Proservartner boosts V.Group's
modernisation
V.Group needed an independent viewpoint and expertise to project manage and implement a programme of transformation.
Ship Management
& marine industry
employees
Finance & business
transformation
“Proservartner’s upbeat personality and friendly approach was exactly what we were looking for from an external partner as they came on board to support our team.”
Ben Hall, Director of Group Finance
V.Group's challenges
Like any organisation the financial leadership team intended for the work to be carried out by the internal PMO team and other internal resources, however, they were fully engaged with other work and would not be able to assist for some time. It was clear that the financial leadership team needed some external assistance.
Proservartner's solution
Proservartner’s team supported V. Group’s finance transformation programme and change initiatives, executing them with the right speed and focus to achieve the leadership team’s goals in the desired timeframe across a number of streams, including:
Finance Enhancement Programme (FEP) Portfolio PMO
Process Mapping
PTP Process Improvement
OTC Process Improvement
Internal Controls
Vessel Accounting Fund Request Process Improvement
Tax Effectiveness
Treasury Platform and Process Improvement
ERP Enhancement Project
Bi & Data Improvement
Crew Payroll Automation
Finance Organisation Operating Model
TOM (Finance organisation design)
Transition Support (RTR Transition)
Legal Entity Rationalisation
Non FEB Portfolio PMO
Proservartner got straight to work by implementing governance and status reporting for the very first time. The team then coordinated the business transformation across all the separate activities and projects plus managed the transition of migrating activity into the existing shared services models.
The treasury specialists ensured that they identified key savings as well as provided workshops to train and evolve V. Group’s enterprise finance model.
Benefits of the solution
Increased the transparency of progress across the portfolio of 22 projects with a combined CAPEX of >$10m
Identified over 100 control risks to be addressed in the design
Captured over 200 design improvements across O2C operations that would support standardisation, common ways of working, reduced head count effort of 25% and improved RACI
- Supported production of over 35 P2P process maps and 30 O2C process maps
Through improved focus, accountability and accelerated go-lives, we achieved an accelerated realisation of benefits by 60% in 2022 alone
Encouraged and supported the develop of Process Mining and utilisation reporting across solutions to start the new data-driven culture, increasing user adoption rates on SS2.0 Apps by 40%
Decreased overdue amounts per key customers and DSO reduced by 35%
- Identified Control savings in excess of 20% of annual audit fees
Recommended the dissolution of over 15% of legal entities and associated restructuring to support Fiscal and Operational ambitions
Improved the cash collection control and reduced write offs by 15%
Reduced audit fees by 10%
Cut FX risk by 10% and generated incremental working capital with interest paid on working capital reduced by 8%
- Achieved increased Finance Month End reporting productivity within RTR and FP&A teams by 5%
Does your organisation have ambitions for growth?
Contact our experts to help guide you step-by-step at info@proservartner.co.uk