FP&A Today

Why and How I built an FP&A Center of Excellence at Verizon - Ed Hyer

Dec 5, 2023

45:39

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Ed Hyer

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Quick takeaways

Establishing a Center of Excellence in FP&A can lead to efficiency, cost savings, and improved quality of work.

Starting with streamlined and standardized processes and leveraging new technology enhances the efficiency of the COE in FP&A.

Deep dives

Establishing an FP&A COE: Building Efficiency and Driving Innovation

Working in the world of financial planning and analysis (FP&A) provides the opportunity to make an impact and influence the business. The establishment of a Center of Excellence (COE) in FP&A can drive efficiency, cost savings, and improved quality of work. The process of setting up a COE requires a clear service delivery model, defined work that will be moved into the COE, and effective governance. Over time, the COE can take on more responsibilities and focus on process improvement and automation. The key is to start with streamlined and standardized processes and then leverage new technology to enhance efficiency. Performance measurement is crucial in tracking the success of the COE, and metrics such as deliverables, time taken, and customer satisfaction should be regularly monitored. Overall, FP&A professionals should have a mindset of continuous improvement, be curious, and challenge the status quo to drive change and innovation.

The concept of centers of excellence in companies

01:05

Driving Efficiency and Automation: The Success Story of FPA Automation

01:25

Introduction

3min

Building an FP&A Center of Excellence at Verizon

17min

Building and Managing a FP&A COE at Verizon

6min

Building a Center of Excellence at Verizon

14min

Motorcycles and Fascinating Personalities

2min

Funny Stories, Favorite Excel Features, and Alternatives to Excel

2min

Automation, Critical Skills, and Contact Information

2min

Ed Hyer, as VP FP&A at Verizon, built one of the most ambitious centers of excellence (COEs) undertaken in finance.

Put simply, a center of excellence centralizes similar types of work into a single entity. While relatively common for payroll functions or “back-end transactional work”, FP&A presented an altogether bigger challenge for the COE concept.

The creation of Verizon’s Center of Excellence at the $134 billion revenue 118,000 employee company counts as one of the most audacious challenges undertaken in FP&A–ultimately comprising 175 professionals, took more than a year to complete and fanning through 24 different waves transformation to take effect. Though the impetus from the beginning was on proving the concept could work, Verizon's FP&A COE has now transformed the business in impactful and unexpected ways.

“I remember one case, where someone showed there were 16 different processes here. He said he could get it down to two, and I've just saved myself six hours on workday one. It didn't require any new tools or technology.

In this must-listen to episode Hyer reveals the secret of Verizon’s FP&A transformation:
In this episode: