Objective, Concepts, Implementation Examples

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1 Finance&Control as Business Partner: Objective, Concepts, Implementation Examples - Report About Current Practice In European Enterprises - Juergen H. Daum Chief Solution Architect, Business Solution Architects Group, SAP EMEA, and Co-Founder of the SAP Best Practice Network University of Mannheim, 04 March 2009

2 About Juergen H. Daum Professional background: CFO-adviser and Chief Solution Architect, Business Solutions Architects Group at SAP EMEA. Co-founder of the SAP Best Practice Network Author, lecturer and trainer in enterprise management, finance transformation, innovation management and entrepreneurship, + founder of the International Institute of Enterprise Heidelberg (see: Since 2007: President and founder of the International Institute of Enterprise Heidelberg (IIOE) (in addition to the role at SAP) Since 2002: advising CFOs, and finance professionals of European companies - current focus on finance transformation & enterprise performance management. Co-founder and conceptual father of the SAP Finance Best Practice Network (SAP FBPN) Five years in SAP s product development: Product Manager SAP R/3 EC and Strategic Enterprise Management (SEM), Program Director for mysap Financials Five years in SAP s field organization in Germany and Europe: sales, consulting, product management with the focus on financials and enterprise management COO and CFO in a mid-sized German company before joining SAP in 1992 Frequently publishing and speaking on enterprise management, finance transformation ti and other management topics; author of the books "Intangible Assets and Value Creation (2003) and Beyond Budgeting (2005). More / complete personal profile at: Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 2

3 The SAP Finance Best Practice Network (founded in 2004) Strategic Direction CFO Roundtable (2x per year, two half days) Finance Best Practice Workshops (3x per year, two full days) Development of Implementation Concepts For CFOs and Finance Directors only Get a quick understanding of new emerging topics Exchange of Best Practice strategies in finance transformation Definition of strategic direction of FBPN activities For senior finance professionals / finance architects (finance transformation program manager, group controller, chief accountant, finance operations manager, ) Exchange of Best Practice implementation concepts for finance transformation Identification of demand for Focus Workshops Special Workshops: Focus Workshops, Site Visits, Customer Forums (on demand) For domain / project leaders, who currently work on an implementation project Exchange of Best Practice on process level Level of Detail Cross company network (of finance professionals) Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 3 Ideas and concepts Identifying i best practice (of individuals /single Learning from each other companies) Testing new ideas Developing practical solutions that work kin a specific company environment For more information about the SAP Best Practice Network see:

4 The SAP Finance Best Practice Network: Participants of past events (Selection) Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 4 SAP 2008 / Page 4

5 Agenda What F&C leaders want to achieve: Vision for the future role of Finance&Control The typical finance transformation journey of the past decade: summary of achievements Current finance transformation focus: Finance&Control as a true business partner What s next?: How will the crisis affect the understanding of Finance&Control excellence? Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 5

6 The CFO as Business Partner idea - is not really new Concentrates on formal accuracy and is backwards oriented Likes to work in the backoffice Reacts only slowly to new requirements Old: administrator Is mainly regarded as a cost foctor in the company Sees him- or herself as a partner for the business and drives profitable growth together with his management collegues Manages finance as a professional internal service provider Generates significant monetary and strategic value-add for the enterprise New: business partner Source: Presentation of Juergen H. Daum Die künftige Rolle des Bereichsleiters Finanzen und Controlling innerhalb der Unternehmensführung at the conference Modernes Controlling, Finanz- und Informationsmanagement, in Frankfurt / Main, Germany Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 6

7 What has really changed the role of CFOs in the last decade Drivers of change - examples: Companies have considerably grown internationally and have become more complex and are thus confronted with serious control and steering issues Market volatility and the pace of change have significantly increased creating serious control and steering issues as well The opening of capital markets together with a much larger transparency in the business world (that create a competition for performance) have increased the pressure to continuously improve performance At the same time the requirements to ensure good corporate and financial governance have massively grown (SOX etc.) Accounting regulations (e.g. through IFRS) and financing (e.g. through new financial instruments) have become more sophisticated and complex CFOs need to actively sell sell the company to the investment community and need to have the standing to communicate with critical investors, bankers, auditors and regulators Companies today need real CFOs, i.e. finance professionals who can act as a trusted partner to the business and who can provide financial leadership Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 7

