An innovative Indian exporter of nutraceuticals and health supplements wanted to outsource its day-to-day finance operations to a service provider. X-PM was engaged to manage a smooth and timely transition during the 2020 pandemic.
Situation
A nutraceutical and health supplements manufacturer was looking to outsource its day-to-day finance operations in order to enable their key staff to focus more on strategic initiatives.
This challenging activity involved the management of a critical transition which had a direct impact on the company’s customers and suppliers. Time was of the essence, especially amid the 2020 global pandemic, during which all teams were working remotely and independently. This lead to siloed processes in existing operations and compliance gaps.
Solution
X-PM deployed a highly experienced interim transition manager with global exposure to ensure that the finance operations of the company were transitioned to the service provider without significantly impacting the company’s day-to-day operations.
X-PM’s manager had to liaison among multiple stakeholders within the company and the service provider’s team to:
Ensure that the processes were designed with the right team members
Motivate the team
Manage project timelines and risks.
Results
X-PM’s interim manager successfully orchestrated the design of harmonized finance processes across the company’s offices, while adhering to industry standards and compliance practices. The manager created communication decks for the leadership team, clients, and suppliers to educate them on the process changes.
An eleven-member team was assimilated and trained to handle the outsourced volume of finance operations. The interim manager also realigned the client staff so that they could focus on strategic project initiatives without increasing costs.