The Finance Director (“FD”) is responsible for the leadership of the finance organization across the Clinical Solutions (“CS”) Division. The CS Division was formed with effect from 1 January 2013 from the combination of the Clinical Decision Support and Global Clinical Reference business units. Through the direct finance organization and engagement with Finance Shared Services, the FD is responsible for providing high quality end to end financial & commercial support and services to the CS division and other key stakeholders. This includes financial components of operational and strategic planning, financial management and commercial decision support across all business functions, business development & M&A, , development/maintenance of the broader performance management framework and within this provision of management information, budgets, forecasts and other requirements to support effective decision making and attainment of goals within CS, and meet all Elsevier/RE group requirements.
The FD forms part of the Divisional CS management team, and is expected to apply finance expertise, critical financial /operational analysis and strong commercial judgment, to deliver insights and action plans which influence and optimize the performance of the business, enable the business to meet short and medium term operational / strategic plans and drive sustainable top and bottom line growth and enhance shareholder value, while maintaining a strong level of internal control & legal / regulatory compliance. The role is currently US based and focused, but with an increasing international component as the CS division extends sales/distribution internationally, working in conjunction with regional business in EMEALA and APAC.
Key Business Partners / Stakeholders:
• CS MD, CS Divisional Management, CS business unit management, CS Finance team
• HS/Elsevier CFO, Elsevier Strategy Director, Elsevier Group Finance (FP&A, Tax, Group Reporting),Elsevier Divisional FD’s
• Elsevier PTG, Operations, RE group finance
Key Result Areas and Main Responsibilities:
Financial Management & service delivery – Revenue / cost management, planning & forecasting FD will be responsible for: (25%)
- Preparation of financial plans, budgets and forecast of a high quality and integrity, which are owned by the business units and CS Divisional Management and in conjunction with business leaders, managing the business to deliver targeted outcomes, through early identification of revenue and costs issues or opportunities and implementation of plans to mitigate or capitalize on them respectively.
- Delivering outstanding financial service to the business and other stakeholders (Elsevier division, RE) through:
- Development of deep knowledge of the business and relationships with key management
- Provision of high quality and relevant periodic/adhoc MI, reporting and analysis through the cycle
- Positively influencing the commercial performance of the business
- Managing shared services provided by FSSC and other functions to ensure E2E financial services and processes are fit for purpose and meet business needs
- Providing financial support and management of sales organization to ensure sales plans, incentives and performance mgt framework are aligned with business revenue goals, and drive optimum performance and behaviours
Business Development - Performance management framework, incl. Key Performance Indicators (KPIs) and Management Information (15%)
FD , working closely with the MD and business unit leaders, will be responsible for developing and maintaining a coherent performance management framework, encompassing financial and operational metrics and appropriate leading indicators, which is aligned with the evolving strategic and operational objectives of the business, and which is embedded in the business. As part of this the FD will work with Business units :
- To develop and maintain a hierarchy of performance dashboards and detailed Key Performance Indicators, (financial+operational) for each business area, which reflect key value drivers, leading indicators etc and so deliver actionable insights.
- The performance dashboards should meet the requirements of CS leadership and BU management teams, and facilitate/support business performance reviews/discussions with Elsevier and RE stakeholders, across all reporting cycles.
- FD will work with businesses to develop & agree appropriate targets for KPIs, track performance, bring emerging issues to attention of CFO / CEO on a timely basis, and work with businesses to ensure actions plans are developed and implemented to mitigate risks and keep business on track.
FD will be responsible for coordination, development and delivery of reports to support monthly performance review / execution tracking meetings between Elsevier CEO/CFO and BU MD/FDs and for monthly meetings with RE CEO and CFO.
