in boardrooms, with the majority of businesses projecting that they will be busy in FY17 and FY18 on projects aimed at cost and cash optimisation. When organisations seek to improve operations, become more efficient and achieve new business strategies on aggressive timetables, they call on leaders to set direction, decide between conflicting mandates and win over sceptics to deliver more transformational value with speed. These undertakings are time consuming, complex, costly, and carry a fair amount of business and reputation risk. EY s Rapid Profit Transformation (RPT) offering provides a broad framework and set of tools to approach this agenda. According to an EY study, more than two thirds of profit transformation programs fail to deliver the anticipated benefits as results frequently do not flow to the bottom-line and costs creep back into the business, which negates the point of this exhaustive and costly process. Rapid Profit Transformation with EY means sustainable and enduring transformation for the long term. of companies fail 72% 25% to deliver the anticipated benefits Only 25% of employees understand WHY Lack of focus and clarity Not fully understanding the problem and its root cause, not aggressively targeting the right mix of levers and not stretching conventional thinking. What are some of the common reasons? Lack of decision making Allowing political dynamics to determine the decision, making decisions on faulty or incomplete data, right communication and project cadence not in place. Savings do not hit the bottom line Baseline not well understood and benefits not tied to profit & loss, savings estimates are not established and budgeted. Lack of speed Underestimating time, project complexity and/or stakeholder buy-in with benefits to business not made visible early on. Lack of urgency and mindset Desire to grow out of the problem, misalignment and mindset barriers amongst leadership, not emotionally engaging your people. Lack of adequate skills and capabilities Inappropriate skills, resources and processes in place, failing to address employee skill and capability gaps. 23
3 EY s systemised Rapid Profit Transformation approach can help your business unlock value and deliver a more flexible and lower cost base. Our dedicated global teams blend unique technical and industry experiences underpinned by leading edge tools. We work alongside our clients help create a step change in profitability. Examples of the value and impact rapid profit transformation has had on some of our clients Our teams recently worked alongside three clients to identify and deliver $1bn+ in cost savings and cash optimisation opportunities. Identified 15% cost savings to be delivered in 12 months Identified 10% in cost savings and $50m+ in working capital Identified and delivered 20% cost out within nine months Australian-based services client with operations in 20 countries was facing significant margin pressure due to the current low growth economic environment and was looking to step change its cost base. Joint client and EY teams rapidly analysed all cost pools and identified and delivered 15% in overheads, operational productivity, operating model simplification and procurement opportunities. Leading Australian consumer products client has launched a business transformation program with the key objective of enabling the group to deliver on its strategic priorities and significantly reduce it s cost base. Joint client and EY teams identified end-to-end business process simplifications opportunities aimed at driving 10% efficiencies and cost reduction outcomes as well as delivering $50m of sustainable working capital improvements. Leading Australasian engineering and infrastructure management services company was under margin pressure primarily driven by exposure to resources market. EY helped set up and manage a $500m+ rapid cost out transformation program. Joint team identified and delivered 30% in overhead labour savings and 10% in third party spent savings within nine month of program commencement. Principles underpinning EY s Rapid Profit Transformation methodology EY s global Rapid Profit Transformation methodology is centred on a number of principles and behaviours that help our clients realise faster cash, generate sustainable benefits and performance uplift. Owner s mindset Owner mindset drives speed, allows informed and pragmatic decisions to be made quickly Healthy constructive challenge Minimum viable solutions don t over-engineer it VALUE Relentless pace Relentless focus on pace and rigorous discipline through clear accountability, full transparency and aligning key performance indicators and incentives to the transformation Digital project management office to short circuit identification, planning and execution of initiatives to achieve aggressive time lines Rigorous focus on cash value Data driven, with no sacred cows, to support fact-based decision making Blended portfolio of initiatives with a laser focus on delivering cashable value across the business Bankable value achievable in rapid profit transformation Value delivered into traditional transformations TIME Ignite positive change Galvanise stakeholders and change the emotional playing field Inclusion and collaboration to bring together a diverse range of perspectives and foster aligment Pragmatism and risk management to support fit-for-purpose solutions 3
