managing change including collaboration with other members of senior management. Taken together, change management, benchmarking, and strategic management are the three most important tools for any CFO.
Management Concepts
Of all the management concepts we have discussed in class, the one most pertinent to me in my utopic role as CFO is systems theory. Systems theory shows how each person or department is integral to the functioning of the whole organization (McNamara, n.d.). I recognize the role of the CFO as one that is collaborative and integrated into the C-suite,… Continue Reading...
can be implemented. As Vedenik and Leber (2015) point out, “managing change is of key importance if companies or organizations want to remain competitive” (p. 584)—and part of the key to managing change effectively is to know what a company must do to compete and to differentiate itself (Trout & Rivkin, 2006).
With that said, it is possible that a generic model of change management can be adequate for managing change in a company no matter what it is engaged in. A generic model like Kotter’s 8-step model is such a one. This idea is supported by Pfeffer (2013) who… Continue Reading...
attracted a great deal of scholarly attention in the last few decades. Nonetheless, managing change may often not be an easy undertaking for organisations. If improperly managed, change may not generate the desired outcomes. In fact, many change initiatives have failed due to ineffective management.
Effective change management is important for thriving in a rapidly changing environment (Nehar, 2013). Organisations face increasingly complex change, underscoring the necessity of effective change management. In such an environment, there are those who succeed and those who do not. The difference between successes and failures is effectiveness. It is not just enough to implement a change initiative.… Continue Reading...
behaviors to suit desired outcomes. Therefore, change management depends on setting strategic goals and objectives first, and then managing change incrementally. As Jones, Aguirre & Calderone (2014) put it, "plans themselves do not capture value; value is realized only through the sustained, collective actions" of the organization's members. This is especially true in large organizations, but change management strategies and philosophies apply to organizations of all sizes and types.
When leaders are managing long-term major changes in their organization, they may need to keep in mind the four types of organizational change: scale, magnitude, duration, and strategic importance. The scale of the change determines whether it affects the… Continue Reading...
