Objective: Increased Efficiency through Centralization and Standardization
In a mid-sized industrial services provider, a significant restructuring was imminent: the consolidation of the finance departments of several country subsidiaries into a central Shared Service Center (SSC). In this critical phase, Thomas Strobl was hired as the Interim CFO to lead and coordinate this complex task.
The First Challenge: An Unexpected Resignation
Just as Thomas started his role, an additional challenge arose: The commercial director of one of the country subsidiaries unexpectedly resigned and would soon be leaving. Her expertise and knowledge were invaluable to the project. Therefore, Thomas’s first priority was to involve her intensively in the restructuring project to transfer her know-how to other team members.
Strategy and Planning
Thomas started with a meticulous analysis of the existing financial structures in the various country subsidiaries. He developed a detailed plan for merging the departments, placing special emphasis on harmonizing processes and systems. At the same time, he made sure to preserve the individual strengths of each country subsidiary and integrate them into the new SSC.
Building Relationships and Knowledge Transfer
The involvement of the departing commercial director was crucial. Thomas worked closely with her to document her knowledge and experience. He organized workshops where she shared her knowledge with other team members and ensured that this knowledge was effectively implemented in the new SSC.
Communication and Change Management
Thomas was aware that a successful restructuring required clear and open communication. He held regular meetings with teams from all country subsidiaries and kept them informed about progress and challenges. To minimize concerns and resistance, Thomas emphasized transparent communication and active change management.
Setting up the SSC
The practical implementation of the SSC was a complex task. Thomas led the standardization of financial processes and the implementation of a unified IT system. He ensured that all stakeholders were trained and that the transitions went as smoothly as possible.
Process Optimization
With the SSC, Thomas aimed for a significant increase in efficiency. He introduced key performance indicators to measure the effectiveness of the center and implemented continuous improvement processes. The SSC quickly became a central hub for all financial operations of the company, contributing to cost reduction and increased efficiency.
Stabilization and Handover
After successfully implementing the SSC and stabilizing the processes, Thomas prepared for the handover to a permanent CFO. He left behind a well-organized, efficient SSC that significantly improved the financial performance of the company in a sustainable manner.
Conclusion
The story of Thomas Strobl as an Interim CFO in this mid-sized industrial service provider illustrates how crucial strategic planning, effective change management, and the ability to efficiently transfer knowledge are in a restructuring phase.
His approach to addressing challenges and finding innovative solutions not only benefited the company in the short term but also laid the foundation for long-term success and stability.