Abstract
This chapter looks at the contributions Finance can make in transformation projects. They go way beyond traditional “number crunching” or “bean counting.” The contributions I discuss here are based on a modern understanding of Finance, which sees a more comprehensive role for the Finance function by tying the organizational silos together and by providing more strategic support. In particular, I will discuss the following contributions:
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1.
Support decision-making by improving decision-making processes
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Support the organization in dealing with VUCA challenges in an appropriate way
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3.
Become the “challenger in chief” and challenge management’s view by facilitating task-oriented conflicts
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4.
Support communication
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5.
Coordinate and monitor initiatives with program controlling skills
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Notes
- 1.
First book: Wollmann, P.; Kühn, F.; Kempf, M. (Eds.): Three Pillars of Organization and Leadership in Disruptive Times – Navigating Your Company Successfully through the 21st Century Business World. Cham: Springer Nature, © 2020.
Second book: Wollmann, P.; Kühn, F.; Kempf, M.; Püringer, R. (Eds.): Organization and Leadership in Disruptive Times – Design and Implementation of the 3-P-Model. Cham: Springer Nature, © 2021.
- 2.
The definition is based on Ron Ashkenas: We Still Don’t Know the Difference Between Change and Transformation, HBR January 15, 2015, https://hbr.org/2015/01/we-still-dont-know-the-difference-between-change-and-transformation.
- 3.
The acronym VUCA stands for Volatility, Uncertainty, Complexity and Ambiguity.
- 4.
For a detailed description of this role see Babette Drewniok: Der Controller als VUCA-Pathfinder, in: Controller Magazin 06, 2021, pp. 29–35.
- 5.
An example within the EU would be the EU taxonomy concerning climate and environmental objectives.
- 6.
Both methods are described in Chip Heath/Dan Heath: Decisive – How to Make Better Choices in Life and Work, 2013.
- 7.
For a summary see for example Morten T. Hansen: How John F. Kennedy Changed Decision Making for Us All, https://hbr.org/2013/11/how-john-f-kennedy-changed-decision-making. For a more detailed discussion see Michael A. Roberto: Why Great Leaders Don’t Take Yes for an Answer – Managing for Conflict and Consensus, 2nd revised edition, 2013.
- 8.
The German word “alternativlos” means that there are no alternatives to the option chosen.
- 9.
See Aswath Damodaran: Narrative and Numbers – The Value of Stories in Business, 2017, for a more detailed discussion.
References
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Drewniok, B. (2022). The Controller’s New Role in Significant Transformations. In: Wollmann, P., Püringer, R. (eds) Transforming Public and Private Sector Organizations. Future of Business and Finance. Springer, Cham. https://doi.org/10.1007/978-3-031-06904-8_10
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