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2023 | OriginalPaper | Chapter

8. Corporate transformation: Five success factors

The Galderma example

Authors : Thomas Dittrich, Emil Ivanov

Published in: Agile Finance Transformation

Publisher: Springer Fachmedien Wiesbaden

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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.

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