Magazine article Financial Management (UK)

Led by Finance: Greg Scanlon ACMA, CGMA, Senior Manager with Pfizer's Finance Portfolio Management and Optimisation Group, Reports on How He Led a Project to Extend the Pharmaceutical Giant's Financial Shared-Services Model into Emerging Markets

Magazine article Financial Management (UK)

Led by Finance: Greg Scanlon ACMA, CGMA, Senior Manager with Pfizer's Finance Portfolio Management and Optimisation Group, Reports on How He Led a Project to Extend the Pharmaceutical Giant's Financial Shared-Services Model into Emerging Markets

Article excerpt

THE BACKGROUND Pfizer markets medicines, vaccines and many well-known consumer healthcare products in both the developed and developing world. By 2012 we had established commercial and manufacturing finance teams in a number of emerging economies, but we realised that we needed to serve these markets, which Pfizer expects to continue growing, more effectively.

THE PLAN We decided to set up a number of global financial solutions (GFS) centres in Asia Pacific, Latin America, eastern Europe, Africa and the Middle East. The plan is for these shared-services centres to support transaction processing in 82 countries. When implemented, it should extend a consistent, GFS-supported operating model based on standard processes, while enabling financial managers to spend more time on key activities such as decision support, compliance and control.

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THE PROCESS We first conducted a feasibility study involving functions such as biopharmaceuticals finance, global supply finance, GFS, business technology and procurement. This was a success and the project was approved in November 2012. we ran a workshop to develop standard approaches to aspects such as change management, communication and organisation design. After this, we worked out our methods and set the main milestones. We established a global implementation team, hiring a head of shared services for emerging markets, who is ultimately responsible for the implementation. Regional teams are being set up as we deploy in each region. …

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