FinanceSolutionsMakingtheMostofFinanceandAccountingwithBusinessProcessOutsourcingBusinessProcessOutsourcinginFinanceandAccountingIntroducingtheStrategicAgendaAdecadeagoBritishPetroleumfaceddecliningoilproductionandrevenues,butincreasingcostsinitsNorthSeaoiloperations.Tosurvive,itneededtoradicallyreducecostsandfocusitsresourcesonoilexplorationornewacquisitions.BritishPetroleumalsorequiredconsistent,accurate,andtimelyfinancialinformationexecutivescouldrelyontomakerapidandeffectiveresourceallocationdecisions.Thesolution?BritishPetroleumusedbusinessprocessoutsourcing(BPO)toachievesignificantcostreductioninitsNorthSeafinanceandaccountingfunction.Byallowingitsoutsourcingprovidertoownitsnewfinanceandaccountinginformationsystem,BritishPetroleumavoidedbothcostlycapitalinvestmentsbetterdirectedelsewhereandachievedsignificanteconomiesofscalebysharingthesystemandassociatedprocesseswithotherNorthSeaoilcompanies.StandardizationandconsolidationofsystemsandprocessesalsoenabledBritishPetroleumtorapidlyintegrateacquiredcompanies,aswellasimproveitsdecision-makingprocess,basedonmoreaccurateandtimelyfinancialdataandmodeling.Whatwasinnovativeandnovel10yearsagoisincreasinglycommonplacetoday.OrganizationsnolongeruseBPOasatooltoincrementallyreducethecostsofback-officetransactionprocessesinthefinanceandaccountingfunction.TodayorganizationsuseBPOasawaytoachieveabroadrangeofmorestrategicgoalssuchasaccesstonewtechnologyandexpertisethatcantransforminefficientprocessesintostate-of-the-artprocesses,improveddecisionmakingbasedonbetterfinancialdataandinformation,andradicalcostreductionsthatcansignificantlyimpactthebottomline.Significantlyimpactthebottomline.Todayorganizationsusefinanceandaccountingbusinessprocessoutsourcingasawaytoachieveabroadrangeofstrategicgoals.BusinessProcessOutsourcinginFinanceandAccountingIntroducingtheStrategicAgendaAdecadeagoBritishPetroleumfaceddecliningoilproductionandrevenues,butincreasingcostsinitsNorthSeaoiloperations.Tosurvive,itneededtoradicallyreducecostsandfocusitsresourcesonoilexplorationornewacquisitions.BritishPetroleumalsorequiredconsistent,accurate,andtimelyfinancialinformationexecutivescouldrelyontomakerapidandeffectiveresourceallocationdecisions.Thesolution?BritishPetroleumusedbusinessprocessoutsourcing(BPO)toachievesignificantcostreductioninitsNorthSeafinanceandaccountingfunction.Byallowingitsoutsourcingprovidertoownitsnewfinanceandaccountinginformationsystem,BritishPetroleumavoidedbothcostlycapitalinvestmentsbetterdirectedelsewhereandachievedsignificanteconomiesofscalebysharingthesystemandassociatedprocesseswithotherNorthSeaoilcompanies.StandardizationandconsolidationofsystemsandprocessesalsoenabledBritishPetroleumtorapidlyintegrateacquiredcompanies,aswellasimproveitsdecision-makingprocess,basedonmoreaccurateandtimelyfinancialdataandmodeling.Whatwasinnovativeandnovel10yearsagoisincreasinglycommonplacetoday.OrganizationsnolongeruseBPOasatooltoincrementallyreducethecostsofback-officetransactionprocessesinthefinanceandaccountingfunction.TodayorganizationsuseBPOasawaytoachieveabroadrangeofmorestrategicgoalssuchasaccesstonewtechnologyandexpertisethatcantransforminefficientprocessesintostate-of-the-artprocesses,improveddecisionmakingbasedonbetterfinancialdataandinformation,andradicalcostreductionsthatcansignificantlyimpactthebottomline.Significantlyimpactthebottomli...