8 The key role of the CFO in creating enterprise value: a value creating business partner Example: View of a private equity investor We like the CFOs and their role and we always make sure that we have a good CFO in the companies we invest, because they are the ones who ensure factbased, rational decision making. I would encourage you to not underestimate how much value CFOs create. We have a huge respect for a great system and a great culture. For us the CFO is always the second key person, the number 2 in the company. In addition to everything he does related to the financial systems, it's his job to root out the inefficiencies and to lead the necessary changes. And he also has to have the ability to tell the CEO 'no'. Managing Partner, international private equity company CFOs ensure fact-based rational decision making. And a CFO has to have the ability to tell the CEO no, if that is necessary. Source: CFO panle disucssion, organised by Juegen H. Daum Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 8

9 What is today regarded as finance&control excellence? Example: How Hackett defines World-Class performance EFFECTIVENESS Industry relative total excess return Operating profit volatility Cost of capital Days sales outstanding Days payables outstanding Days Inventory on-hand Quality metrics Accuracy of forecasts and analysis Functional role in strategic decision making Percent of time analytic focus in on proactive decision making High Effectiven ness Low World-class Effectiveness Efficiency World-class Worldclass Efficiency EFFICIENCY Overall function cost as a % of revenue Process cost as a % of revenue Technology cost per function FTE Staffing levels by process Cycle times and iterations Unit cost of transactions Utilization of self-service for inquiry Application complexity Automation of transactions Reliance on spreadsheets Percent of business reports distributed electronically Source: Presentation of Tom Bangemannn, VP Business Transformation, The Hackett Group, at the SAP FBPW, June 2008 in Hamburg / Germany High Achieving i finance excellence requires improvements in efficiency and effectiveness Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 9

10 The role of the CFO / of Finance&Control The CFO View What is expected from the CFO - results of a McKinsey survey: (Survey among CFOs - respondents could select more than one answer) Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 10

11 The role of the CFO / of Finance&Control The CEO View Example: U.S. Multinational (CEO view) Basic cs Value Adding leadership development help create leadership development Navigator/ a new future winning business models Leader built the [new] system risk & opportunity management of accountability financial planning & analysis Partner ensure the foundation of integrity rigorous oversight sustainable controllership Business Steward/ Controller Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 11

12 Finance&Control effectiveness - the CFO View One major issue [for finance is] to develop the role further to improve support to better manage the business and not just leave it up to the CEO to drive the business, to drive results.. 1 Michael Silbermann, CFO of Microsoft Germany, Munich, D help to drive the business 2 1 Source: Daum, J., Koppelman, P., Lévi, Ch., Silbermann, M., Go for Growth - a discussion with the CFOs and senior finance executives of BHP Billition, Electricité de France (EdF), and Microsoft Germany,, in: Finance Director Europe, issue 2, 2008, pp Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 12

13 Finance&Control effectiveness - the CFO View If we consider the key drivers that will influence the role of Finance in the future, then on one side there are increasing regulations that will require even more attention from Finance. [ ] On the other hand we need a strong focus on business navigation. 1 Dominic i Moorhead, CFO, Roche Pharma but we have to live a dual role in finance 2 1 Source: panel discussions at the SAP CFO Roundtable, 02 December 2005 in Vienna, Austria. See: Daum, J., Brandes, D., Brandt, W., Davies, D.C., Kestens, J., Moorhead, D.: Innovation management and the role of finance: status, challenges and vision, in: Controller Magazin, 6/2007, pp Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 13

14 Agenda What F&C leaders want to achieve: Vision for the future role of Finance&Control The typical finance transformation journey of the past decade: summary of achievements Current finance transformation focus: Finance&Control as a true business partner What s next?: How will the crisis affect the understanding of Finance&Control excellence? Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 14

15 How to get there? the CFO view Example: UK Bank (CFO view) Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 15

16 How to get there? the CFO view At SAP, our task as a business partner role as finance people is to support the transformation of the company. [ ] We have to support this by implementing shared service structures around the world in order to free up resources to then better support the business. * Dr. Werner Brandt, CFO of SAP We have to free up resources [first] to [be able] to then better support the business. * Source: panel discussions at the SAP CFO Roundtable, 02 December 2005 in Vienna, Austria. See: Daum, J., Brandes, D., Brandt, W., Davies, D.C., Kestens, J., Moorhead, D.: Innovation management and the role of finance: status, challenges and vision, in: Controller Magazin, 6/2007, pp Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 16

