CFO Program Webinar - Deloitte United States · 2020-06-05 · CFO Program Webinar Cost...
Transcript of CFO Program Webinar - Deloitte United States · 2020-06-05 · CFO Program Webinar Cost...
CFO Program Webinar
Cost Optimization
May 2020
Date: 27th & 28th, May, 2020
Time: 6:00 pm - 7:00 pm
Agenda:
• Global perspective on Cost optimization strategiesJason Dess / Partner, Global Finance Performance practice lead based in Canada
• Japan perspective on Cost optimization strategiesPankaj Arjunwadkar / Partner, Finance and Performance based in Japan
• IT cost Optimization strategy - Global and Japan perspectivesErik Almadrones / Partner, Strategy, Analytics and Cognitive, Monitor Deloitte
CFO Program for Foreign Companies in Japan
CFO Webinar- May 2020 (6:00pm to 7:00pm)
Topic: Cost Optimization strategies
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1. Global perspective on Cost optimization strategies
Jason DessPartner, Global Finance Performance practice lead based in Canada
Cost Optimization
G L O B A L I M P A C T O F C O V I D - 1 9
M A Y 2 0 2 0
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Global Business ImpactThe economic impact of COVID-19 is truly unprecedented in recent history, and the effect will have a permanent effect on how businesses operate
Early indicators suggest Covid-19 could be significantly worse than prior downturns
Economic activity is on a steady decline
Unemployment is rapidly increasing
Industries are facing major disruption
What can we learn from the past?
Following the 2008 recession, organizations that successfully reduced costs to improve operational efficiency and reinvested the savings into new opportunities, posted a 13% post recession growth rate.
13%Post-recessiongrowth
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APPROACH
Cost Containment1Cash flow issues can emerge and prompt organizations to look for ways to reduce costs. To begin containing these, identify the areas that are non-essential and have minimal impact on business continuity.
Operating in the New Normal2
After implementing the necessary measures to contain costs, organizations can pay more attention to protecting key revenue streams and business continuity
Emerging from the Pandemic3
As the economy begins to rebound, organizations need to continue to ensure that as revenues grow, costs remain within the necessary threshold.
The Pathway Through the COVID-19 Downturn
Considerations
• Manage cash flow optimization
• Optimize project portfolio
• Reduce discretionary Spend
• Manage external spend
Considerations
• Maintain Customer Focus
• Unlock flexibility through workforce optimization
• Optimize the supply chain
Considerations
• Industrialize new products and services
• Realign the workforce
• Optimize external spend-management
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How are Organizations Looking at Cost Optimization?
3 common approaches to cost-optimization in the current environment
LIQUIDITY CRUNCH
Rapid cost reduction in order to meet short term liquidity requirements
EARNINGS CRUNCH
Strategic cost reduction in order reduce the negative impact on short and medium term earnings
Cost Categories
• Headcount
• Real Estate
Cost Categories
• Headcount
• Real Estate
• IT
Reduction to IT costs in certain areas, re-purposing of IT investment to insights and Automation
OPPORTUNISITIC
“Don’t let a good crisis go to waste” approach. Use COVID-19 as a burning platform to drive transformational change
Cost Categories
• All structural areas
Focus Areas
• Speed
• Business Insights
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2. Japan perspective on Cost optimization strategies
Pankaj ArjunwadkarPartner, Finance and Performance based in Japan
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CFO alert: What are the key areas to target for Cost Reduction?
