Booz & Company 2010 - 2011 Intellectual Capital

Finance Function Transformation

KPIs and Report Production

This document is confidential and is intended solely for

the use and information of the client to whom it is addressed.
 This document is part five of an IC series on a Finance function
transformation at a major healthcare equipment manufacturer
Finance Function Transformation IC Series

1a 4  Overview of client challenges related to planning and

 Project Qual
forecasting processes
Project  Overview of client context and project rationale Planning and  Approach and sample deliverables related to the re-
Overview  Project setup and approach, Booz role Forecasting design of planning and forecasting processes to
 Summary of client’s challenges enhance forecast accuracy and reduce workload

Focus of this document

1b 5
 Approach to executing a comprehensive diagnostic of  Approach to using a KPI framework to focus business
a Finance function
KPIs and performance reviews on a limited set of key business
Diagnostic  Example analyses and client deliverables drivers and away from financials only
Reporting
 Key findings from diagnostic that one might find at  Sample client deliverables
other clients

2  Approach to transforming the Finance Operating 6

Model and example client deliverables
 Perspective on long-term improvement potential for
Operating  World Class finance organization models and how Financial IT core planning and reporting tools vs. best practices
Model they were applied to client context Tools
 Revised shared services governance model and
SOx/control processes related to new organization

3  Overview of client challenges related to controllability 7

vs. accountability of financial statements and resulting Finance  Approach to developing a comprehensive talent
Accountable behavior
Talent management and competency development model
Financials  Framework to align accountability with controllability related to the new Finance operating model
 Approach and sample deliverables to redesigning Management
financial statements to solve challenges and drive
required behavioral change Covered in this chapter Covered in other chapters of this IC

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Project Qual: Finance function transformation for healthcare
equipment manufacturer
Situation Actions Results Achieved
Client How Booz & Company helped  Migrated Finance function to a
 Multinational healthcare equipment manufacturer  Designed, managed and executed a new harmonized operating
and equipment service provider complete and comprehensive Finance model
function transformation together with a – Three finance disciplines
Challenge dedicated client team (Control, FP&A and
 Need to refocus Finance function to better – Diagnostic / opportunity identification Business Partners)
– Centers of Expertise and
support decision making and facilitate growth – Solution design more centralized
and integration of acquisitions – Implementation planning and roll-out organization
 Highly siloed, decentralized and fragmented support  Established new, simplified
Finance organization as result of previous – Change management and
acquisitions processes for e.g., planning,
communications forecasting
 Inefficient and ineffective Finance processes  Booz supported the transformation across 10
 Overworked Finance staff struggling to perform workstreams over a 14 month period  Initiated migration to new
the basics reporting format for financial
 Cost of Finance organization high compared to statements to align
Client action accountability with
benchmarks
 Client established dedicated a full time client controllability
team to lead each workstream
 Supported change and
Objective  Client involved entire Finance leadership
communications effort to make
 Improve efficiency and effectiveness of the team as a steering committee and as
executive sponsors for each workstream changes stick and initiate new
global finance function
behaviors
 Reduce workload and refocus on providing  Client implemented the recommendations
decision support

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Workstream Qual: KPIs and Reporting

Situation Actions Results Achieved

Client How Booz & Company helped  Greater focus on key metrics
 Multinational healthcare equipment manufacturer  Booz distilled the company’s strategic to drive business objectives
and equipment service provider objectives and identified potential metrics for  Standardized set of reports
driving to these objectives
and metrics across
Challenge  Mapped existing KPIs to the strategic organizations and
 Large number of financial reports produced in objectives organizational layers,
non-standardized and non-harmonized ways  Recommended simplifying reporting to focus produced by 3rd party shared
 Management reports focus largely on financials, on the KPIs that drive business performance service provider (wage
with no clear view of what KPIs really drive arbitrage)
business performance Client action
 Too much time spent on report production and  The Client conducted an inventory of all
data gathering reports
 Client undertook a comprehensive
Objective (corporate) driven project to harmonize
 Identify key metrics to measure and drive standard reports and outsource report
business performance linked to strategic production where possible
objectives
 Standardize and harmonize standard reports
 Make report production more efficient by
automating or outsourcing where possible

