Syngenta's Finance Digital Journey
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The document outlines Syngenta Finance's digital strategy journey initiated in 2017 to enhance efficiency and productivity through digital transformation. It emphasizes key focus areas including technology investment, skill acquisition, and agile methodologies, while addressing challenges and expectations of a gradual evolution rather than an overnight revolution. The overarching goal is to leverage digital solutions to unlock enterprise value and improve customer relationships, ultimately establishing 'digital' as the new norm in finance.
Syngenta's Finance Digital Journey
- 1. Shared Services Forum (SSF) India 27th August Pune Syngenta Finance : Digital journey Classification: INTERNAL USE ONLY
- 2. 2 Situation in 2017 and the vision for finance Classification: INTERNAL USE ONLY “Back office” “Front office” Business Partnering Controlling Resource allocation • Costly finance organization • Lack of technology investment • Global Business Services model discontinued • “Waterfall” prone culture Situation: 2017 Cost : Vision: Finance 2020+ Cost : “Back office” “Front office” Business Partnering Controlling … drive Finance productivity through digitizing ways of working … unlock Enterprise Value and help build stronger customer relationships Use digital to…
- 3. 3 Focus areas for driving digital change in the organization Classification: INTERNAL USE ONLY CAPABLITY INVESTMENT SENIOR SPONSOR- SHIP TECHNOLOGY INVESTMENT Investment in new technical skills (data scientist, RPA, etc.) as well as in soft skills (agile, collaboration, etc.) Adoption of digital technologies to drive finance efficiency and deliver targeted analytics Strong and visible Finance leadership that the drives implementation of digital solutions and encourages innovationDIGITAL CHANGE
- 4. 4 Starting the journey in 2017 Classification: INTERNAL USE ONLY Digital LAB An immersive experience to align senior stakeholders and identify initial priorities Crowdsourcing • 450+ people engaged • 106 ideas submitted • 3907 voting chips distributed Agile Approach Using Agile ways of working in project to kick start the transformation Using Proof of Concept From ‘Show and Tell’ to ‘Show and Do ● 2017 Project launched to create a digital strategy / road map ● Strong engagement from Leadership Team and involvement of entire finance function (crowdsourcing) ● Interactive approach using agile methodology - changing the ways of working during project phase ● Strategy work including delivery of first POCs for selected solutions ● Fluid move from project mode to business as usual, driven by the finance process management teams
- 5. 5 What is our digital strategy? Classification: INTERNAL USE ONLY Finance Core • Focus on efficiency and automation • Ensure compliant and standard process delivery • Cover all transactional processes and platforms • End to end perspective Products and Services • Meet business needs with a focus on creating value • User centric but not bespoke for every user • Standardize where relevant and differentiate where necessary Enhanced capabilities & New ways of working • Go beyond simply adopting new technologies • Fundamentally re-think the way in which we operate • Acquire new capabilities Technology enablers & improved data leverage • Adoption of digital technologies • Recognize data as a strategic asset, underpinned by a sustainable data model Example of the details
- 6. 6 Connecting Use of new tools for ex. Yammer Driving culture change : New capabilities and ways of working Classification: INTERNAL USE ONLY Digital savvy Senior sponsorship New roles, skills and competencies An innovative and agile culture Invest in professional development Strategic Priorities: Ignite : Leadership Development Leader led learning of new Digital Capabilities, targeting all senior managers in Finance Digital Finance Learn Online Digital Finance training Reverse mentoring Finance Leader paired with a “millennial” mentor People Strategy Launching redefined People Strategy across finance Digital Analytics team Adding Capabilities Proof of concept Agile and POCs as the new standard WoW Digital Ambassador Network 50 volunteers supporting digital transformation
- 7. 7 The key challenges Organization is expecting an overnight digital revolution. Reality is more a fast evolution Manage Expectations Changing the pace in the IT organisation to support the news ways of working IT support Investing in learning in POCs and remembering that failure is a vital part of the agile process Agile Ways of Working Moving from a inconsistent to a uniform data model with the right level governance Data, Data, Data Significant time and resources are required to drive changes across the organization Continue engaging the organization Solutions to be implemented at scale, requiring different capabilities and a mature data set. Data Analytics at Scale
- 8. 8 The journey so far and what is to come….. Classification: INTERNAL USE ONLY 2020+ Accelerating Value 2019-20 Establishing Value 2017-19 Driving Efficiency, Creating first value cases Process automation, better standard reporting and an enhanced understanding of analytics Becoming predictive with scaled analytics, improving data and embedding digital skills in the organization Prescriptive processes supported by enhanced user experiences with data is now an enabler. Digital has become Finance’s “new norm”
- 10. 10 Situation in 2019 and examples of key projects Classification: INTERNAL USE ONLY “Back office” “Front office” Business Partnering Controlling Resource allocation RPA for finance operation processes SmartClose tool for PEC Automation Autobank for Cash Application Automation Implementation of Arriba for Source to Pay Chatbot for P2P service desk automation Center Creation Shifting FTEs and delivering cost saving via salary arbitrage and efficiency Financial Planning: Rolling Forecast via Anaplan Selected Proof of Concept • Predictive Accounts receivable forecasting • Natural Language Generation for report comments • T&E analytics Standardization of reports and analysis in Qlikview and Qliksense Reduction planned by end of 2019 driven by automation
- 11. 11 Classification: INTERNAL USE ONLY Our digital finance ambition Leverage digital to… …unlock Enterprise Value and help build differentiated customer relationships …drive Finance productivity through digitizing ways of working and activating data to create value “When digital transformation is done right, it’s like a caterpillar turning into a butterfly, but when done wrong, all you have is a really fast caterpillar.” George Westerman | Principal Research Scientist with the MIT Sloan Initiative on the Digital Economy
- 12. 12 Classification: CONFIDENTIAL Understanding our Digital Finance Strategy Digital Finance Vision and Principles Finance Products & Services Business Value Creation PTP OTC Planning, Budgeting & Forecasting Working Capital and Cash Management Management Reporting & Financial Analysis Strategic Decision Support Risk & Financial Compliance Management Corporate Finance The Finance Core Enhanced capabilities New ways of working Technology enablers & improved data leverage Operating Model Capability Development
- 13. 13 Classification: CONFIDENTIAL Digitally enabled Finance Products & Services We will unlock enterprise value and drive finance productivity utilising digital solutions to deliver user facing ‘Finance Products & Services’ that are underpinned by an optimised Finance Core Finance Core • Focus on efficiency and automation whilst still being user friendly (finance user) • Ensures compliant and standard process delivery • Covers all transactional processes and platforms • “Cross functional” end to end process perspective Products • Finance output to meet business needs with a focus on creating value • User centric (business and/or external customer), but not bespoke for every user • Standardize where relevant and differentiate where necessary to create business value within a cost effective framework • Agile approach to solution development
- 14. 14 Classification: CONFIDENTIAL The underlying Operating model In order to successfully achieve our ambitions and deliver the Finance Products & Services in a sustainable manner, key operating model enablers need to be implemented Enhanced capabilities & New ways of working • To extract the full value of going digital, Finance needs to go beyond simply adopting new technologies • We need to fundamentally re-think the way in which we operate • This includes acquiring new capabilities – as internally or externally – (e.g. data science and data modelling) and putting in place the right structures to facilitate innovation and agility Technology enablers & improved data leverage • Adoption of digital technologies to drive finance efficiency and deliver targeted analytics • Recognizing data as a strategic asset and key enabler to acquire and maintain a competitive edge • Underpinned by a sustainable data model, efficient and effective data processes, a global data governance framework, and the right capabilities to effectively use data