Transportation& Real Estate
Prof Services
Corp Services
HR/Benefits
General & AdminIT
Travel & Utilities
Telecom &
/Marketing
• Business Consulting (5-15%)• Legal (2-5%)• Agency Contractor (5-26%)• R & D Services (9-19%)• Learning & Development (14-28%)
• Bank Fees (5-30%)• Waste Mgmt. (15-20%)• Janitorial (7-14%)• Landscaping (10-30%)• Security (5-10%)
• Insurance (5-10%)• Benefits & Compensation (3-14%)• Training (10-20%)• Recruiting (11-27%)• Outsourced Operations(12-22%)
• Office Equipment (10-30%)• Office Supplies and Furniture (2-40%)• Freight (5-30%)• Archiving (10-25%)
• Computers (4-36%)• Maintenance (10-17%)• Peripherals (9-12%)• Software (1-6%)• Servers (8-16%)
• Utilities (2-8%)• Agency (2-15%)• Hotel (5-20%)• Air (1-14%)• Car Rental (6-9%)• Expenses (10-25%)• Events (12-17%)
• Long Distance (7-31%)• Data (5-48%)• Mobile phones (10-22%)• Printed Material (8-30%)• Ad & Media (8-12%)• Direct Marketing (13-33%)
• Common Courier (7-18%)• Fleet (5-7%)• Rent & Lease (1-2%)• Real Estate & Construction (5-14%)• Property Management (5-7%)
Typical savings achieved across
eight spend categories
(average 12-15% potential)
COVID
focus
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OSSIS Framework for Indirect Cost
Illustrative
Indirect cost initiatives can be categorized into 4 broad buckets for Cost optimization
Saving Potential
Intrinsic
Structural
Systemic
Operational
Strategic
8%-10%
6%-8%
4%-5%
2%-3%
1%-2%
Manpower Cost Infrastructure Cost IT Cost Other costs*
*Other costs include –Sales & Marketing, Customer Service & Support, Procurement, Travel Cost and Business Management
Deg
ree o
f Im
pact
• Operating Model and organisation structure
• Digital & Exponential technology usage
• Governance, ways of working
• Centralizing regional roles
• Opportunities for outsourcing
• Increasing SSC penetration
• Delayering and Span Optimization
• Standardized processes
• Job – Person Mismatch
• Activity based work loading
• Productivity Norms
• Work redundancies and role overlaps
Levers for Cost reduction
• Location Selection
• Location Consolidation
• IT Operating model changes - self service, cloud, support models
• Maintenance contracts
• Energy and Fuel
• Real estate optimization –hot-desking/shifts, etc.
• Occupancy
• Real estate management – rationalize technology, process etc.
• IT landscape rationalization (consolidate systems, data centers)
• Infrastructure Optimization – apps, data, network, storage etc.
• License cost optimization
• IT Process planning –project rationalization, process standardization
• IT governance
• IT contract cost renegotiation
• Terms with service providers
• Forecasting improvements and prioritization tools
• Organization and business model simplification
• Office supplies• Conveyance / Travel• Professional and Legal
Services• Media usage
• Business Planning and performance reporting improvements
• Standardize measurement processes
• Marketing budget and mix allocation planning and reduction
• Pricing and Profitability Management – discounts, royalties, commission etc.
Consolidation of activities and resources at Shared services
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OSSIS Framework for Direct Cost
Levers used across the different lenses of the ‘OSSIS Framework’
Operating Model Redesign Digital & Exponential technology
Mode Mix change
Tax Efficient Supply Chain
Outsourcing
Utilizing shared resources
Third Party Agreements
Cost Benchmarking
Alternate Sourcing Role expansion analysis
Zero Based Costing
Contracting Method
Volume Discount
Consumption Variance
Time and Motion Study
Yield Improvement
TAT Improvement
Consumption Optimization
Enterprise wide buying
Payment term modification
Setting of Rate card
Service cost redesign
Supplier Co-location
Indigenization
Process Optimization
Alternate design
Long-term contracts
Value AnalysisComplexity Reduction
SI
SS
O
Direct negotiation with Tier 2 supplier
2%-3%
1%-2%
Forward/Backward integration Network redesign
Illustrative
Intrinsic
Structural
Systemic
Operational
Strategic
8%-10%
6%-8%
4%-5%
2%-3%
1%-2%
Saving Potential
Deg
ree o
f Im
pact
Are there opportunities to look beyond the
immediate supplier to reduce overall cost?
Are there opportunities to reduce complexity in
design for components/aggregates?
How are we leveraging innovation / changes in business model to reduce
cost?
What are the inefficiencies in the
procurement process?
How is the cost finalizedwith the suppliers?
