In episode 87 of the Leadership Minute, Manny Korakis covers finance transformation projects and what you, as a CFO, can do to help ensure the success of such initiatives. As a CFO, Manny shares insights into things that have worked for him in the past.
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Highlights
00:41 — Manny says it’s important to be clear about your objectives for the finance transformation initiative. These objectives could include process efficiency, customer satisfaction, and better-working capital conversion. You’ll want to document these to avoid confusion.
01:34 — Understanding costs and benefits is crucial for measuring success. Manny also recommends adopting a phased approach to secure quick wins, sustain motivation, and keep the team engaged.
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02:04 — Be wary of scope creep; new discoveries are inevitable during process examination. To manage this, put additional items on a “parking lot” list for later attention, preventing unplanned cost escalations.
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