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Corporate transformation: Five success factors

In: Agile Finance Transformation

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  • Thomas Dittrich
  • Emil Ivanov

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.

Suggested Citation

  • Thomas Dittrich & Emil Ivanov, 2023. "Corporate transformation: Five success factors," Springer Books, in: Ulrich Egle & Markus Gisler & Imke Keimer (ed.), Agile Finance Transformation, chapter 0, pages 109-134, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-41332-3_8
    DOI: 10.1007/978-3-658-41332-3_8
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