Direct cost initiatives need to be discussed with Operations teams to identify impact on Production and quality of output
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Cash Conversion Cycle goes beyond Finance; Working Capital improvement opportunities exist in all threeareas
Approach | Working Capital Optimization
Days Payables Outstanding (DPO) Days Sales Outstanding (DSO)Days Inventory Outstanding (DIO)
• Track and manage adherence to current terms, including early payment discounts
• Improve collection process & accountabilityof BU’s (e.g. pro-active management ofcollection process)
• Align and optimise payment terms acrossterritories and customers
• Focus on order management process to ensureno barriers to timely payment
• Optimise pricing structures• Identify factoring opportunities• Optimise timing to claim GST on
purchases• Optimise timing for recovery of VAT on bad
debts and employee expenses
• Set Inventory strategy - Review safety stock levels and re-order points acrossdifferent product and customer segments
• Improve Sales & operations planning (S&OP) process
• Review policies for slow moving inventory & spare parts. Set up disposalprogrammes for obsolete stock
• Review production strategy and planning policies
• Revise planning processes and responsibilities to improve demand visibility and forecast accuracy
• Reduce the fragmentation of holding inventory
• Optimise cash discounts against interestgains and ensure discounts /rebates etc. arefully exploited
• Establish and adhere to payment targets• Ensure payment and accountability by
business units• Improve terms for volume consolidation• Review payments database for possible
duplicate payments, invoice errors, GSTunder-claimed and liabilities etc.
• Review procedures for timing of tax & duty payments and understand opportunities to defer payment
• Measure and improve supplierperformance
Cash Out (€) Cash In (€)
Goods Received
raw materials inventory
Days of
WIPfinished goods
inventory
Days in transit
Compress the Cash Conversion Cycle
Days in Days in
Receive Invoice
Place Invoice
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Cost optimization and efficiency improvement for a consumer goods company
Case study# Multinational Company Based in Japan
Background and Challenges
• The client is a trans-national consumer goods company with a portfolio of over 400 brands and overall annual spend of € 31 bn
• In order to move from an “operational heavy” to a “value focused” organization, the client embarked on a digital transformation program of its procurement function covering its markets and the centers of excellence in Europe, India and the USA
• The objectives of the program were to achieve savings of upto 5% of spend and improve manpower productivity thus driving 20-30% FTE reduction by leveraging digital technologies, drive standardization of processes globally and focus on predictive analytics to generate actionable insights
Our Approach covered end to end procurement process optimization across 4 areas:
Supplier lifecycle
management
Procure to Pay
Identify and eliminate exceptions in operations
Supplier lifecycle management
Provide common platform to meet all needs of suppliers
Source to Contract
Define “should cost” models to capture value.
Forecasting
Improve accuracy of P&L
forecast
Process map creation1
• Deep dived and created As-is
process maps at L1, L2 and L3
level and identified issues &
exceptions
Issue tree creation
• Prepared issue tree based on the
process understanding and
interviews conducted
Data analytics
• For key Issues identifies, analyzed
data to establish the materiality
Objective
Approach
• Data analytics conducted through:
a. Excel based analysis of transaction data
downloaded from SAP
b. Deploying implants (for O2D) to replace the
buyers to assess the time spent on each type
of exception
c. E-mail crawling of buyers to identify the types
of exceptions and time spent on each type of
exception (in progress)
Outcome
Identified big rocks… …Leading to Quick wins and MVP identificationQuick wins MVP
2 3
The diagnostic phase consisted of following activities
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Source to contract
• Implemented spend analytics solution with AI/ML to classify unstructured datawith value analytics & predictive features to take business decisions
• Implemented cost modelling tool to be used during negotiation
• Implemented optimizer solution to identify formulation switching opportunityReduced value leakage to achieve 6% saving on procurement spend
Procure to pay
• Cleaned up MRP master data related to procurement for better planning output
• Defined contracting strategy, mechanistic pricing tools for auto price update
• Implemented supplier collaboration and track & trace tools for real time visibility
• Implemented RPA for reconciliation of forecast to actual costs and ML based solutionfor clearing blocked invoices
Forecasting
• Understood existing contract price forecast models across portfolios, networksand countries to finalize various types of forecasting methodologies possible
• Built an automated solution for portfolios which follow feedstock correlationmodel by defining standardized model structure
• Created multi-factor models where prices are linked to factors other thanfeedstock and tracked the accuracy level
Supplier lifecycle management
• Digitalized the As-is process by deploying cutting edge technology to enable self-service and improved vendor onboarding time by 80%
• Digitalized performance and operations management for suppliers by deployingtechnology solution to enable single view of suppliers performance
Cost optimization and efficiency improvement for a consumer goods company
Case study# Multinational Company Based in Japan
implemented global
price database for
benchmarking
between suppliers
and countries
Defined rules
for clan-up of
contracts data
in SAP
Achieved 75%
acceptance to
CPE output
Defined a “To-Be”
process for
automation roll-out
PoC for the
entire packaging
portfolio
Developed Prototype of
Supplier Console for
performance and
operations management
Implemented
supplier collab.