17 The best practice finance business model - to enable finance excellence (I) () Corporate CFO Roles Governance, Risk Mangmt. &C Compliance: Stewart From Financial to Business Value-Added Governance Parenting & Bus. Development: From Cost Manager to Navigator Strategist & Value Portfolio Manager Operative Business BUs BUs REG GIONs REG GIONs Business Partner sites Business Support Services Shared Services/ Centers of Finance Factory Expertise Service Partner From Back Office Administrator to Professional Service Provider Moving to centralized business support services is a catalyst for standardization, simplification and automation of processes. Source: :Daum, J.H. Die Entwicklung der Rolle des CFO in europäischen Unternehmen. Auswirkungen auf und Zukunftsperspektiven für Controller und Controlling Ein Praxisbericht., in: ZfCM Zeitschrift für Controlling & Management, volume 52, 6/ Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 17

18 Finance Transformation I (Examples) Standardization, Simplification, Automation of processes We transformed finance into one transnational process-oriented organization. We decided to adopt a worldwide organization according to business sectors. As a service provider to the business, finance had to face to this challenge. This meant that [ ] we had to transform our various local, splintered finance organizations into one transnational finance organization, which is more efficient and less complex, and that achieves enhanced process quality 1 Dr. Carlo Mackrodt, former vice president for Global Financial Services, Henkel Process organization Common process definitions and benchmarking Driving process optimization 1 Source: Daum, J.H., Mackrodt, C., Wir haben bei Henkel international eine einheitliche Arbeitsweise im Finanzbereich geschaffen Ein Interview mit Carlo Mackrodt, vormals Vice President Global Financial Services, Henkel KGaA, in: ZfCM Zeitschrift für Controlling und Management, volume 52, issue 5/2008, pp Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 18 Enabled by one ERP instance Shared Services

19 Finance Transformation I (Examples) Standardization, Simplification, Automation of processes Standardization of business information (incl. of look&feel) by Business Information Management at Consumer Products Multinational The objective: standardized business information + more efficient and effective delivery mechanism Standardization of MI and of management process New service delivery mechanism (through regional Controlling CoEs + global BIM group) Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 19

20 Finance Transformation I (Examples) Standardization, Simplification, Automation of processes Simplification of performance management process The objective: rolling, more dynamic performance management process (example: Footwear & Clothing Multinational) The mean: re-engineering sub-processes and tools (example: Petrochemical Multinational) Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 20

21 Agenda What F&C leaders want to achieve: Vision for the future role of Finance&Control The typical finance transformation journey of the past decade: summary of achievements Current finance transformation focus: Finance&Control as a true business partner What s next?: How will the crisis affect the understanding of Finance&Control excellence? Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 21

22 The best practice finance business model - to enable finance excellence (II) Corporate CFO Roles Governance, Risk Mangmt. & Compliance: Stewart Value-Added Parenting & Bus. Development: Navigator From Financial to Business Governance From Cost Manager to Strategist & Value Portfolio Manager Operative Business BUs BUs GIONs GIONs RE RE Business Partner sites From Staff-function to Enabler From Control to Influence From Watch dog to Net Worker From Financial Control to Business Performance Management Business Support Services Shared Services/ Finance Factory Service Partner Centers of Expertise From Back office Administrator to Professional Service Provider The local business partner role is key to fulfill the two core tasks of finance. Developing it means: focus is shifting from standardization and efficiency to differentiation and effectiveness Source: :Daum, J.H. Die Entwicklung der Rolle des CFO in europäischen Unternehmen. Auswirkungen auf und Zukunftsperspektiven für Controller und Controlling Ein Praxisbericht., in: ZfCM Zeitschrift für Controlling & Management, volume 52, 6/ Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 22

23 The Finance&Control Business Partner Idea: A Co-Pilot supporting the Pilot (= Business Manager) Mission of the Co-Pilot: Provide relevant & action oriented Information Support for Business Navigation Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 23

24 Vision for Finance&Control: to become a true business partner and navigator Example: EDF Group, France The role of finance is to help a company as a whole to grow in a profitable way.. [ In order to make that possible], the first thing for us in finance is to make sure we have defined a clear target and we are committed to a good challenge. The second thing is that we have to build efficient and effective processes. Our role in finance is to create the transparency - both the finance view and the management view, so that managers can focus on management, on sales, on marketing and so on. And that means, we have to be as effective as possible, as low-cost as possible. Managers should see finance not as a constraint, not just as the cost-cutter, but that it can be value-added to help them in their job. * Christian Lévi, Senior Vice President and Head of EDF Group Finance Transformation, EDF Group The role of finance is to help a company as a whole to grow in a profitable way and should be regarded as value-added to help managers in their jobs. *Source: Daum, J., Koppelman, P., Lévi, Ch., Silbermann, M., Go for Growth - a discussion with the CFOs and senior finance executives of BHP Billition, Electricité de France (EdF), and Microsoft Germany,, in: Finance Director Europe, issue 2, 2008, pp Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 24

