Find out how we helped one of India’s largest homegrown FMCG companies stay ahead of the curve and navigate business uncertainties with robust internal audit mechanisms, facilitating its international expansion through best-in-class global business processes and internal controls.
Together, we build an expansive future.
An Indian FMCG giant sought to expand operations and establish its business beyond domestic shores. To do so, it needed to enhance its multiple processes and internal controls. The client had a complex business model involving multiple geographies, multiple processes, multiple IT systems, a large number of stock-keeping units (SKUs) and a growing network of third parties, especially post the pandemic. It needed an internal auditor who would consider all the risks it is exposed to, identify its process weaknesses and vulnerabilities, and recommend best industry practices. Also, the economic downturn caused by the pandemic, geopolitical tensions and poor macroeconomic conditions had put FMCG companies under pressure, and the client needed to ensure cost savings, improve operational efficiencies and cut revenue leakage.
How did PwC help?
We used a three-pronged approach comprising people, processes and technology.
Our experienced professionals from various fields (technology, finance, compliance, M&A, ESG, etc.) identified the roadblocks and crafted bespoke solutions for the client. We did a deep dive into the core processes as well as the support processes of each business model with the objective of reviewing the following:
- design of controls
- operating effectiveness of existing controls
- compliance with internal policies and procedures.
Our goal was to bring in a structured approach centred around the potential risks and opportunities. We used our proven methodology and strong project management skills to identify risks and slippages. Our team kept track of any control failures and identified them before they became a problem. We also looked deeper into aspects such as productivity, line efficiency and internal benchmarking. Going beyond the processes and controls dimension, we helped identify cost savings, sales losses in e-commerce, possible fraudulent activities and underutilisation of assets.
We adopted a data-driven approach for better decision making. Our team also implemented robotics process automation and tools for compliance, contract management, etc., for both domestic and overseas operations.
Delivering sustained outcomes – our impact
Through our curated approach, we helped the client identify business risks, possibility of process lapses, facilitate process benchmarking, and institute best practices/controls for good governance. We helped the client achieve a robust control environment, efficient operations, cost optimisation, and overall enhancement in the digital quotient of the company.
With our cross-sectoral and multi-competency tools and technologies, the client was able to manage its operational and governance-related considerations seamlessly, and this operational efficiency helped it focus on its strategic priorities and growth aspirations. Our deep understanding of the sector and related issues and risks helped the client stay ahead of the curve in all matters related to audit and thus build integrity. This adds to the client’s reputation and helps enhance trust among all shareholders and stakeholders, further building on brand value.