and Track & trace
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3. IT cost Optimization strategy- Global and Japan perspectives
Erik AlmadronesPartner, Strategy, Analytics and Cognitive, Monitor Deloitte
The Future of Work and
Technology Cost Transformation
An Overview of Deloitte Offerings & Case Studies
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“The coronavirus, and its economic and social fallout, is atime machine to the future.
Changes that many of us predicted would happen over decades are instead taking
place in the span of weeks.”1
1Anne-Marie Slaughter, “Forget the Trump administration. America will save America,” New York Times, March 21, 2020
COVID-19 has accelerated the Future of Work
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Consider what has already changed…
4 out of 5 workers globally are affected by COVID-19.1
Increase in stock price of Zoom over past three
months3 (as of 5/12/2020). (WSJ)
83%
Increase in stock price of Upwork over past three
months (as of 5/12/2020)6
32%
of employees aged 18-34 reported confidence
in efficiently doing their work remotely if they must continue to4.
68%of employees aged 55-
64 reported confidence in efficiently doing
their work remotely if they must continue to4.
44%VS
Of organizations are passively tracking employees via methods like virtual clocking in and out, tracking work computer usage, and monitoring employee emails or internal communications/chat5.
increase in daily demand for Microsoft Teams over a weekly
period.2
38%
1. Bill Chappel, “4 of 5 Workers Are Affected by COVID-19 Worldwide, U.N. Agency Says” NPR, April 7,2020.2. Tom Warren, “Microsoft Thinks Coronavirus Will Forever Change The Way We Work And Learn,” The Verge, April 9, 2020.3. Zoom Video Communications, Inc. Overview, Wall Street Journal, Accessed May 12, 2020.
4. “New Survey: COVID-19 & Employee Sentiment on Changing Workforce”, Glassdoor, March 23, 2020.5. IW staff, “9 Trends Impacting the Future of Work”, Industry Week, May 7, 20206. Upwork, Inc. Overview, Wall Street Journal, Accessed May 12, 2020.
16%
The COVID-19 pandemic has necessitated a rapid shift to remote work. The workforce has responded, showing an ability to maintain and even improve productivity, while facing new challenges
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AI-related Jobs
Online Brand Ambassador
Cloud Architect
SEO Analyst
Developer Evangelist
Social Media Manager
Data Scientist
Podcast Producer
Mobile Web Developer
Experience Designers
Content Curator
Virtual Assistant
Telemedicine Physician
Automated Driving Jobs
Content Marketer
For perspective, 15 jobs that did not exist 15 years ago
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The Future of Work is about humans working more productively with technology. Is your IT organization ready?
Yesterday’s IT Tomorrow’s IT
Fragmented IT delivery model with IT organizations supporting each major geography or function
• Duplication of activities• Increased complexity and cost
Ever-increasing level of annual IT spend: (current avg. of ~3.7% of revenue) driven by:
• Increasing IT demands• Staff and contractor costs• Software and hardware maintenance• Fixed costs / limited flexibility
Operate IT delivery and data centers in:
• Multiple locations in a single country• Multiple locations in multiple countries
Optimize IT Costs and Effectiveness:
Design and implement new IT delivery model –move to a global Shared Services and CoE model
Significantly reduce IT spend while increasing flexibility and adaptability to support ABOs
Rationalize and right-size data center, infrastructure, and applications portfolio footprint to align with Shared Service / CoE model
Leverage Cloud, IT as a service, and new digital models to reduce costs and increase effectiveness
Eliminate duplication of resources, processes, and tools where it makes sense
Complex IT solution portfolio of applications globally requiring various levels of support and maintenance based on business demand
• Opportunity to drive greater ROI from digital platforms and best-of-breed technologies
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It pays to work productively, the savings can fund investment in more efficient ways of working
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Like your peers, many of you are already planning for significant changes in how your organization works
Takeaway:It is an opportune time for CFO’s to influence the technology agenda, and manage your
organizations to be more productive.
