Corporate transformation: Five success factors

Thomas Dittrich () and Emil Ivanov ()

Chapter Kapitel 8 in Agile Finance Transformation, 2023, pp 109-134 from Springer

Abstract: Abstract Transformations are complex change programs that profoundly reshape organizations with the goal of making them more competitive, healthier, and better poised for sustainable and profitable growth. Normally a multi-function, multi-year program, led by top management, a transformation impacts the entire organization, creating value by upgrading the current organization’s structure, processes, and technology. A company’s finance function typically plays a key role in such a transformation, with the Chief Financial Officer (CFO) acting as the companywide transformation leader and overall program sponsor. Five factors are critical to delivering a successful company-wide transformation: 1. Cost transformation as a catalyst for growth. 2. End-to-end approach to scoping the program. 3. North Star mentality in ambition setting while also driving a fit-for-purpose design. 4. Paced, front-loaded initiative design and relentless leader-led execution. 5. Transformation as an authentic opportunity to assess and develop talent. Examples of successful transformations can offer practical insights and lessons learned to others planning such a program. This article reflects on the five key success factors and how they can be deployed, using the Galderma transformation as a case study.

Date: 2023
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DOI: 10.1007/978-3-658-41332-3_8

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