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Issue Description and Approach
Solution

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The client, a large healthcare equipment manufacturer, needed to
transform its Finance function in the light of multiple challenges
Client Context and Project Rationale
 The client was a $10B+ healthcare equipment manufacturer and service provider, a division of a multinational
conglomerate

 The client has a highly complex organization with several distinct business models and a matrix organization around
Business Units (R&D, manufacturing) and Regions (sales and service organizations)

 Over the years, the client has rapidly expanded its business through a large number of , mostly smaller bolt-on
acquisitions – this has lead to a decentralized, fragmented and largely not integrated organization

 The client intended to continue its growth and acquisition agenda, while wanting to improve profitability

 The client has transferred all of its transactional processes to a corporate shared service center, which is partly
outsourced

 In this context the client’s Finance function needed to evolve towards providing more forward looking decision
support, while become more efficient and effective and operating in a more integrated way

 Booz was brought on board to initiate and lead a comprehensive Finance function transformation over a 1+ year
effort across 8 workstreams

 Booz used took a 3 phased approach across 4 dimensions: organization structure, processes, IT tools and people
development
Detailed background in part 1 of
this IC series
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We took a three-phased approach: baseline and diagnostic,
detailed design and implementation planning and launch phases
Transformation Approach and Phasing

Diagnostic Solution Design

Implementation
3 months 6 months

• Baselined current Finance • Proposed targeted set of • Drove change and

function, e.g., costs, FTEs, initiatives communications effort for
processes • Determined key design choices launch and transition
• Performed detailed pain point and helped client make • Prepared HR and legal
and activity analysis through decisions and prioritize requirements for people
Finance wide survey • Established program structure transitions
• Interviewed 100+ Finance and workstream teams • Worked with client teams and
professionals across the • Developed detailed solution finance leaders to implement
organization and key business design for each initiative and establish transition to new
leaders organization and processes
• Socialized and tailored solution
• Compared findings against best to each organization • Established program office to
practices and determined gap manage and track program
• Developed detailed
and cost reduction potential progress
implementation timeline and
• Determined root causes planning
• Identified key initiatives to • Prepared for launch
address challenges and
become world class

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Diagnostic summary: management reports focused almost
exclusively on financial metrics and varied significantly in size
MBRM / QBRM Management Report Key Sections
MBRM Number of Pages By Package
Description
Executive  Summary of key financial metrics (e.g., sales, gross margin,
Sales Region 2 Management Review 101
Summary EBITA)
 Highlights and lowlights
 Action items
BU1 MBRM Financials 65
P&L Statement  Actual P&L statement versus planned
Analysis  Actual P&L versus last year
MRM Financial Template 30
Balance Sheet  Actual Balance Sheet statement versus planned (e.g., Annual
Statement Budget)
Analysis  Actual net operating capital versus last year
Sales Region 2 & 3 BU3 MBRM 26
Sales Analysis  Sales by LoB and / or region
 Sales by market
 Sales variance analysis BU2 Management Review 19
Bridge Analysis  P&L - current quarter versus last year
 EBITA - current to last year
 Gross margin
 YTD selling expense bridge versus last year
 Headcount - current versus last year
Operational /  NPR overview QBRM Number of Pages By Package
Customer  Cash conversion cycle
Analysis  Inventory overview
Trend Analysis  Working capital trends BU4 Management Review 69
 Overdue and collection trends
Forward Outlooks  Next quarter and full year outlook 26
BU3 Management Review
Key risks and  Highlight of key risks and mitigating strategies
opportunities  List of current opportunities

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Financial KPIs dominated QBRM and MBRM packages
MBRM Key KPIs
Approximate Percentage of Financial KPIs
Versus Operational MBRM Packages Sample KPIs

Financials  Orders
 Comparable orders growth
 Sales to Thirds
16%  Comparable sales growth
 Gross margin
 Gross margin as % of sales
 Amortization
 Selling expense
 Selling expense as % of sales
84%
Operational  Days inventory outstanding
 Days payable outstanding
 Top 25 customers
Financials Operational

