"Reese Partners helped Huhtamaki realize significant cost savings of over $2 million a year. The expertise provided by Reese Partners was superior to what we could have done internally, with respect to both quality and time. They brought an objective view that couldn't be replicated internally, worked within a tight timeline and presented what made the most sense given both current and future business trends."
"Reese Partners assessed our current state of effectiveness and efficiency at our Grant Park Engineering Center, benchmarked us to similar operations and recommended opportunities for improvement. They brought great industry knowledge that supported the benchmark, plus brought a fresh set of unbiased eyes to the assessment."
Re-engineering business processes to stabilize operations
Business Case
The client, a large, global pension plan, had more then 65,000 participants and recently deployed new "front-end" technology. However, it did not properly plan for the integration of financial information and processes with its existing legacy systems. Plan reporting, not to mention financial reporting, did not take place for more than one year, due to delayed interfaces to the general ledger causing a backlog of more than 19,000 transactions. Reese Partners was engaged to stabilize financial and business process operations and bring monthly and year-end reporting current. Defining longer-term strategic finance department objectives was imperative.
Reese Partners Role
Reese Partners was engaged to re-engineer the organization's entire cash structure. Cash processes across the board were revamped, including billing and receipts, and internal and external resources were managed. A new finance team was developed and trained to assume full responsibility for the organization's newly streamlined and world-class financial operations.
Client Success
Reese Partners helped the company survive in a crisis situation through: » Analysis and re-engineering of cash processes and procedures; » Developing metrics for measuring performance, reporting and communication processes; » Education, supervision and training programs for individuals to ensure success with newly formed financials; » Developing best practices and a Standardized Procedures Manual; » Monitoring and measuring improvement in exception processing; and » Implementing new procedures and transitioning them to the organization's training and development group.
Results
After stabilizing chaotic financial operations, Reese Partners consultants completed a number of critical operational performance assessments that uncovered areas to streamline workflow processes and gain overall efficiency. Reese Partners entered a fragmented environment, identified key areas of need and inefficiency, trained employees, stabilized operations, and moved the organization onto firm financial ground.
