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Laying the Foundations for Successful Financial Transformation

30 Employees in Finance
12 Finance Capabilities in Scope
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Client Overview

Premex Group is a specialist outsourcing organisation offering a diverse range of products and services to the insurance, healthcare, and legal sectors. As the UK’s largest provider of medico-legal reports used to assist in the resolution of personal injury claims, Premex offer customer-focused solutions delivered with convenience, speed, innovation, and quality.

Problem Statement

Premex were planning a Finance Target Operating Model implementation programme and needed a good view of the current maturity of their Finance function. Their drivers for Finance transformation were:

  • Simplification of the Finance technology stack

  • Replacement of the current Finance ERP platform

  • Re-engineering and standardisation of Finance processes.
     

Amidst the wave of automation, Premex were keen to evolve the Finance team’s offering from record keeper – to – business partner – to – the custodian of enterprise performance.

Solution

 

The Finance Strategy and the Transformation Design Principles were reset, Maturity Assessments were performed for each core capability, and agreement was reached on the desired future state.

 

Several short-term improvement opportunities (accuracy, efficiency, reduction in errors) were identified and prioritised. Longer-term recommendations that aligned to the aspired maturities and were in most cases dependent on tech investment like vendor and supplier portals, etc.

Outcomes

The updated strategy and vision for Finance based on the “Finance Function of the Future” provided Premex with the assuredness to give the green light for their transformation program. At the core of this was an expansive list of business requirements for the ERP Vendor selection.

While the aim was to accommodate the maximum number of Finance processes in the new ERP system, Premex were aware that nuanced ways of working would result in additional requirements for digital transformation outside of this. The recommendations provided for adjacent digitisation will enable maximum efficiency, end-to-end automation and compliance.

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