Approximate Percentage of Financial KPIs QBRM Key KPIs

Versus Operational QBRM Packages Sample KPIs
Financials  Orders
 Comparable orders growth
5%  Sales to Thirds
20% 3% 

Gross margin
EBITA
Operations  Average payment terms
72% 

Customer back order aging
DEFAO rate
 Fill rate %
Customer Stats  Customer satisfaction %
Financials Customer Satisfaction  NPR
Operations Employee Employee  Training %

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Forward outlooks, e.g., “latest views” lacked standardization for
countries and lines of business
Sample: Q2 2010 Latest View P&L

Latest View Outlook Key Observations

• Latest View analysis includes too many

columns which raises many questions
• Lack of standardization between
Inconsistent forward
comparisons Country and LoB latest view
– Inconsistent forward looking
Inconsistent level comparisons (e.g., Latest View next
of details
Sample: Q2 2010 Latest View P&L month, Latest View next quarter,
Annual Budget next quarter)
– Inconsistent level of detail

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Review packages had significantly different feel and look - for
example, the P&L statement had four different formats
Sales Region 2 & 3 Actuals P&L LoB10 Actuals P&L

Four P&Ls with different

BU3 Actuals P&L formats, font, details and colors BU1 Actuals P&L

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To tackle these issues Booz addressed performance KPIs, while the
client addressed efficiency of report production
Booz Contribution

Topic KPI Definition Report Production

Define key metrics (KPIs) to measure and Standardize and harmonize management
Goals
drive business performance reports

 What metrics do we monitor and manage to reach our

 How do we reduce the effort and cost of producing
strategic goals?
standard reports?
Questions  What non-financial metrics should we monitor?
 How do we standardize and harmonize the structure
 What information should we report and review on a regular
basis? and layout of standard (e.g., non-ad hoc) reports?

 Internal project run by client’s shared services team

 Identified client’s strategic business goals and potential
KPIs to track progress towards these goals  Created inventory of all reports across company
 Developed long list of client’s existing KPIs divisions
Actions  Mapped existing KPIs to strategic business goals where  Assess opportunity for standardization and
there was a fit harmonization of standard
 Developed list of “unused” KPIs to be discontinued  Outsource report production to external shared
 Recommended KPIs to be included in standard reports service provider, where possible, to leverage wage
arbitrage

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Issue Description and Approach
Solution

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 Based on the client’s corporate agenda, we distilled eight
strategic objectives
Corporate Corporate Finance Healthcare Strategic Objectives
Management Agenda Management Agenda Goals
1
Re-install ROIC as key KPI per business ROIC
Drive top-line growth and
market share 2
Grow sales via financing solutions to € Order & sales growth
Gain co-leadership in imaging Grow faster than the market
750 M
Grow Home Healthcare
3
Market share growth
Increase market share in emerging
Simplify Finance function, reducing cost
markets
by € 34M y-o-y Annual Budget neutral 4
Improve operational excellence Cost reduction
Continue to reduce fixed costs and Move towards 23% of sales comparable
improve cost agility recurring SG&A cost and margin

Further increase cash flow by managing Improve free cash flow by achieving
5
Cash flow
cash aggressively 4.5% of sales

Increase customer centricity by 6

Increase number of businesses with NPS Customer
empowering local markets and customer Improve customer experience
co/leadership positions
facing staff experience / NPS
Implement financial tool for Market,
strategic tax plan, key finance
7
Execution of Strategic
simplification programs
Finance Projects
Deliver functional cost reporting, 2010
Integral Margin Tool project targets
Increase Employee Engagement to high
Increase employee engagement to high performance level 8
performance level Implement job rotation for finance key Employee engagement
positions

Mgmt Agenda Themes: Drive Performance Accelerate Change Implement Strategy Healthcare goals Suggested Objectives

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We then grouped these strategic objectives into KPI dimensions to
form a logical hierarchy
KPI dimensions Strategic Objective Value Tree
- Hierarchy of Objectives -
Financial 1
ROIC
1 ROIC

