EXL - Finance and Accounting - Finance Transformation

EXL’s Finance Transformation services work to ensure the success of process-related transformation and risk management strategies. We partner hand-in-hand with each client to provide them with in-depth assessments of their operations, strategic plans designed to help them to achieve their goals, and the tools and oversight necessary to guarantee successful execution of their strategies

Diagnostics and discovery are integral aspects of our approach, and generally the first steps for every Transformation client relationship. This information, when taken together with future state goals, identifies levels of proficiency and areas in need of further attention.

EXL’s highly-skilled Transformation professionals leverage this data-driven analysis and assessment to develop a customized roadmap and strategic plan for each client. We engage with our clients to offer detailed guidance, assistance, and oversight throughout the implementation and execution phases. The level of support provided differs across clients, with some requiring full-scale project leadership and management, while others require only initial training programs and project oversight.

EXL’s Finance Transformation service areas include:

Process Improvement

EXL’s Process Improvement services work to advance client functions toward best-in-class through Lean Six Sigma based process improvements. Our Procurement offerings include: Process Diagnostics and benchmarking Demand Management Organization restructuring Lean Transformation Consolidation Close process optimization We diagnose and evaluate current state processes for efficiency and effectiveness as they relate to the business’ unique objectives and goals. It is critical to consider each process within the context of related upstream and downstream functions so as to fully understand the process’ capabilities, weaknesses, and risks. With this understanding, we further assess current performance against competitive peer benchmarks to draw focus to those processes in greatest need of reengineering and optimization. Before embarking on a process reengineering program, it is also important to develop the necessary internal change management support. We work closely with clients to guide them in the process of gaining leadership support, developing cross-functional communication plans, and training all involved parties as to changes in their responsibilities and roles. We often roll out organization-wide Lean Six Sigma awareness training to both garner the support and involvement of the client employees, and to develop internal Lean Six Sigma Yellow Belt and Green Belt professionals. It is only after this discovery, planning, and training are complete that we initiate actual process reengineering. Our process reengineering approach is firmly rooted in Lean Six Sigma and other related or similar improvement methodologies, including: DMAIC DMADV Kaizen Lean 7 QC Tools PDSA TRIZ Creativity We leverage our knowledge and experience across these improvement methodologies to implement both far-reaching structural organizational changes and process-specific enhancements. Project examples include the consolidation of disparate processes across multiple business units into a single shared service center, or simply identifying and alleviating the root cause of common processing or manufacturing errors. While significant benefits can be achieved through process reengineering, true transformation requires ongoing improvement efforts. We work with clients and help to lay the organizational building blocks to encourage this behavior. Such programs differ across clients, but may include the development of reengineering benefits reporting, rewards and recognition programs, Black Belt level training opportunities, or training on advanced improvement tools and frameworks. Some of the benefits that EXL’s Lean Six Sigma projects commonly deliver include: Improved Accuracy Improved Compliance Cost Savings FTE / Employee Reduction Improved Cash Flow Improved Process Effectiveness Improved Productivity Improved Utilization Decreased Process Time Decreased Turnaround Time Decreased Error Rate Decreased Exception / Rework Rate
Automation

Automation, above and beyond enterprise-wide systems, has become a key aspect of outsourced and optimized operations. While the majority of the books and records are fully maintained within the company ERP system, there are numerous add-on enabling technology tools that integrate, overlay, and leverage existing technology investments. These tools are not meant to replace the existing ERP system and technology investments, but rather, to complement them. EXL works to identify and introduce these third-party tools into our clients' functions in order to address gaps in the current technology, and to improve speed, accuracy, visibility, compliance, and transparency. Non-Intrusive, By Design EXL works with a number of third-party technology tools that are designed to automate processes and introduce best practices into various aspects of the finance, accounting, and analytics functions. These tools are non-disruptive by design, and overlay and integrate with our clients' existing systems thereby preserving CAPEX investments in technology. EXL’s platform independent approach extends to these enabling technologies. We work with each client to determine which additional tools, if any, will help to deliver the best results. Our professionals then leverage these client technology investments and work to manage the performance of these tools within the larger function. Range of Solutions Enabling technologies can be leveraged within almost any and all finance and accounting functions - from Accounts Payable, to Contract Management, to Bank Reconciliations, to Deduction Management, to Fixed Assets, and on through to Business Planning and Forecasting. These solutions also range in complexity and offer a number of different approaches. There is no one size fits all technology, and each client’s goals are fully considered when selecting the appropriate approach and tools. Common enabling technologies leveraged by our clients include: Document Imaging Workflow eInvoicing Automated Reconciliation Chargeback & Deduction Management Consolidated Business Planning Tax ERP Fixed Asset Tracking FAS 123R Equity Valuation & Tracking eProcurement