Case Study: Transforming Finance, Planning & Analysis

by Cesar Bacani, 23 May 2012

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topics:
Management

tags:
business partnering outsourcing shared services

When you’re in charge of the finances of a US$11.4-billion global business, you need to constantly build up and oil the machine that allows you to do your job. Ingo Bank, CFO of Philips Healthcare, is focused on doing just that.

“What we’re doing right now is trying to make finance a) more effective, and b) more efficient,” he says. “The idea is that, with these efforts, our finance costs will come down somewhere between 25% and 30% over time.”

Bank (pictured), who will be a keynote speaker at the CFO Innovation Asia Forum in Singapore in June, talked to Cesar Bacani about his finance management initiatives, which include outsourcing of transactional accounting and centralising of financial planning & analysis in hubs, and other issues. Excerpts:

As I understand it, Philips Healthcare is one of three divisions of Royal Philips Electronics.

Philips is structured into three sectors. Lighting is one sector that is very well-known and has a long history in Asia. Then you have what we call consumer lifestyle, which is shaving, garment care, oral healthcare, domestic appliances, hair care, and sound and vision.

And then there’s healthcare, which accounts for approximately 40% of the revenue of Philips [2011 sales: €22.6 billion] and roughly 60% of its invested capital. We have, world-wide, approximately 38,000 employees in healthcare.

Tell us about Philips Healthcare’s businesses.

We have a number of multi-billion-dollar businesses within healthcare. Imaging systems is one of those, where we develop, manufacture and sell things like MR [magnetic resonance] machines, CT [computed tomography] machines, x-ray, ultrasound, and other imaging devices.

We have a world-leading position in patient care and clinical informatics, which is basically monitoring patients in hospitals for vital life signals and also managing the entire collection and distribution of patient information within a hospital for clinical decision-making.

Then we have a business which is referred to as home healthcare, which is basically two types of businesses: home monitoring for elderly people and home monitoring for sleep apnea.

Click here to meet Ingo Bank at the CFO Innovation Asia Forum in Singapore in June

Those medical apparatus are

Submitted by Jonathan Lewis on 27 December 2012 - 4:21pm

Those medical apparatus are essential in medical establishments especially in hospitals, they are the tools that will definitely save the life of the many. - ultrasound technician classes

I notice the fact that you

Submitted by Dexter Malfoy on 24 September 2012 - 3:42am

I notice the fact that you have extensive knowledge about happens in the finance field and I was wondering if you could tell me your opinion about the www.absolutewealth.com website. Hope you can offer some feed back. Thank you.

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