2 Order & Sales growth … through efficient use

Maximize profit …
of capital
3 Market share growth

4 Cost reduction 2 4 5
Order & Sales Deliver CAPEX
Cost reduction Cash flow
Growth projects
5 Cash flow
3
Market share
Customer growth
Customer
6 experience / NPS 6 7
Increase NPS Execution of strategic Finance projects
Process

7
Execution of Strategic 8
Finance Projects Employee engagement

People
Division strategic objectives Other
Other objectives
objectives
8 Employee engagement

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The client’s existing KPIs were inventoried and mapped to
strategic objectives - example ROIC strategic objective
EXAMPLE
ROIC Category Tree ROIC KPIs
- Categories influencing strategic objective - Long List of KPIs per category related to ROIC strategic objective

1 Category KPI
ROIC ROIC Return on Invested Capital
EBIT EBIT % Sales
Employee Other / Amortization Other / Amortization
EBIT CAPEX
Productivity
EBITA
8 EBITA EBITA % Sales
Other / Employee
EBITA
Amortization Engagement EBITA over R&D

2 Employee Productivity Value Added per Employee

Order & Sales
Gross Margin Comparable gross margin
Growth
Gross Margin Customer Service Profitability (margins)
4
Cost reduction Gross margin % Sales
CAPEX
CAPEX CAPEX / depr ratio
R&D cap / R&D amort ratio

Source: Jan BU2 QBRM, BU1 May MBRM, BU3 Mar QBRM, Sales Region 2 Mar MBRM, Division Jan MBRM, Healthcare Metrics, Interviews with Controllers

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Example: client KPIs mapped to the Order & Sales Growth
strategic objective
EXAMPLE

Order & Sales Category Tree Order & Sales Growth KPIs
- Categories influencing strategic objective - Long List of KPIs per category related to Order & Sales Growth strategic objective

2 Category KPI
Order & Sales % Comparable sales growth
Growth
Customer Service Growth

Revenue from products < 3y

Order Intake Price Sales
Sales
Sales from Acquisitions vs. Organic Sales
5
Increase market Service revenue
Market size
share Service sales growth

equipment sales growth

Price % Price realization index at order intake

% Comparable Order Growth

% Comparable Order Intake (Cust Svc) Growth

Order Intake

Order Intake Order book growth

Service order growth

Total order growth

Source: Jan BU2 QBRM, BU1 May MBRM, BU3 Mar QBRM, Sales Region 2 Mar equipment order growth
MBRM, Division Jan MBRM, Healthcare Metrics, Interviews with Controllers

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Example: client KPIs mapped to the Market Share Growth strategic
objective
EXAMPLE

Market share Category Tree Market Share Growth KPIs

- Categories influencing strategic objective - Long List of KPIs per category related to Market Share Growth strategic objective

3
Market share Category KPI
growth
Market share
6
Competitor Analysis
Customer Market share
experience/NPS % Market Share equipment

% Contract Penetration

Source: Jan BU2 QBRM, BU1 May MBRM, BU3 Mar QBRM, Sales Region 2 Mar MBRM, Division Jan MBRM, Healthcare Metrics, Interviews with Controllers

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Example: client KPIs mapped to the Cost Reduction strategic
objective
Cost Reduction KPIs EXAMPLE
Cost reduction Category Tree
- Categories influencing strategic objective - Long List of KPIs per category related to Cost Reduction strategic objective

