Overview

To accelerate enterprise transformation and exit readiness for an insurance company, CrossCountry Consulting’s finance transformation experts leveraged a proprietary human-centered approach to transformation management to optimize key workflows and processes within Order-to-Cash, Record-to-Report, and FP&A. By co-creating numerous value-creation initiatives, the team paved the way for actionable optimizations throughout the finance function and helped design the firm’s exit-ready posture.

Expertise delivered

  • Interactive human-centered workshops
  • Transformation governance and leadership
  • OneStream & Alteryx implementation roadmaps
  • Sprint plan and business case development
  • Finance data mart and data strategy
  • Time, labor, and cost savings initiatives

Challenge

An insurance and holding company pursuing public-company readiness initiatives had a goal of multiple planned acquisitions. As a PE-backed firm, the path toward an accelerated, profitable exit required the Office of the CFO (OCFO) to quickly outline a plan to keep pace with and fuel the growth trajectory. 

Existing finance processes, however, were highly complex and manual with no auditability. Control issues existed throughout the company’s process and systems environment, including the manual manipulation of revenue inputs.  

To achieve the operational efficiencies necessary to meet stricter reporting standards, the company needed an expansive exit-readiness plan that transformed the OCFO. 

How We Helped 

CrossCountry Consulting’s finance transformation experts led a series of workshop events to uncover optimization opportunities across Order-to-Cash (O2C), Record-to-Report (R2R), and FP&A processes. As a critical component to human-centered transformation management, these 2-day workshops enable organizations to design, execute, and deliver on transformation projects rapidly and without waste. 

Through a series of interactive sessions, fact-finding, and forward-looking discussions about current-state challenges and future-state goals, the team prioritized and co-created: 

  • An 18-month transformation roadmap with key milestones. 
  • A 100-day sprint plan to drive transformation progress and maintain change momentum post-workshop. 
  • A business case for an enterprise performance management (EPM) platform investment. 
  • A future vision statement for the OCFO and the organization to rally around and buy into. 
  • Strategic pillars of success and performance targets to remain focused on core capabilities and metrics that would enhance exit readiness. 
  • Optimized OCFO processes to reduce time and labor costs, establish process and data integrity, and increase the value Finance delivers to the rest of the business. 

With alignment on these initiatives and a clear roadmap in hand, the company now had a realistic path toward exit readiness under its initial timeline. 

Results 

Newly defined Finance capabilities capable of meeting the demands of a high-growth, highly acquisitive investment thesis enabled the company to benefit from several key value-creation efforts, including: 

  • 60% close reduction. 
  • $5 million value opportunity identified. 
  • Roadmap and recommendations for the implementation of OneStream and Alteryx to enable EPM capabilities and automate manual processes. 
  • Finance data mart development and corresponding data strategy. 

The company’s digitally enhanced finance function and quick process automation wins are projected to offset the initial transformation investment and serve as a playbook for future transformation initiatives across the portfolio.