'Finance professionals need to improve their data skills'

Corona as both a dampener and an eye-opener

Friday 13 March 2020. Désirée Theyse remembers the lockdown being announced fifteen months ago as though it were yesterday. 'A lockdown! How does that affect us as a secondment provider?,' Theyse outlines the first thoughts that came to her mind as CFO. 'We didn't know what would happen either. In fact, we weren't even sure if all our clients would allow our professionals to work from home. Fortunately, our relevance to our clients was soon underlined when we realised they were keeping their own and our professionals working from home. That came as quite a relief. During the lockdown weekend, we considered each business unit at name level: which professionals are working on which projects, which projects are approaching completion and how do we get new ones into the pipeline? All this was made possible by our new back-office system, which we had selected and rolled out a year previously with the help of PwC. The fast availability of relevant data gave us predictability and confidence. Our access to sound data helped us make better business decisions and stay ahead.'

From strategic director to CFO

Two years ago, things were very different when Désirée Theyse joined DPA as corporate strategic director on 1 January 2018. With her background in strategic-financial positions at banks (MeesPierson, Kempen and Van Lanschot) and a supervisory directorship with a financial portfolio at Nedap), she proved to be the right candidate as the company's new CFO. 'I'd already decided that I wanted to use my knowledge, skills and experience as a CFO when DPA came into the picture,' says Theyse. 'Since DPA is a listed company, the CFO was proposed to the shareholders' meeting and appointed by the Supervisory Board. We decided that I would start as strategic director on 1 January and - if it clicked - I would be proposed for appointment. And that's what happened. I was formally appointed as CFO on 23 May 2018.'

There was no clear remit for the CFO beforehand. 'But it wasn't long before I had come up with one,' says Theyse. 'I soon realised that management information and data were available at DPA, but it took a good deal of effort to knock it into shape. That was because DPA had made many acquisitions and launched startups from 2015 to 2017. That resulted in all kinds of systems being linked to each other, making it difficult to get clear, uniform monthly reports. The task I set myself at the time was to make sure that data was in excellent shape.'

Show leadership, have the guts to transform

PwC used its BXT approach and linked its extensive experience and expertise in the temporary employment and secondment market to the end users' problems and needs. That resulted in a suitable technological solution that would make DPA's financial operations future-proof. 'The issues faced by DPA are also clear to see among other players in the temporary employment and secondment market,' says Ron Martinek, PwC's digital leader for private business. 'Many companies have growth plans and look ahead from an entrepreneurial point of view. That often takes the focus away from having the back office working correctly. As you grow, so does your administration, the number of employees and all the work that entails. There comes a time when you have to take a step back and take a good look at what you need to do to make your business future-proof. The project with DPA once again demonstrates the strong impact of digitisation. The urgent need for change was quickly apparent: in fact, it was a no-brainer. But it still took leadership and guts to set the transformation in motion.'

Data proficiency

'It certainly took leadership and guts,' Theyse agrees. 'After all, we knew all about the risks. Two things we brought to the fore: we must be able to send invoices and pay salaries. Ultimately, what really matters here is: 'cash flow in, cash flow out'. Our approach and the joint team of DPA and PwC provided the support and confidence we needed to make it happen. During one of the first meetings we explained what we were looking for and asked: how soon can it be done and how are we going to do it? In the summer of 2018 we set the target launch for 1 April 2019. We completed the preliminary process with requirements, pitches, supplier selection and rollout in nine months. We looked not only at the system but also at how we could streamline the team. Data knowledge, data analytics, how to make essential data visible - this is where we have made significant inroads as a company. We are becoming more data-driven, and our people are becoming more skilled at using data. That data proficiency is part and parcel of the finance professional of the future.'

Change and resistance

'We see data as the foundation of our entire organisation,' says Theyse. 'Everyone now makes sure the hours and contracts are entered in the same way. Of course, this called for a cultural change because our business units were used to a considerable degree of autonomy. Although we soon agreed that change was inevitable, carrying it through also met with some resistance. At first, we noticed that some business units were unused to having things decided for them. Our choice was that 95 per cent would be the same for everyone and that there would only be exceptions for a few matters. Just say that, rather than 'we are going to look at the various wishes again'. We move forward as soon as everyone has been heard and there is enough support.'

A shared vision of the future

'When you do take the step, it's important to present a united front as management and close off all the shortcuts,' Theyse continues. In change processes, you have to be persistent and sometimes make hard decisions. But to be honest, I didn't find it difficult. It was clear to all that we had to change. The finance team had known that for some time, and so did the commercial people. But their attention soon turns to the implementation aspect: "Can I still do that my own way?" - 'No, that's no longer an option.' Discussions like these are inevitable, but given the relatively short term of the project, there wasn't much time for talking. We had to move ahead. We succeeded in creating broad support. Based on the common belief that something had to change, we put together a project team led by DPA consultant Marc Lukkien. Working with the PwC team of Ron Martinek and Daniël van Norren went really well, and the workshops given by PwC provided all the inspiration needed for the new way of working and led to a shared vision of the future of the financial function. It also helped that I hadn't worked at DPA for very long. That made it easier for me to introduce a new style, and say: that's how it's going to be. It's more challenging if you've been involved in the process for years. Seeing that something needs to be done, picking it up, rolling it out, getting it done. You simply don't have time to have too much background noise around you. That certainly isn't how I operate, and nor does PwC. Based on mutual respect, we have come a long way and have managed to get things done relatively swiftly.'

From back office to front office

DPA said in advance that it aimed to recoup its investment within three years. 'That seemed quite ambitious at the time,' Theyse laughs. An analysis in May 2020 showed that the back office was running more efficiently than expected. 'But that didn't make me think, great, two years ahead of schedule! I'm sooner one to get down to work right now. I keep asking myself: what could be even better. I expect the same of my colleagues, based on my belief that people should be useful: that's good for the office, but certainly also for the people personally. If you don't have that much to do and things start getting stale, the time has come to start looking for new projects together. Because ultimately you want everyone to be thinking all the time about what to improve next.' 

As the financial function evolves from controlling to predicting, more and more data on the commercial side is becoming available. Whereas in the past year DPA was mainly concerned with cost control, the secondment company is now free to focus on growth and do its utmost to make that targeted growth in turnover more predictable. 'That's something else I'll be involved in as CFO,' smiles Theyse. 'The success of this back-office project has left us wanting more. Now it's the front office's turn. That covers leads to actual transactions, in recruiting professionals and the sales side with our clients. A system with relevant data in these areas is high on our wish list so that we can respond effectively to the fluctuations in supply and demand.'

Retention, relevance, buy & build

The time has now come to dust off the strategy that suddenly had to be put on hold due to corona. 'We will be pursuing that strategy unchanged,' insists Theyse. 'All this centres on three elements: retaining professionals, relevance to the client and 'buy and build' through acquisitions. Just as we used the momentum in 2018, we are now using it again to get our strategy up and running. What I would like is for DPA to become truly 'one family, one company'. And for us to successfully turn all those speedboats into one single company. We can do that with different labels, but with the feeling that we are all working for one company. That is what I now see as my mission in my broad role as CFO.'