Madrid, January 16, 2023
The professionals who undertake this arduous task are known as CROs (Chief Restructuring Officer), typically hired from Interim Management firms that have interim managers specializing in restructuring. It is essential that the processes of turnaround These projects should be carried out by professionals with extensive experience in organizational change management, and they must be external to the structure of the organization they will be working with. This provides them with an objective perspective that allows them to act pragmatically, free from any internal influence. Of course, the external CRO has a team of professionals who hold permanent management positions within the organization, although, on occasion, they need to supplement this structure with other managers specializing in different disciplines. In this way, mixed teams of interim managers and executives from the company undergoing restructuring are formed.
One of the immediate tasks these professionals undertake is to stabilize the often very complex situation. Their intervention typically has a positive impact shortly after they join a company. It's important to note that these transitional CROs are supported by the structure of an Interim Management firm. This firm provides them with technical support and intervenes if the interim manager isn't meeting their objectives, even replacing them immediately with another executive if necessary. This operational capacity is what distinguishes a freelance interim manager from a company specializing in transition management services. In Spain, due to the large number of highly qualified executives available on the market, there's a tendency to confuse a freelance professional with an interim manager; however, there are substantial differences. Most of these independent professionals want to be hired by a company to execute a specific project, hoping to remain with that organization. However, a professional interim manager is driven by a nomadic lifestyle, enjoying working on different projects in various sectors, professional fields, and countries. This is one of the reasons why these professionals operate through Interim Management companies, most of which have an international presence, as is the case with EPUNTO Interim Management that belongs to the network Valtus AllianceIn addition to providing them with all kinds of support throughout the service for which they have been hired, they know that the company will rely on them for another mission, so they strive to achieve the best possible results in their involvement. This has been and continues to be the case in the Anglo-Saxon market and in most European countries where transitional management has been well-established for decades.
Each restructuring process is different, although they often have commonalities. Sometimes, the services of Turnaround Interim Management They are hired to carry out actions derived from a prior analysis process, carried out by the organization itself or by other organizations, experts in certain professional fields.
In other cases, the interim manager must handle the entire process, which involves: analyzing the situation, developing a diagnosis, creating a restructuring plan, implementing it, and, in a final phase, evaluating the results. Subsequently, the interim management firm withdraws the manager in transition, as they will have successfully established the technical and professional structure necessary for the company to embark on a new path to success after their intervention.
Without a doubt, we can consider the turnaround as a process that increases the competitiveness of any organization, regardless of its activity, sector, or geographical scope. When an organization's weaknesses, threats, strengths, and opportunities are analyzed, a renewal always occurs, usually involving innovation, which is the pillar that underpins competitiveness. Currently, digitalization, at the management, production, and marketing levels, is one of those essential competitive factors, requiring a genuine overhaul of production processes and the professional teams that manage them. For this reason, some Interim Management companies have created business divisions or affiliated companies specializing in digital transformation. This is the case with [Company Name]. LIQUID Smart Technologies, designed to provide flexible digitization services to companies and public entities.