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Led by finance: Greg Scanlon ACMA, CGMA, senior manager with Pfizer's finance portfolio management and optimisation group, reports on how he led a project to extend the pharmaceutical giant's financial shared-services model into emerging markets.

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THE BACKGROUND Pfizer markets medicines, vaccines and many well-known consumer healthcare products in both the developed and developing world. By 2012 we had established commercial and manufacturing finance teams in a number of emerging economies, but we realised that we needed to serve these markets, which Pfizer expects to continue growing, more effectively.

THE PLAN We decided to set up a number of global financial solutions (GFS) centres in Asia Pacific, Latin America, eastern Europe, Africa and the Middle East. The plan is for these shared-services centres to support transaction processing in 82 countries. When implemented, it should extend a consistent, GFS-supported operating model based on standard processes, while enabling financial managers to spend more time on key activities such as decision support, compliance and control.

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THE PROCESS We first conducted a feasibility study involving functions such as biopharmaceuticals finance, global supply finance, GFS, business technology and procurement. This was a success and the project was approved in November 2012. we ran a workshop to develop standard approaches to aspects such as change management, communication and organisation design. After this, we worked out our methods and set the main milestones. We established a global implementation team, hiring a head of shared services for emerging markets, who is ultimately responsible for the implementation. Regional teams are being set up as we deploy in each region. We're also using external advisers to assess locations, prepare business cases...

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