25 Finance Transformation II (Examples) Becoming a value-creating business partner Finance-Business Partnering at Consumer Prod. Multinational to drive profitable growth Finance-Business Partnering at Pharma Multinational to ensure Financial Peace Business Partnering at Siemens Belux to improve decision support for management teams What are the benefits of a Management Cockpit War Room? Guy Bourdon, Chief Consultant, Siemens Belux Nowadays we are in a position to relate the reality of day-to-day business and strategy not only once in the planning stages, but almost on a daily basis. [ This has] enabled us to master the transformation from tactical to strategic management. [ ] Also, our controlling and controlling meetings have become much more efficient: quarterly controlling meeting of a business divisions typically takes only minutes. It used to take two to four hours Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 25 2 Source: Daum, J.H./Bourdon, G., Strategy & Performance Management bei Siemens Belux und die Rolle des Management Cockpit War Rooms. in: Jürgen H. Daum (ed.), Beyond Budgeting, Munich 2005, pp

26 Finance- Business Partnering with Marketing - example: How a consumer products company is optimizing value creation from marketing investments Demand Model (Influence Diagram) Inflation They do Customer segments: They do not know not like the brand the brand GDP Advertisement Unknown Refusers Unknown Refusers New product launches Non- Buyers no. of potential buyers They are aware of the brand Brand aware They perceive its value proposition Quality perceived They are fully convinced and committed Convinced Brand aware Quality perceivers Convinced Product not available at shelf Buyers The levers of marketing Discount s Adv. Sales Force Trade Promotion s Demand Sales volume Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 26 Economic Results Market Profit before Margin share overhead % Shelf Space

27 Finance- Business Partnering with R&D - examples: How Big Pharma is optimizing value creation across the R&D project portfolio The challenge: high risk in the R&D portfolio: The solution: Proper R&D portfolio information management & business partnering R&D portfolio control portal for scientists Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 27 Continuous business partner support by F&C throughout the R&D value chain

28 Global Management Support and Finance-Business Partnering aligned with customer management Process at Consumer Product Multinational Customers Customer Management Customer Planning Opportunity Management & Sales Customer Retention Customer Business Cases Simulation Modeling Customer Financial Risk Credit Management & Collection Terms of trade; Financial Techniques eg Factoring, Discounting Guarantees, Bank communication Sales Forecasting Target + Budgeting 3 year strategic plans Common Financial i Elements Financial Options, Deal Structuring, Contract Analysis, Pricing / EPL Support (Strategic + Tactical), Customer Profitability analysis Legal Matters- Compliance Risk Analysis = Finance tasks Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 28

29 Innovative Finance - Business Partnering at Consumer Product Multinational II The Goal: Transformation, not just Tools Innovative Business Partnering Roadmap Substandard Practice Standard Practice Good Practice Best Practice Breakthrough Practice Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Finance s role is budget management Only a few good practices in place to evaluate investment with little to no Finance involvement Finance has basic appreciation of marketing and sales principles and processes Good practices applied in areas with irregular Finance involvement Finance well educated in marketing/sales principles and processes Good practices embedded in key areas of investment with regular Finance involvement Finance have credible experience in applying marketing/sales principles and processes Best practices embedded with Finance as an enabler Some integrated and predictive tools Common learning programs across Finance, Sales, and Marketing Opportunities for staff to move between Marketing, Sales, SC and Finance More advanced, integrated and predictive tools embedded Collaborative Decision Support embedded throughout organisation Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 29

30 The Finance transformation challenge You have to have the skill sets [for business partnering]. Ab business partner in finance to me is not somebody who is only a finance expert. He has to have much broader business knowledge [ ] and has to understand how the business operates. * Paul Koppelman, CFO of Commercial BHP Billiton, The Hague, NL Finance Transformation II: Focus on people and organization Finance Transformation I: Focus on processes and technology *Source: Daum, J., Koppelman, P., Lévi, Ch., Silbermann, M., Go for Growth - a discussion with the CFOs and senior finance executives of BHP Billition, Electricité de France (EdF), and Microsoft Germany, in: Finance Director Europe, issue 2, 2008, pp Organization Processes IS / IT Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 30 People

31 True finance-business partnering require a shift in focus on people p and organization Example: Mission of finance-business partnering at Financial Services Company (UK) Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 31

