By leveraging technology, CFOs can help identify trends that can turn reams of data into a business opportunity. Economic uncertainty has turned the spotlight back onto CFOs and a tribe of finance professionals. Given the trust CFOs have among boards and regulators, they are naturally expected to deliver beyond just numbers. For such professionals who are tasked to do more with less, technology is often a tool to leverage from. For instance, an iconic jewellery brand leveraged technology to do the unthinkable this Dhanteras season. Despite an industry fearing of a tepid season, this brand actioned technology in the form of a business-intelligence dashboard; predictive analytics to guess the stage of purchase of a prospect; and a personalized communication platform. The brand benefitted with a double-digit growth in sales.
(From left to right) KM Aswin Kumar, Portea Medical, Ashok Sonthalia, Titan Company, Nirvikar Jain, Volopay, Vidya Sarathy, 3M, Venkatraman Narayanan, Happiest Minds Technologies
As businesses navigate uncertain environment, CFOs are expected to pull sheer magic. But can technology help CFOs do that? And how does one measure efficiency of these technologies? Finance professionals deliberated on the strategies at a series of roundtables around ‘The Innovative CFO’ that offered a bird’s-view of the evolution in the CFO practice and a nuanced understanding of how new-age technologies are here to help.
BUILDING THE DREAMS OF TOMORROW
CFOs concur that at a time of shrinking valuations there is more to reimagine by leveraging technology. India’s tax agency, for instance, has innovated the democratization of data. Sanjiv Singh, principal commissioner, Income tax explains how the agency enabled access to information for all. “Real-time data and analysis benefits not just the government but everyone to reduce risks. This democratization of data is a broad theme of information management at the agency.”
For CFOs who dare to build the dreams of tomorrow, Sujit Kumar, Co-Founder at Udaan and once associated with Flipkart, has a simple suggestion – CFOs have an opportunity to deliver more than just numbers. He adds, “for businesses with a CFO from day one, financial discipline is ingrained like muscle-memory. As this business matures, the muscle-memory helps comply with regulations and sets transparency across the boardroom thereby helping businesses gain desired trust.”
TECHNOLOGY IS NOT JUST ROI
Technology as a tool could nudge CFOs and organizations to a better tomorrow. But how are CFOs to evaluate the efficiency of such technologies? Return on investment (RoI) remains a major indicator but CFOs also concur that technological obsolescence needs to be evaluated. The availability of technologies such as cloud, automation, AI, and ML should be a business need. Venkatraman Narayanan, MD & CFO at Happiest Minds Technologies avers, “CFOs, generally scout for a solution when there is a problem, but futuristic gazing will help innovate over others.”
The finance function remains a custodian of sustainability and trust. Contemporary technology enables solutions to be deployed in the form of bite-sized modules. With several of these solutions available on the cloud or on a pay-as-you-go model, CFOs can seize the opportunity to gain visibility of their business in fewer clicks than before. While economic uncertainty can spring a few surprises, a smart CFO and their tribe uses technology to ensure focusing on the mantras of transparency, visibility, and control.
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