How Pernod Ricard India’s Finance CoE became future-ready for growth

In collaboration with EY, Pernod Ricard embarked on its finance transformation journey through a structured approach emphasizing stakeholder engagement and governance. Initially, the initiative garnered feedback from cross-functional leaders concerned about shifts in finance support. Within the finance function, experienced personnel who had developed their own workflows faced uncertainty and the concept of a Finance CoE was initially met with caution.
 

To address concerns, the transformation began with a comprehensive diagnostic assessment of over 700 activities performed by approximately 180 FTEs across key finance processes. EY facilitated over 40 workshops with business finance teams to align on the target operating model, detailing service placement, manpower needs, improvement opportunities and governance frameworks with SLA targets.
 

To implement the target operating model, EY developed a detailed transition plan that included over 280 "to-be" process flows, 650 standard operating procedures and approximately 1,300 knowledge transfer sessions. They also conducted over 30 New Ways of Working sessions and established daily Gemba boards and 50 SLAs to build trust with business teams. Additionally, more than 20 digital workflows, 30 reporting automations and ERP enhancements were introduced to streamline processes and improve efficiency.

Effective change management was essential for PRI management due to its anticipated widespread impact. EY created a detailed stakeholder map and tailored change management strategies to communicate information, clarify roles and foster commitment to the CoE's vision. This included robust project governance, regular updates, and milestone celebrations to encourage collaboration and maintain momentum.
 

On the people front, special attention was given to deploying experienced managers from various business finance teams, who understood PRI policies, processes and more importantly the culture. EY also conducted expert-led training sessions to promote a service-oriented mindset, and over 20 employee-of-the-month awards were conferred to motivate team members and encourage healthy competition.

Looking ahead, the Finance CoE team is collaborating to explore AI integration, particularly for enhancing compliance functions. Additionally, the CoE aims to gradually expand into forecasting and predictive analysis, elevating its analytical capabilities beyond transactional processing. Further lies a more ambitious vision: transforming India Finance into a global Centre of Excellence supporting Pernod Ricard businesses worldwide.
 

Success mantra

• Start with clear objectives and prioritize steady progress over ambitious changes.
• Effective change management and consistent communication are essential for fostering team trust.
• Collaborating with external partners enhances discipline and accountability, contributing to successful transformation.
• External partners should integrate smoothly as extensions of the team to promote collaboration over transactional interactions.
• Celebrate successes throughout the journey to maintain motivation.

Pernod Ricard India’s Finance CoE is entering a new phase of evolution – broadening its impact, strengthening its strategic role, and laying the groundwork for future-ready finance excellence.