4 Category KPI
Cost
Variable % Total Expenses
reduction CoGS
COS main categories % sales
Non-Manufacturing Costs Non-manufacturing costs % Sales
Non-manuf.
CoGS G&A Expense % Sales
costs
IT % Total Expenses
G&A
GS&A
R&D Selex Purchasing IT % Sales
Headcount
G&A Other / NPR Headcount Employee FTE to HR FTE Ratio
Logistics
Executive Headcount
Selex Selling Expense % Sales
% Bom with Pref Suppliers
Headcount Purchasing % Low Cost Country Sourcing
BoM Savings % Sales
Performance against Plan for Budget & Schedule
R&D Product Cost Innovation
R&D Expense % Sales
NPR
Other Non-Manuf Costs
Travel Expenses % Sales
Discretionary % Total Expenses
Costs Fixed % Total Expenses
Functional cost % sales (12 cost categories)
Source: Jan BU2 QBRM, BU1 May MBRM, BU3 Mar QBRM, Sales Region 2 Mar MBRM, Total Logistics Cost % Sales to Thirds
Logistics
Division Jan MBRM, Healthcare Metrics, Interviews with Controllers Physical Distribution Cost as % of Sales

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Example: client KPIs mapped to the Cash Flow strategic objective
EXAMPLE
Cash flow Category Tree Cash Flow KPIs
- Categories influencing strategic objective - Long List of KPIs per category related to Cash Flow strategic objective
5 Category KPI
Cash flow Cash Flow before Fin Act

FCF Free Cash Flow

Working
Free Cash Flow % Sales
capital
Net Operating Capital

Current Current Working Capital Working Capital

assets Liabilities Working Capital % Sales

Avg BoM Payment terms

Receivables Inventory Cash / Other Payables
Payables Days Payable Outstanding

Average Payment Terms

Cash Conversion Cycle - Days

Receivables
Days Sales Outstanding

Days Inventory Outstanding

Inventory % of MAT Sales

Inventory
Net Inventory Turnover (YTD)

Net Inventory Turns

Source: Jan BU2 QBRM, BU1 May MBRM, BU3 Mar QBRM, Sales Region 2 Mar MBRM, HQ Jan MBRM, Healthcare Metrics, Interviews with Controllers

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Example: client KPIs mapped to the increase NPS strategic
objective
EXAMPLE
NPS Category Tree Increase NPS KPIs
- Categories influencing strategic objective - Long List of KPIs per category related to Increase NPS strategic objective
6 Category KPI
Increase
% Perfect Order
NPS
Service Perfect Order % Complete
Perfect Order % On-Time
Backlog
Quality Service COT %
Backlog
Days of Supply on Hand
MPC % 
Backlog Repairs CAPA1) % CAPAs open > 6m
CAPA Action for Performance FCOs past due
Mandatory FCOs Past Due
Continuing Quality (Cust Survey)
DEFOA %
Quality Initial quality (Cust Survey)
% DEFOA Rate - Critical Parts
% DEFOA Rate - Service Parts
% Critical Parts Fill Rate
Repairs Median Elapsed Time to Repair
% Service Parts Fill-rate
% Net Promoter Score
NPS % Net Promoter Score for IT
% Satisfied Customers

1) CAPA = Corrective And Preventive Actions (eg, FCOs)

Source: Jan BU2 QBRM, BU1 May MBRM, BU3 Mar QBRM, Sales Region 2 Mar MBRM, Division Jan MBRM, Healthcare Metrics, Interviews with Controllers

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Example: client KPIs mapped to the execution of Strategic Projects
objective
EXAMPLE

Exec. Strat. Projects Category Tree Execution of Strategic Projects KPIs

- Categories influencing strategic objective - Long List of KPIs per category related to Exec. Strat. Projects objective
7
Execution of strategic Category KPI
Finance projects Traffic light for different projects

Project Implementation % of Succession Plans Complete

Project % Division Plan Strategies Showing On Target Performance
Project Savings
Implementation
Turnaround project savings

Restructuring savings
Project Savings
Balance Sheet Savings for BB Projects

EBITA Contribution - in K-Euro - BB [Monthly]

Source: Jan BU2 QBRM, BU1 May MBRM, BU3 Mar QBRM, Sales Region 2 Mar MBRM, Division Jan MBRM, Healthcare Metrics, Interviews with Controllers

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Example: client KPIs mapped to the employee engagement
strategic objective
EXAMPLE

Employee Engagement Category Tree Employee Engagement KPIs

- Categories influencing strategic objective - Long List of KPIs per category related to
Employee Engagement strategic objective
8
Employee Category KPI
Engagement
EEI

