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Champions of Change

A bull market for syndicated bank loans lets lenders transfer risk.
Russ Banham and Ian Springsteel, CFO Magazine
December 1, 1997

Nobody knows that better than the winners of the 1997 REACH Awards for financial reengineering, cosponsored by CFO magazine and MasterCard Corporate Products.

But companies don't reengineer to win awards. They do it to change for the better. They reengineer to make themselves better businesses, better customers and suppliers, better workplaces. They reengineer because, in a growing economy with less than 5 percent unemployment, they need to help their workers become as efficient and value-adding as possible.

The 1997 REACH Award winners are champions of change. Common to their accomplishments is a successful transition from functional silos to cross-functional processes, a transition reflected in the award categories. Thus, for example, vendor processing has replaced purchasing and accounts payable, and customer processing has replaced billing and accounts receivable.

Don't look for these companies--or any of the many other worthy entrants in the REACH competition--to quit while they're ahead. They know well the value of perseverance. And they also know that success, as Dell CFO Tom Meredith likes to say, is never final.