Profile
Platform is one of the largest housing associations in the Midlands and one of the top 15 nationally, with a portfolio of over 47,000 homes, including social and affordable rent and shared ownership properties. It has ambitions to double in size over the next five years.
Since its creation in 2018 as the result a merger between Fortis Living and Waterloo Housing Group, Platform Housing Group has seen significant growth, achieving over £300 million turnover. As a result, the quest for efficient finance operations became paramount.
In line with this growth, the Group embarked upon company-wide change programme which includes modernising its Finance function and systems which could evolve as the company grows.
Objectives
Following the merger, Platform Housing had a number of challenges. The finance function, played a traditional back office function, was overdue investment particularly in its systems and was still grappling integration to the new larger organisation. In 2020, new CFO Rosemary Farrar, took on the mission to establish a truly modern Finance Function which is efficient, mature processes, better data underpinned by a solid chart of accounts to enable financial information which is insightful and fast.
- Implement immediate term improvements to improve provision of services including Fixed Assets & Budgeting/ Forecasting
- Significantly improve Source to Pay capability:
- In-depth understanding of Sourcing to Pay processes – Report to Executive Team
- Define Sourcing and Contract Management solutions requirements
- Implement Invoice Capture Solution (145,000 invoices manually processed)
- Implement Procurement Shared Service
- Major Process Reengineering to include shortening Month End Cycles
- Improve Provision of Financial Information – Chart of Accounts/ Data/ Reporting overhaul
- Full Review and major overhaul of Service Charges process & systemisation preparation
- Support Decision Makers – Introduce and mature Business Partnering & Shared Service
- Implement Major New Solutions and Process for Finance & Source to Pay
In response to these challenges, Future of Finance Consulting stepped in, commencing a phased approach to revitalise Platform Housing's financial landscape.
Phase 1: Deep Dive (November - December 2020)
Initial comprehensive review immersed us in Platform's Finance function, giving an excellent kick start.
We conducted an intensive appraisal of processes/ reporting/ in-flight projects, closely followed by planned reorganisation for improved efficiency.
Report issued to CFO with recommendations to form a programme of work.
Phase 2: Key Improvement Projects (January 2021 - March 2022):
Shaping Future Finance focused on key improvement projects. It encompassed system implementations, including SDS Proval/Sequel Remediation, Pamwin, Assets 4000, and Infor d/EPM. Moreover, this phase addressed process enhancements across various areas like Budgeting & Forecasting, Service Charges and Finance Business Partnering.
Phase 3: Systems Procurement & Implementation (March 2022 - November 2023):
In collaboration with key vendors EY and Proactis, this phase revolved around system preparation and procurement. Extensive workshops and analysis were conducted to map existing processes, laying the groundwork for a monumental systems overhaul. The procurement stage involved meticulous planning and engagement with suppliers, leading to the awarding of contracts.
Phase 4: Solutions Implementation (February 2023 - December 2023)
This phase ensured a meticulous delivery following our structured approach. The team
focused on Design & Build, aligning new capabilities with business objectives and simplifying processes while adhering to the project timeline using Microsoft DevOps. Robust testing mitigated potential go-live issues, specialised training, comprehensive communications, and a robust hypercare process post-implementation were instrumental in ensuring a smooth transition, addressing any emerging issues swiftly.
Results and Achievements
Key Improvement Projects Successes:
- Implement immediate Term improvements to improve provision of services including Fixed Assets & Budgeting/ Forecasting
- Major Process Reengineering to include shortening Month End Cycles
- Support Decision Makers – Introduce and mature Business Partnering & Shared Service
Starting with an initial deep dive and review an initial set of initiatives helped take Platform Finance up the maturity curve. This was in the form of month end improvement (month end shortened by 4 days), new capabilities through systems, moving to a service approach with the implementation of Finance Business Partnering. We used our tried and tested programme and project management methodology to set out what needed to be done then track that to conclusion.
Significantly improve Source to Pay capability:
- In-depth understanding of Sourcing to Pay processes – Report to Executive Team
- Define Sourcing and Contract Management solutions requirements
- Implement Invoice Capture Solution (145,000 invoices manually processed)
- Implement Procurement Shared Service
Improve Provision of Financial Information – Chart of Accounts/ Data/ Reporting overhaul:
- We captured and conducted an in-depth assessment of reporting requirements and delivered those through the optimal method through source system and PowerBI.
- We designed the data structures in source system and the data model in BI so that key reporting is delivered effortlessly
- We migrated data in new system on-time ensuring complete data are in place prior to go live for testing purposes.
Full Review and major overhaul of Service Charges process & systemisation preparation:
Using our project management methodology, we defined a project to significantly improve financial processes in relation to service charges which was complex including:
- Full lease read and site surveys
- Detailed analysis of actual costs to tie up with lease read and site surveys
- New pricing model with updated hierarchy to add in communal areas
- Updated service charges policy
Implement Major New Solutions and Process for Finance & Source to Pay:
The final phase (4) of significant systems implementation was ambitious but we successfully delivered in 9 months punctually and with exceptional quality which was tough but our framework of governance and methodology together with a laser focussed and robust data migration preparation then implementation enabled success. The solutions included:
- Implement Invoice Capture Solution (145,000 invoices manually processed)
- Sourcing solution which was end to end linking with P2P
- Contract Management Database to store contracts & with supplier performance monitoring and management
- Purchase to Pay solution with full workflow where invoices did not match automatically
- Microsoft Dynamics Accounts Payable, General Ledger, Fixed Assets, Project Accounting
- Power BI Reporting based on Microsoft Azure Data Platform
Platform for Growth
Conclusion
Reflecting on our journey with Platform Housing, it's evident that strategic collaboration and meticulous planning have led to transformative outcomes. The initial three-week Deep Dive provided invaluable insights, laying the groundwork for subsequent phases.
In Phase 2, our project management framework propelled momentum, addressing challenges in execution and setting the foundation for comprehensive transformation. Phase 3's meticulous preparation became pivotal for the final solutions implementation, with detailed reporting and a robust data approach shaping success.
The pinnacle arrived in Phase 4 – Implementation, marked by on-time go-live (which safeguarded the budget) and the crucial role of our data migration approach. The developed BI Platform, offering enhanced reporting, stands as a cornerstone in Platform Housing's transformation journey.
The outlined quantitative (£3.4 million net benefit, 29% ROI) and qualitative (£8.0 million net benefit, 68% ROI) benefits underscore the comprehensive impact of our collaboration. As benefits tracking aligns with projections, this journey signifies not just a successful project but a transformative partnership, positioning Platform Housing for sustained success and operational excellence.
Download the full case study here;
Curious to explore the complete journey of Platform Housing Group's finance transformation? Download the full case study PDF for an in-depth view of the phases, strategies, and remarkable outcomes achieved through our collaborative efforts.
