Baselining the Finance function globally

A £45 billion insurance company wanted to develop the global strategy for its Finance function and wished for factual input to provide an accurate baseline to drive alignment at business unit level. The challenge was to take the strategy and make it tangible for the business units. Hackett's objective, empirical data was used to support business cases focusing on their change initiatives.

The Hackett Group benchmarked the Finance function of all business units, comparing the efficiency and effectiveness of the client with its peers from other financial services companies and top performing organizations of similar size and complexity.

Hackett's results indicated that the client was highly cost efficient but there were additional savings opportunities worth between £45 to £70 million existed in the areas of Revenue Cycle, General Accounting & External Reporting as well as Management & Administration.