An India-based global IT Services & Solutions Company, part of a diversified business conglomerate, required an interim CFO to fill a sudden gap in their organization.
X-PM’s client faced attrition in the finance function, including the unexpected departure of its CFO.
The organization was also grappling with the challenges of COVID-19 and needed to stabilize its financial and IT systems after a recent M&A deal.
The Client called X-PM to ensure the following:
- Error-free closure and audit of financials, communication of results to investors, and compliance with governance rules applicable to publically listed companies.
- Integration of IT systems across the company.
- Automation of financial processes.
- Management of costs, working capital, and cash in a new business environment.
X-PM quickly deployed a highly experienced interim CFO to build relationships with the existing team and stakeholders and to focus on the following tasks:
- Create deadlines, responsibility matrices, and review mechanisms.
- Re-engineer key processes related to the management of costs, working capital, and cash.
- Strengthen investor communication and relationships, and introduce a global compliance tool.
- Reorganize the Finance function to ensure optimal positioning of team members and ensure a clear understanding of roles and responsibilities.
X-PM’s interim CFO enabled the Client to achieve the following during this 9-month mission:
- Timely and error-free compilation and audit/review of the financials for the financial year and subsequent quarters.
- Successful and timely integration of internal finance and IT systems.
- Initiation of an internal Business Process Transformation initiative across 9 different tracks, with clearly identified timelines, responsibilities, costs, and deliverables.
- Double-digit growth in EBIDTA despite pressure on revenues.
- Reduction of Days Sales Outstanding by 19% to 58, the best in the industry.
- Improvement in the bank balance.