Don’t let this crisis go to waste!
Source: Deloitte CFO Signals, Q2 2020
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Key levers for driving IT efficiency and effectiveness
IT Cost Optimization
• New roles and responsibilities• New technologies and skills• Automation/Cognitive/AI• Innovation and continuous service
improvement
• Centralization (Shared Services and CoE)• Sourcing/Procurement (Make or Buy)• Right shoring• Industrialization
• Infrastructure and modernization
• Application simplification• Cloud computing• Digital / Mobility • Big data and analytics• IoT / Dev Ops / RPA /
Machine learning• Monetization
Value Creation for Business
OperatingModel
Transformation
TechnologyTransformation
(Infrastructure, Applications)
Capabilities & Work Force
Transformation
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• Multiple silo-based activities leading to operational inefficiencies and complexities
• Various delivery centers leading to governance challenges
• Top-heavy organization pyramid with unclear role definitions
• Inconsistent processes for ticket management and application change control
• Value leakage in outsourced operations
• Inferior service experience for end users and support teams
Issue Solution Impact
CENTRALIZATION AND STANDARDIZATION
RIGHT SHORING
ORGANIZATION AND PROCESS RE-DESIGN
OUTSOURCING OPTIMIZATION
LEADING METHODOLOGIES, TOOLS, AND FRAMEWORKS
• Centralization of common processes like testing, release management, change management, and data center operations
• Standardization of decentralized processes like Requirement Analysis, Functional Design, etc.
• . • Transition operations to an offshore Shared Services capability
center (Pune-based GIC)
• Detailed transition planning and management through a centralized transition office
• Re-design a leaner organization with industry standard span of controls
• Standardize and re-design the ticket management process across application support lifecycle – incidents, SRs etc.
• Move from staff augmentation and silo-based teams to outcomes-driven managed services model
• Institution of demand management process for effective spend and contract management
• Leverage DevOps principles in designing the delivery organization
• Design robust frameworks for knowledge management and continuous improvement
Overall savings of $42 million over a 5 year
period (~20% of total operating cost)
DevOps-driven new ways of working leading to better quality and faster TAT
Operationally efficient leaner organization with standardized processes
Established a matured global technology
center: 240+ applications
transitioned, 200+employees relocated, 150+ recruited
Optimization of Shared Services to improve service delivery effectiveness and service costs
Case study #1: IT operating model transformation
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IT transformation and Cloud allowed the client to react to market trends quickly and effectively.
Spend shift towards innovation Reduced operating costs
Improved return on tech investment Speed to market
Flexibility, agility and scalability to meet business needs
Increased digital capabilities
IT Operating Model
Request driven and manually intensive
Siloed IT functions Focused on SLAs
Self-service/automated Teaming and collaboration Focused on agility and
business impact
Applications
Legacy architectures App proliferation Legacy apps constrains
innovation
Cloud native app dev Rationalized app portfolio Enabling innovation and
speed to market
Infrastructure Capital intensive Fixed capacity Long lead-times
Consumption-driven spend
Scalable capacity Rapid provisioning
Traditional Cloud First
A retailer is migrating from a legacy to Cloud-based delivery organization…
• Labor Efficiencies – automation of
infrastructure operations and app dev and
maintenance efficiencies
• Software and Hardware Reductions– HW
/ SW utilization efficiencies through Cloud
native application development and
migration of applications to Cloud platform
• Elimination of Physical Infrastructure –
retirement and decommissioning of
multiple platforms, data centers, and IT
operations tools
• Scalability and Agility – flex IT costs and
investments based on business demand
…and is on target to realize ~33% operating
cost reduction due to the following levers:
Case study #2: cloud and IT cost transformation
The Future of Work and
Technology Cost Transformation
If you have any questions on the CFO Webinar
or wish follow-up discussion;
Please contact CxO Program Office at [email protected]
For follow-up inquiries related to IT Cost Transformation,
Please contact at Erik Almadrones:
Email: [email protected]
TEL: +81 70 4512 8466 | +1 727 249 9839
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