The office of the CFO is responsible for generating reports that drive compliance and decision-making. However, tools that aren’t made for today’s business environment frequently cause difficulties for teams. More sources of data. information that is both financial and non-financial at once. Highly collaborative and highly scrutinized reporting. These are all complicating the work of meeting increasing regulations, capitalising on expansion opportunities and addressing talent retention challenges.
A wave of forward-thinking businesses have been inspired to modernize reporting and compliance through finance transformation as finance leaders are taking advantage of this chance to rethink their operations. A significant financial shift has occurred at Takeda Pharmaceutical Company Limited, a company that develops, researches, and produces medicines for patients. Takeda’s Finance Controller for ISEA and TAS, Olga Oreshkina, provided insights into the company’s journey. The following is what she had to say about how Takeda’s finances have changed.
1. How is technology being used by Takeda to make financial reporting more efficient?
Optimisation and process efficiency are our primary focuses. Utilizing the most efficient technological solutions, such as the Workiva platform, we are concentrating on streamlining procedures. Workiva has supported us in implementing very standard, transparent solutions for our annual financial statements.
Our annual audit procedures have been improved, which is a significant benefit. Our reporting environment is enhanced by the Workiva platform’s international alignment.
2. What were some of your project’s most challenging aspects?
There are two main challenges: change management and technical implementation.
Change management is unquestionably the more challenging of the two. It involves convincing stakeholders to adopt new approaches and move away from historical practices. Acceptance of new procedures and a shift in mindset are required for this. Change management is critical before you move on to the technical part. You can start from the different processes, but at the end of the day you have to come to one common solution that brings agility and flexibility.
3. What were the critical success factors for your finance transformation project?
Automation and acceptance were crucial to success. Acceptance and comprehension of the new solution’s advantages are crucial. Automation helps us save time and resources, allowing us to focus on more complex tasks. Additionally, proper communication and regular meetings were vital in ensuring everyone was aligned. This transparency and preparation reduced execution time, improved overall efficiency and decreased the cost implication of government fees.
4. What outcomes have you seen from implementing the Workiva platform?
We were able to standardize and streamline our annual financial statements thanks to Workiva. The global statutory reporting solution has made our audits and processes significantly more transparent and effective. We have created a global reporting environment that is more stable and transparent because we have implemented the Workiva platform in various regions. We used to outsource to outside companies in some countries that were involved in internal audits, which could have affected internal controls. By leveraging the Workiva platform, we implemented a simple solution that allowed us to quickly adapt, avoid outsourcing services, and cut additional costs.
The GSR platform has significantly reduced costs, improved timing, and reduced resource consumption. I always say it makes our life simple.
5. What advice would you offer to other businesses considering implementing technological changes?
Since I work as an internal auditor, I enjoy working with the facts. Facts are very important when trying to persuade someone. The buy-in process will unquestionably be simpler if you can demonstrate the advantages. I would also recommend using logical arguments and avoiding emotions.
Another bit of advice: never give up. A person with more than 30 years of experience will undoubtedly find it challenging to adjust to a new setting. However, perseverance is essential. You can always present them with new arguments, and at the end of the day you will succeed in implementing the change.