Falck unifies global finance systems to enable efficiency and compliance
As a global healthcare company, non-standardised finance processes running on a complex and fragmented IT landscape make it difficult for Falck’s global finance function to be efficient and have the right insights to properly support the business. Now, Falck has started to implement a new, centralised digital finance platform that lays the foundation for more standardised finance processes.
Falck, Scandinavia's largest healthcare provider and partner to different healthcare systems, is committed to advancing sustainable healthcare solutions to meet the increasing demand for treatment and healthcare. With a history of helping people and innovating healthcare for more than 100 years and a global presence in 26 countries, Falck has a broad footprint and involvement in many different communities, which have resulted in a complex, heterogenous IT system landscape as many internal systems originally have been characterised by country-specific services and platforms. To better leverage Falck's global presence, services, and experience across their markets, Falck is making significant investments in its digital infrastructure.
One of Falck's major digital investments is currently focused on a global standardisation of their financial systems. Standardised financial systems will provide a better data foundation and insights for making strategic decisions that will ensure Falck's development and increase the access to their global healthcare services.
Falck could not modernise the finance function and implement new ways of working using outdated technology. They needed a finance platform of the future to realise the business benefits of a uniform approach.
The Moneta programme
In 2022, Falck scoped the “Moneta” programme. With the new programme, Falck has set out on a journey to replace the many legacy systems of the past with one, standardised finance system based on Oracle’s cloud technology stack. Falck has chosen Deloitte as their finance digitalisation partner to be responsible for implementing the new Oracle Cloud Finance solution. Deloitte’s project team uses resources from primarily the Netherlands and Denmark who work together with offshore resources in India. Deloitte handles activities such as project management, solution architecture and end-to-end delivery, including testing and training support.
“The strategy behind the Moneta programme is to move towards a global, agile, scalable, and resilient finance organisation which supports the growth aspirations and changing needs of our business, partners and customers. Instead of spending time on reconciliation of data and ensuring its compliance, we want to focus on the interpretation of our financial data to unleash its potential and enable more insights and better decision-making when executing on our strategy of enhancing more sustainable healthcare solutions. From an IT security standpoint, it also gives us a more robust security posture when we can decommission old legacy systems that
are not as fit to protect sensitive financial data as a modern technology
platform,” says Maarit Pokkinen, Head of Global Finance in Falck.
Pilot in Sweden, implementation in Denmark
Together with Deloitte and Oracle, Falck implemented the new finance platform in Sweden in the beginning of 2024 as the first pilot. Building on top of the Swedish pilot, Falck is currently proceeding with the Moneta programme in Denmark which is a key market for the Group because of its historical ties to Denmark and the location of the corporate office in Copenhagen.
“When rolling out such a big digital solution it requires seamless coordination and collaboration between a lot of people. Deloitte has vast expert knowledge within finance, and as an implementation partner, we have benefited from Deloitte’s project management expertise and organisation. We have worked together as one big team with cross-functional teams that represent a functional scope of the entire finance transformation,” Maarit Pokkinen says.
One of the things, she and her colleagues at the Falck value in the partnership with Deloitte, is the consultants’ ability to challenge their perspectives.
“Sometimes as a customer it can be difficult to communicate your business' needs because everything is moving so fast when you are in the middle of a project. In these cases, it’s good to have a partner who can support you in seeing the bigger picture and provide the right guidance on both a technical and a functional level,” Maarit Pokkinen says and explains that in other cases, Deloitte has been very honest stating that part of the project is also a learning experience for them.
Supporting the core business
While it was clear in this case that Falck wished to implement a new technology platform to pursue efficiencies and ensure compliance, Falck is also perfectly aware that technology alone is just a tool in such a process; it is the people and the processes that drive strategic success.
“It is crucial to secure our ability to optimise processes with efficient workflows, well-defined procedures, and the right controls and performance standards. Leveraging new, digital capabilities to create an organisational structure that fosters collaboration and commitment is essential for driving operational effectiveness and efficiency. We are pleased with Deloitte’s contributions and appreciate their efforts in helping prepare Falck for the future,” Change Manager in Falck, Görkem Copuroglu, sums up.
The new finance platform is expected to go live in Denmark in 2025. From there, the finance platform will be rolled out to other countries in a still undecided order.