4 How can corporations create a sense of urgency, reduce the right costs with speed, and maintain long term sustainability? Transformations of this magnitude are inherently fraught with challenges requiring the whole gamut of structures, processes, technologies and people to change. Successful businesses take a holistic approach to evaluating their entire cost base and examining their working capital and margin improvement opportunities while focusing on relentless execution. Cost competitiveness Revenue enhancement Operational agility Current profit Cash release Optimise working capital management Realise tax efficiencies Optimise capital structure and liquidity Optimise business structure, governance model and decision rights Right-size people cost (e.g. spans & layers, org restructure, rem optimisation) Reduce value leakage and optimise processes Drive sustainable cost reduction Optimise business and cost controls Optimise external spend Reduce margin leakage Optimise value creation model Increase revenue streams (new and current) Enhanced target profit Business simplification Cash release Although working capital is a simple concept, managing it is made difficult by the complexity of the business around it. Leveraging leading edge analytics to make it visible and getting back to cash management basics can significantly free up cash. Business simplification Diversity of business models, systems, processes, organisations and measures of performance is often responsible for a large amount of low value activities and heavy management layers, which will have strangled decision making and productivity. Operating model simplification can significantly reduce value leakage and deliver savings through optimising spans and layers, streamlining and eliminating low value services and taking advantage of technological advances, such as robotics. Smarter sourcing and procurement While many companies have run procurement improvement programs we often see large savings numbers put up in lights when contracts are signed, but the benefits never hit the bottom line. Significant money is often being left on the table, commercial decisions are being made in isolation from the business and antiquated processes and systems are a barrier to realising the full potential that procurement can deliver. Leveraging spend analytics and technology solutions can rapidly deliver significant savings. Relentless focus on execution and pace Many cost reduction programs do not deliver as executives underestimate time, project complexity, and stakeholder buy-in while not having the right capabilities and skills in place. Successful businesses set up a transformation office which leverages cloudbased transformation management tools to provide accountability at every step of the process and visibility of detailed benefit to ensure rigorous execution. Ignite positive change To make the right cost reduction choices, you need to understand the cultural fabric of your company mindsets and behaviours are the most resistant to change. To address this, most change initiatives seek to create a sense of crisis or urgency, however there is a need to balance the burning platform with a burning ambition: creating a compelling run-to vision that is magnetic and can help break through fears and inertia. 4
5 Leading-edge tools to short circuit the analysis, de-risk the program and rapidly drive profit into cash EY s Rapid Profit Transformation takes advantage of digital platforms and deploys purpose built analytical tools and models. These enable the rapid identification, prioritisation, planning and execution of initiatives to shorten the time to action and facilitate full visibility and accountability exists across the business. Comprehensive view of your organisation with built in span and layers and productivity analytics to optimise your operating model Spend Analytics engine with pre-built analytics to understand where and how your business spends and how much you can save Full financial visibility and built-in benchmarking analytics to rapidly analyse your business and support hypotheses identification Financial X-Ray Org Analyser People Deliver Spend Analyser Working Capital Analyser Working Capital Analytics engine to drive working capital efficiency and deliver cash quicker into the business Mission control tower powered by custom build digital project management office solution to provide visibility and accountability at every step of the process until the cash is in the bank Our commitment to you When time is critical and money matters, EY is there to work closely with you to rapidly help your business identify and solve key issues, drive complexity out of your business, stop margin leakage and deliver a holistic and sustainable profit transformation. Working closely with you Confidence in a pragmatic program that is focused on sustainable value creation Relentless focus on pace and rigorous execution that shortens the time to action Experienced team that brings the best of EY and works alongside you to co-deliver your transformation Laser like focus on delivering cashable value at the right speed Activate purpose to igniting positive change and balance the burning platform with a burning ambition Win-Win commercial model with skin in the game 5
6 Work with some of the world s leading transformation professionals EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organisation, please visit ey.com Ernst & Young, Australia. All Rights Reserved. Justin Greig Justin.Greig@au.ey.com Phil Harkness Phil.Harkness@au.ey.com Ian Ball Ian.Ball@au.ey.com APAC no. AU PH ED None This communication provides general information which is current at the time of production. The information contained in this communication does not constitute advice and should not be relied on as such. Professional advice should be sought prior to any action being taken in reliance on any of the information. Ernst & Young disclaims all responsibility and liability (including, without limitation, for any direct or indirect or consequential costs, loss or damage or loss of profits) arising from anything done or omitted to be done by any party in reliance, whether wholly or partially, on any of the information. Any party that relies on the information does so at its own risk. Liability limited by a scheme approved under Professional Standards Legislation. ey.com David Hewish Partner, CT-Restructuring David.hewish@au.ey.com Julia van Graas Partner, CT-Restructuring julia.van.graas@au.ey.com Marc Philipp marc.philipp@au.ey.com Wayne Boulton wayne.boulton@au.ey.com Darren Chua darren.chua@au.ey.com Simon Paparone simon.paparone@au.ey.com
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