Business Development - Organic Development Initiatives, DR (15%)
FD will be responsible for providing commercial / financial analysis and decision support on business development activities including:
- New Product development
- Business model development
- Expanding distribution relationships (VAR)
- Product pricing / discounting (working with HS pricing teams as relevant)
- International exploitation of assets
FD will be responsible for overall financial management / oversight of CS product development portfolio and annual spend which is expected to grow rapidly from current level of $35m, as the business accelerates its organic growth strategy. Within this, FD will be responsible for upgrading and maintaining financial management framework, and in conjunction with PTG/ business product management groups, developing, implementing and maintaining improved end to end governance, project management and product development processes, which deliver significantly improved decisions and outcomes measured in terms of commercial success, effectiveness of spend and time to market. Within this the FD will be responsible for:
- Upgrading / maintaining financial business case models to be deployed across all project proposals
- Assessing / reviewing and developing recommendations on project proposals with particular focus on commercial integrity of financial business cases, proposed business models, and billing/fulfillment solutions.
- Representing the CS business in periodic Elsevier division product / project review meetings
- Ensuring appropriate success criteria, measured in terms of customer and value outcomes are specified in all business cases ;
- Upgrading and maintaining management information and reporting processes to support both monitoring and decision making around operational execution of projects and periodic assessment of progress and go / no go decisions
- Developing framework for reporting and assessment of overall product portfolio, including clear and consistent financial metrics / decision criteria to be applied to all projects
- Assessing and re-engineering financial planning processes to align with evolving approach to product road mapping, whilst meeting requirements of financial planning processes (budgets, reforecasts, 3 year plans)
- Implementing processes / framework of birthday reviews of key product initiatives, to assess performance and capture learnings.
- Maintaining and ensuring compliance with accounting policies around content and IT development spend
- Coordination and preparation of materials for RE Annual Investment Review of major development initiatives
FD will be responsible for leadership of or participation in CS / Elsevier / RE divisional projects, focused on optimising / improving business performance. Projects are likely to have a strong focus on driving revenue or operational efficiency, but will also target improvements in risk management and related operational processes.
Success factors will vary for each project, but in all cases will be determined against demonstrable improvements in business performance (eg revenue development, operational effectiveness / productivity, improved compliance etc) and/or business acceptance/buy in. The FD will also be responsible for project management & coordination at CS level of the Disaster Recovery programme being implemented by IT, working with CS business unit leads to ensure appropriate prioritization across Elsevier initiatives and business engagement.
Business Development – M&A, joint ventures, partnerships (15%)
FD will be responsible for leading and delivering all financial aspects of CS M&A activities, including financial modeling, coordination and management financial due diligence (internal + external), risk assessment and scenario analysis, post acquisition management & integration, and delivery of financial plans on which any acquisition decision was made.
Finance Transformation Programme and integration of billing systems - support roll-out of global system/process initiatives and finance transformation programme, including outsourced activities (10%)
FD will be responsible for ensuring that existing and future business requirements (whether MI, decision support, customer/supplier etc) for all businesses are delivered through the finance transformation programme and other global system / process initiatives. (Incl. Oracle 12, HFM, MDM, new billing / fulfillment systems)
FD will be responsible for supporting / guiding editorial/product groups as new processes and/or systems roll-out that directly affect them (e.g. P2P, iExpenses etc), to ensure there is effective business adoption and implementation.
FD will be responsible for identifying and driving improvement in E2E financial processes, in conjunction with other finance areas (Elsevier group finance, FSSC etc), including where appropriate the move of related activities to FSSC / Genpact to allow CS finance resources to focus on commercial decision support activities. FD will be responsible over 2013/2014 for developing and implementing plans, in conjunction with FSSC, to migrate all billing systems deployed across CS onto the core Elsevier platforms / systems (Salesforce, Siebel CRM/AiR, Oracle)
Team effectiveness & development (10%)
FD will be responsible for leading and developing the CS finance team to ensure the team is a high performing team with strong job satisfaction, and which has the requisite skills and capabilities to meet evolving business needs and enable the FD to fulfill individual and broader finance goals:
- Organise the team and establish individual responsibilities to ensure they are aligned with business needs and deliver effective customer service.
- Define and execute development plans for team members which enable individuals to fulfill their potential and progress to higher roles
Risk Management / Internal Control (10%)
FD, working in conjunction with Elsevier operational risk function, will be responsible for maintaining and developing the risk management processes and in conjunction with business leaders ensuring material risks are identified and being appropriately managed to mitigate potential loss to the business. FD will be responsible for ensuring framework of internal control remains appropriate to business is operating effectively and any identified control issues are resolved effectively.