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In recent years, CFOs have been asked to improve efficiency and competitive cost structures within the Finance department, while simultaneously meeting the growing demands of the company's operations. This occurs, of course, while CFOs have also had to face additional external scrutiny and compliance requirements. Together, these developments place themes like “finance excellence” or “finance transformation” at the top of the CFO's agenda. In many cases, the result is a comprehensive reorientation of the entire Finance organization with significant performance improvements in both Finance and the entire company.
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Wunder et al. (2008) studied this question.
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