Professional Services firm in India with 27,000+ employees
Firstsource provides business process management in the banking and financial services, customer services, telecom and media, and healthcare sectors. Its clients include financial services, telecommunications and healthcare companies. Firstsource hosts operations in India, US, UK, and the Philippines.
Firstsource’s CFO was personally responsible for building and maintaining a standard financial model for the company and using that model for forecasting.
“Our model wasn’t very good,” said Rick Corcoran Jr., current board member and former interim-CEO of Firstsource, “and the forecasting piece was weak.” During his time as interim-CEO, Rick experienced the difficulties of not having a reliable model first-hand. “Without a reliable forecast, we couldn’t track against it fast enough,” shared Rick. “It was very difficult to run the company from a board perspective. And then once I got in there as acting CEO, it was almost impossible to plan and make strategic decisions,” he said. Firstsource needed a financial planning and analysis solution that would take the burden off their executive leaders to help them better focus on and support growth.
Their financial modelling wasn't good.
Rather than searching for an internal financial planning and analysis (FP&A) professional to handle this, Firstsource was able to rely on E78 Partners.
Regular forecasts, user-friendly data, and operations, planning, and decision-making improvements.
Firstsource partnered with E78 Partners to build and manage their financial modeling and forecasting.
Rather than searching for an internal financial planning and analysis (FP&A) professional to handle this, Firstsource was able to rely on E78 Partners as an outsourced solution to provide the level of quality they were looking for. “We’re a middle market company and we wanted big company quality FP&A, but it is hard to find them, convince them to move to Buffalo, and retain them,” said Rick. “E78 Partners, as an outsourced partner, provided the flexibility for us to scale with them,” he added. Having E78 Partners on board has been “transformative” says Rick. “We now have weekly, monthly, quarterly, yearly models and forecasts that are an order of magnitude better than they used to be,” he said. It is not only the data that is powerful, but the way E78 Partners builds and presents the data. “They present the reports in a digestible way. It is easy for senior management to look at the data, engage with it, and make decisions,” Rick said.
He continued, “With E78 Partners, forecasting has been about as good as it can be. It has been a real benefit to the organization. People feel more comfortable that there’s a steady cadence to it. There are fewer surprises, which helps everybody up and down the reporting chain. E78 Partners has really been transformative.”
Firstsource has experienced remarkable results through our services. With regular forecasts provided on a weekly, monthly, quarterly, and yearly basis, the company now has enhanced reporting capabilities, enabling senior management to make well-informed decisions. Our user-friendly data platform has streamlined operations, planning, and decision-making processes, leading to significant improvements in overall efficiency and effectiveness.