Two of Fonterra’s senior finance managers picked up the 2013 Innovation of the Year Award at last night’s New Zealand Institute of Chartered Accountants Awards in Auckland.
Patrice Wynen, Director, Finance Delivery Centre, and Ken Stephens, General Manager Reporting Services, were recognised for a new month-end financial acceleration projects that reduced Fonterra’s group reporting time by 50 per cent.
Through the project, Fonterra’s group month-end financial close was reduced from six days down to just three. The reduction was achieved in less than eight months and without any form of technology change.
Fonterra’s Chief Financial Officer, Lukas Paravicini, said the winning project was as much about leadership and an innovation culture as it was about sound financial practices.
“Through this project we introduced a ‘Right at any Time’ culture that enables us to be faster at responding to the market and provides our stakeholders with accurate information at any time – not just month-end.
“Transactions are now correct at source. Month-end velocity is about ensuring that all upstream processes are complete, correct and right at any time.
“Fonterra operates in over 100 markets and therefore has a complex legal structure, operating model, and system environment. This project produced a suite of standards that deliver consistent and clear information to our people across the globe,” said Mr Paravicini.