The Finance Division is responsible for primary functions such as Accounting, Planning, Budgeting and MIS, Local and International Reporting, Corporate Taxation, Treasury, Commercial and Pricing, Legal and Secretarial and Internal Audit.
The Finance division was the leader in implementing Sun Systems in India using local resources. Implementation of SunSystem ledger accounting module for Parke-Davis was completed last year. As a part of continuous improvement of business processes, the finance team has developed and implemented the Sun Business Module using internal resources and trained over 120 people to implement it in a phased manner. Further, a new Inventory Bills Processing Module with MAPS interface is under development using internal resources. The Finance Team is part of an internal consultant network for JAALA Finance. The Internal Audit team visited South Africa and Senegal to review their financial processes and provide inputs for best practices. This has been recognized as a strong example for other markets in JAALA Finance. The division continuously benchmarks itself within and outside the industry. In the study conducted in Asia / AFME region on Finance - Best Practices, Pfizer India was rated as the second best country in the region.
Managing the shareholders is another function of the Finance Division. Presently, both Pfizer Limited and Parke-Davis Limited each have more than 42,000 shareholders. Pharmacia Healthcare Limited has around 9,000 shareholders. The entire shareholding record of all the three companies has been outsourced to a third party and is online.
The Finance Division played a key role in the integration of Parke-Davis and Pharmacia into Pfizer Limited ( India ).
Customer Survey - In November 2002, Ernst & Young carried out a Customer Satisfaction Survey of all divisions across Pfizer India and rated the Finance Division HIGH in terms of Overall Satisfaction with the Services and Interactions, Job Knowledge and Responsibilities etc.
Recently, Pfizer - India received a ranking of "GOOD" by Pfizer New York Audit committee. This is in recognition of the good systems and procedures in the Finance Department.
Finance is co-sponsoring a cost leadership initiative in order to identify and achieve substantial savings in manufacturing, distribution and other areas.
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