EEI+P

Employee Engagement EES Participation

Employee Engagement Index

PLI

Source: Jan BU2 QBRM, BU1 May MBRM, BU3 Mar QBRM, Sales Region 2 Mar MBRM, Division Jan MBRM, Healthcare Metrics, Interviews with Controllers

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Many existing client KPIs were unrelated to any strategic objective
and their removal from standard reports was recommended
KPIs not Related to the Strategic Objectives
KPI KPI
% A or B audit ratings Greenbelt Escalations
MEC Quality Index % Leveraged GB/BB projects into Process SharePoint
% A or B Internal Audit Ratings for Operations Green belt Project Cycle time
Average Span of Control Number of Active Greenbelt Projects
Organizational Layers % Processes Meeting Targets
TP90 with EL2A Potential versus EL2A Roles Sales Order to Revenue Recognition Cycle Time
Book and bill ratio Sales Order to LoB Frozen Period Start Cycle Time
Bridge P&L analysis LoB Frozen Period Start to Ship from Factory Cycle Time
Business Controls Quality (Pos.) Ship from Factory to Revenue Recognition Cycle Time
% Forecast Accuracy Sales Ship from Factory to Start Install Cycle Time
% Top Potentials vs. EL 1 roles Start Install to End Install Cycle Time
% High Potential vs. Level 90 (Pos.) End Install to Revenue Recognition Cycle Time
% Processes Understood Median ETTR in days
% of Succession Plans Complete Training Compliance in %
% Employees Actively Involved in Improvement % Remote Resolution Effectiveness
% Targeted Employees competent in BE areas Warranty Average Cost of Repair
% Processes Benchmarked Non-Warranty Average Cost of Repair
# of BB's certified - YTD # financial tool Kernels in use in Healthcare
# BB projects accepted in funnel - YTD Q&R Delivery
% BB projects formally linked to Division plans Portfolio Management Maturity
BB completed projects - cycle time PMI Project Delivery
# BB projects completed YTD MP1 Availability
# BB phase exits WOMPA Availability
CNQ [Monthly] % of BOM spend covered with PSL
% Green Belt projects Linked to client plans # of Suppliers representing 80% of total spend in TSL
% of Active Greenbelts with Mentors Assigned % of QA signed with PSL and Risk suppliers
Number of Greenbelts Certified Full Fall Of rate Reduction
Number of Greenbelts Trained [Monthly] % of Suppliers rated Red
LSS E-Learning Modules Completed % SCARs* with repeated defects

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 Next in this IC series….

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 The next chapter in this IC series covers the approach to
implementing new Financial IT Tools
Finance Function Transformation IC Series

1a 4  Overview of client challenges related to planning and

 Project Qual
forecasting processes
Project  Overview of client context and project rationale Planning and  Approach and sample deliverables related to the re-
Overview  Project setup and approach, Booz role Forecasting design of planning and forecasting processes to
 Summary of client’s challenges enhance forecast accuracy and reduce workload

1b 5
 Approach to executing a comprehensive diagnostic of  Approach to using a KPI framework to focus business
a Finance function
KPIs and performance reviews on a limited set of key business
Diagnostic  Example analyses and client deliverables drivers and away from financials only
Reporting
 Key findings from diagnostic that one might find at  Sample client deliverables
other clients
Focus of next document
2  Approach to transforming the Finance Operating 6
Model and example client deliverables
 Perspective on long-term improvement potential for
Operating  World Class finance organization models and how Financial IT core planning and reporting tools vs. best practices
Model they were applied to client context Tools
 Revised shared services governance model and
SOx/control processes related to new organization

3  Overview of client challenges related to controllability 7

vs. accountability of financial statements and resulting Finance  Approach to developing a comprehensive talent
Accountable behavior
Talent management and competency development model
Financials  Framework to align accountability with controllability related to the new Finance operating model
 Approach and sample deliverables to redesigning Management
financial statements to solve challenges and drive
required behavioral change Covered in next chapter Covered in other chapters of this IC

Booz & Company

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