#Transformation Series #3
This week, I’m sharing a remarkable experience of a process turnaround during my tenure as the CFO of an MNC.
The company had acquired multiple franchise operations, and along with the Head of Operations, we were tasked with setting up the Regional Operations for the business.
The Challenge
The MNC expected the CFO to ensure:
- Business Process Integrity
- Reporting Accuracy
- Seamless Business Support
The company had a rigorous and robust audit process conducted by veteran business professionals from across the globe. A single high-risk audit finding could lead to serious consequences. Regardless of when a business was acquired, once it became part of the organization, compliance with the company’s processes was non-negotiable.
When we took over these operations, the challenges were glaring:
- No established processes
- Poor governance mechanisms
- Data integrity issues
Our mission was clear: to get these businesses fully compliant within six months.
Our Approach
What worked in our favor was the strength of the company’s brand name and unlimited compensation budgets, which allowed us to hire the best talent. We assembled an exceptional team both at the Regional Headquarters and in Finance Controller roles across the units.
The true challenge was getting the operating teams at the units to adapt to the company’s processes and standards. Here’s how we approached the transformation:
- Understanding the Blue Book
- The Blue Book was the organization’s bible of processes. We ensured the HQ team fully understood it first.
- Training the Teams
- Instead of replacing the existing operating teams, we trained them on the Blue Book processes. Their deep knowledge of the organization’s workings was invaluable, and we chose to upgrade their skills rather than replace them.
- Leading by Example
- The leadership team worked alongside the units, demonstrating the processes and instilling confidence in the team.
- Relentless Focus on Documentation
- We ensured that every piece of documentation was completed to the required standards, leaving no room for error.
The Outcome
When the audits commenced, within six months of the units being acquired, the operating teams we trained achieved a flawless audit report.
The credit goes to the five-member HQ team and the Finance Controllers at the units, who emerged as the true heroes of this process transformation. Their collaborative efforts and unwavering commitment led to exceptional results.
Key Takeaway
This experience reaffirmed a belief of mine:
If you trust your team, train them, and support them through thick and thin, they will rise to the occasion.
