In the July 30, 2007 Toronto Globe and Mail Report on Business, Mike Zafirovski, the CEO of Nortel Networks Corp, was asked, “What was the old Nortel’s big mistake?” He responded:
Nortel used to have some of the best processes in the world . . . . A lot of Nortel’s old processes were thrown away. . . . Many acquisitions were made and the systems were not integrated. Lots of accounting issues came out of manual processes on top of manual processes.
It’s true: having an excellent accounting system will not create a successful company, but a bad system can sure turn an excellent company into a failure! Nortel is an extreme example, but ask yourself if you could make better decisions if you received better financial and operational reports faster. That’s what re-energizing a system is all about.
Read the whole article here.