Instilling a culture of leadership at all levels cuts reporting time by 65% and saves £150,000 pa.

Success highlights

[info_list position=”top” style=”hexagon” icon_bg_color=”#ffae00″ icon_color=”#ffffff” font_size_icon=”24″ eg_br_width=”1″ connector_animation=”fadeInUp” css_info_list=”.vc_custom_1534510879291{margin-top: 20px !important;margin-right: 10px !important;margin-bottom: 20px !important;margin-left: 20px !important;}”][info_list_item list_title=”Cutting reporting times” list_icon=”Defaults-calendar” animation=”fadeIn”]

Reduced performance reporting cycle from 5 weeks to 4 days.

[/info_list_item][info_list_item list_title=”Build senior management confidence” list_icon=”Defaults-star” animation=”fadeIn”]

Rebuild board directors trust in the reporting function in 3 months after a long period of no-confidence.

[/info_list_item][info_list_item list_title=”Better decisions” list_icon=”Defaults-check” animation=”fadeIn”]

Improved decision making released £300m capital previously tied up. 

[/info_list_item][info_list_item list_title=”Cost savings” list_icon=”Defaults-money” animation=”fadeIn”]

Collaborative processes save £150,000 per annum in management time.

[/info_list_item][/info_list]

The issues

A large capital projects firm with £1.2bn annual capital spend had lost confidence in its internal performance measuring and reporting function. 

  • Lack of agreement at board level on the accuracy of data delayed critical decision making in the boardroom. 
  • Cost of internal reporting had risen by >50% in 12 months without resolving the issue. 
  • The lack of a “single source of truth” for performance data unnecessarily tied up £300m of capital. 
  • This resulted in insufficient capital being available for other projects and further delays with associated cost increases.

Our approach

[info_list style=”circle with_bg” icon_color=”#02b3b9″ font_size_icon=”24″ icon_border_style=”inset” icon_border_size=”4″ border_color=”#02b3b9″ eg_br_width=”1″ connector_animation=”fadeInUp” css_info_list=”.vc_custom_1536161579522{margin-top: 20px !important;margin-right: 0px !important;margin-bottom: 20px !important;margin-left: 0px !important;}”][info_list_item list_title=”Developing an integrated strategy:” list_icon=”Defaults-diamond”]

Helped the senior team creating an outline strategy for a more effective approach to performance assessment and reporting. This enabled us to lay the foundation for trust among board representatives from different functional areas.

[/info_list_item][info_list_item list_title=”Cross-functional implementation teams:” list_icon=”Defaults-diamond”]

Recruited a team of volunteers to undertake continuous improvements to the reporting process. It built buy-in and added holistic information to the performance assessments, focusing on outcomes and avoiding boardroom arguments.

[/info_list_item][/info_list]

[info_list position=”right” style=”circle with_bg” icon_color=”#02b3b9″ font_size_icon=”24″ icon_border_style=”inset” icon_border_size=”4″ border_color=”#02b3b9″ eg_br_width=”1″ connector_animation=”fadeInUp” css_info_list=”.vc_custom_1536161778609{margin-top: 20px !important;margin-right: 0px !important;margin-bottom: 20px !important;margin-left: 0px !important;}”][info_list_item list_title=”Continuous collaboration:” list_icon=”Defaults-diamond”]

Integrating performance assessment and reporting into the business-as-usual processes cut down on report sizes and preparation time. Resulting data was more up-to-date and comprehensive. This allowed action to be taken whenever issues occurred instead of waiting for weeks for board reports.

[/info_list_item][info_list_item list_title=”Overcoming change fatigue:” list_icon=”Defaults-diamond”]

Using an approach based on agile development and using visual tools, we co-created a program of small step initiatives to address objections and build internal support for the change.

[/info_list_item][/info_list]

Business results achieved

  • Within three months of the program, the reporting team had established a “single source of truth”, meaning new process and approach to performance assessment allowed all board members to be confident in the accuracy of the performance reported. 
  • This shifted the focus of discussions from past performance to future actions and improved decision-making for strategic initiatives. 
  • Over the course of the financial year, the improvements in reporting and decision making allowed the release of £300m of capital previously tied up.
  • Introducing continuous performance reporting cut the management time required for production by 65%, saving an estimated £150,000 pa.  
  • The improvements also enabled faster action to be taken to address emerging issues and greater delegation of problem-solving.   

Based on the estimated management time saved, the team achieved an ROI of 20:1

[icon_counter flip_box_style=”advanced” icon=”Defaults-question-circle” icon_size=”32″ icon_style=”circle” block_title_front=”What results could your business achieve?” block_text_color=”#ffffff” block_front_color=”rgba(51,51,51,0.8)” block_title_back=”Get in touch” block_back_text_color=”#ffffff” block_back_desc_color=”#ffffff” block_back_color=”rgba(51,51,51,0.81)” custom_link=”1″ button_link=”url:mailto%3Awecare%40coincidencity.co.uk||target:%20_blank|” button_text=”email us on wecare@coincidencity.co.uk or click to drop us a line” button_bg=”#ffae00″ button_txt=”#ffffff” cont_align=”on” title_font_size=”desktop:32px;” desc_font_size=”desktop:28px;”]