Financial Reporting (Lassonde)

PROBLEM

The Chief Financial Officer of Lassonde observed that their staff was scrambling to produce financial reports 30 days after the end of the quarter. Employees were left with minimal time to perform deeper analysis. Having frequently used traditional consulting firms that specialize in the financial sector, Guy Blanchette recognized that Lassonde needed something more than just implementation of generic best practices.

APPROACH

In the course of process analyses by Cognitive Group at Lassonde, all key members of the financial department were observed and interviewed in their workplace during regular working hours while performing their jobs. Cognitive Group found three areas to be addressed at Lassonde: 1) Financial directors were waiting until the last minute to get the exact numbers.  By clarifying and the materiality, they were able to estimate costs and provide results 2 weeks ahead.  2) Production of key reports was automated. 3) A better task organization will be developed and provided to staff.

RESULTS

These three improvements will enable employees to produce financial reports in 50% of the time it currently takes to accomplish this work.

EXPERTISE USED 

• COGNITIVE ANALYSIS
• PROCESS REDESIGN