32 True finance-business partnering require a shift in focus on people and organization - example: Consumer Product Multinational Description of mission and purpose of business partner / co-pilot concept us? Clearly defined business partner / co-pilot roles (tasks&responsibilities) Enabling business partnering: F&C Training Program Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 32

33 Enabling Finance-Business Partnering at Pharma Multinational: Finance Career Framework Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 33

34 The Finance transformation challenge Developing finance leadership Phase II: Focus on people and organization Phase I: Focus on processes and technology Processes Organization IS / IT People Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 34

35 Mission of finance-business partnering: CFO message of Consumer Product Multinational us? Required are not only financial skills and business knowledge, but also social and leadership skills Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 35

36 Mission of finance-business partnering: CFO message of U.S. Multinational Finance Occupies a Unique Position No Other Function Has Same Involvement In Business Issues All Operational Activities Ultimately Expressed In Financials Key is Leveraging the Position to Improve Results Know How Moving Parts Individually Translate Into Results Know How Each Moving Part Affects The Others Change Operational Behaviors To Improve Business Condition. CFO, U.S. multinational l True business partnering requires finance people to influence others and to drive change! Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 36

37 Finance people as growth generating leaders example: CFO message of US Multinational The Foundation CURIOUS PASSIONATE The Leader External Focus ACCOUNTABLE RESOURCEFUL COMMMITTED TEAMWORK Clear Thinker + = Imagination + Courage Inclusive Leader Growth Generation Leaders OPEN ENERGIZING Expertise Always Executing with Integrity Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 37

38 Finance&Control as change agent and business partner / co-pilot Example: Consumer Product Multinational Finance is a change agent by doing benchmarks, by creating scorecards, by making data transparent, because this will make people more responsible. I am more responsible and more accountable if I can see how my working capital performance is versus my 10 other peers or my 5 other business units. With this finance can drive change very quickly. Finance is a change agent, because finance can then help to raw model the future and to enable the business to change by ensuring that the company really knows what it often only thinks it knows. CFO, consumer product multinational, Europe I really see the role of finance as change agents in the organization. It's the best function that can allow you to see things as they are, that allow you then to build business not on quicksand, but on solid foundations. Source: CFO panel discussion, organized by Juergen H. Daum Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 38

39 How to make it happen? Example: Consumer Product Multinational Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 39

40 How to make it happen? Example: Financial Services (UK) Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 40

41 Becoming a true business partner some initial questions How to establish the necessary financial leadership in the organization? How to become one financial team across levels and departments and drive a common agenda across the world? What is the role of controllers / finance people at corporate level, in the business, in the business services centers? ( who does what / how to organize?) What does business partnership mean in terms of competencies and skills of finance&control people? What are the consequences for training, recruitment, )? How to set up and structure processes, e.g. in performance management and decision support to fulfill the business partner role? How can a finance R&D business partnership improve R&D productivity? How can we become more strategic in R&D decision making processes (rather than focusing just on the technical issues)? How can R&D performance management and decision support be simplified? How to gain acceptance as a business partner? ( finance has to earn its stripes ) What are the building blocks of a successful transformation of finance to become a true business partner? What are the first steps? How to leverage tools (information systems)? Source: SAP Focus Workshop Finance as a Business Partner, 24/25 May 2007, Basel/CH, organised by Juergen H. Daum for 4 European companies Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 41

42 Defining the journey towards finance excellence How do we define finance excellence Where are we? What are our objectives? What do we have to change? What are the priorities? What is the right sequence? How do we organize our finance transformation? What are the subproject targets? The finance transformation journey Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 42 Source: Juergen H. Daum, IIOE-Heidelberg

43 Key success factor: Manage the hard and the soft factors You need clear goals and a common understanding. Then take on a long-term perspective and break it down into small steps and milestones. That way, everyone in every process no matter how small will know what to do. By following that method, you break the work down into bitesized pieces that you will not choke on and are easy to digest. * Dr. Carlo Mackrodt, former vice president for Global Financial Services, Henkel But it s also about leveraging the internal finance community and about good communication to make change really happen and to achieve the finance mission! *Source: Daum, J.H., Mackrodt, C., Wir haben bei Henkel international eine einheitliche Arbeitsweise im Finanzbereich geschaffen Ein Interview mit Carlo Mackrodt, vormals Vice President Global Financial Services, Henkel KGaA, in: ZfCM Zeitschrift für Controlling und Management, volume 52, issue 5/2008, pp Jürgen H. Daum, Guest lecture at the University of Mannheim, 04 March.2009 Page 43

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