Finance Transformation and Outsourcing Readiness
How Muuto helped LivaNova streamline its global finance organisation and processes onto a common technology platform and re-align the workforce to improve ways of working.
Following the merger of two firms from the USA and Italy, LivaNova faced legacy integration challenges, increased competition, shareholder dissatisfaction, and industrial relations problems. Previous engagements with Big 4 consulting firms resulted in substantial bills - but limited impact.
Attempts to rationalise and improve processes and systems were unsuccessful, leading to poor management information (MI) and cost control. Muuto was invited to discuss the project with the CFO and Finance Transformation VP. LivaNova needed to transform its Finance operation in order to deliver scalable capabilities and reduce its operating cost as a % of sales, but lacked the internal capacity to execute their plan. Muuto’s straightforward, focused, and pragmatic approach resonated with the client, and we were asked to plan out the programme roadmap.
Our Approach: A Collaborative Team for Comprehensive Support
Muuto’s initial involvement expanded into a core team providing planning and execution support across the full scope of the programme. We collaborated with other consulting firms and served as a liaison to the third-party providers. By establishing governance, rhythm, and delivery focus, Muuto helped LivaNova make excellent progress towards the target outcomes.
The Outcome: Streamlined Processes and Cost Savings
The finance transformation resulted in:
Streamlined global finance processes, a common technology platform and re-alignment of work force to improved ways of working, centred around a clear ethos of global process ownership
The delivery of LivaNova’s target Finance cost reduction
By redefining processes, driving automation, improving integration, and rightsizing the organisation, LivaNova achieved cost savings and better positioned itself to navigate challenging circumstances.