Change and Transformation in the Private Sector
Global consumer goods company Reckitt was embarking on a radical transformation of its Record to Report (RTR), a core-Finance function, through a Finance of the Future programme. The transformation provided a once-in-a-generation opportunity to reinvent and leapfrog its peers, by pursuing innovation at scale, technology at speed and by putting humans back at the centre of operations.
The challenge for Reckitt was to reskill its talent, modernise its RTR function and create a lasting legacy. EY helped it deliver just that, putting Reckitt on the road to a market-leading function that brings a whole new way of working – resulting in a large-scale transformation which has allowed Reckitt to innovate and grow.
The EY team looked beyond traditional metrics towards creating sustainable growth and generating long-term shareholder value. Blending technology and people, EY teams delivered a compelling future-proof vision. EY Wavespace (a global growth and innovation network) brought together key Reckitt stakeholders with EY alliance partners, while insights from global subject matter experts (SMEs) provided strategic direction and guidance.
EY teams applied a four-pronged approach to manage the project end-to-end, while including all the relevant elements for coverage (across planning and governance, process transformation, technology enablement and change management). EY team included 150+ people from across 12 nationalities and 14+ languages. The team’s global reach meant there was a presence on the ground in each of Reckitt’s markets, which helped build strong and far-reaching relationships across Reckitt’s finance function.
The level of change this transformation required meant EY organisation had to challenge Reckitt’s existing ways of thinking, proposing bold strategic adjustments to the programme plan, such as redefining how success is measured. Project challenges included regional nuance, standardising processes and communication, and dealing with various regulatory frameworks and time zones. We also had to create contingency plans for external factors such as attrition, external disruptions and cultural variations. For example, Ukraine was one of our in-scope markets, which demanded heightened caution and flexibility. Behavioural shifts, technical intricacies and process-related gaps also required delivering exit metrics along with hands-on training and go-live support.
The result for Reckitt has been improved efficiencies and a better ability to make real-time decisions from data and insights generated in Finance that can enable better decisions-making across other functions (e.g. supply chain, sales, etc.). EY organisation efforts have significantly improved transparency to drive future success.
Meanwhile, the lessons learnt on the project have informed EY teams’ overall capability around technology change delivery and has helped EY stand out even more as a trusted brand for large-scale transformation projects. By reimagining the finance function – turning it into a driver of Reckitt’s future success – the work exemplifies a commitment to the future and the embodiment of Reckitt’s ethos: creating a healthier, cleaner world. This also resonates with EY purpose of building a better working world.
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