Editor’s V I E W
Why Smart Financial Planning Matters
Indeed,likeitissaid, "Money, like emotions, is something you must control to
keep your life on the right track." Financemanagementisanimportant factorinbothpersonalandbusinesslives.Withthisfastworld,onefindsa betterreapingofdecisionsandlonger-termsuccessinunderstandingfinancial strategies.
Poorfinancialmanagementhasbeencitedtobethereasonwhynearly60%of smallbusinessesfailwithinfiveyears.Thisisafactthatunderscorestheneedfor goodfinancialcontrol.Goodbudgeting,forecasting,andinvestmentstrategies couldbethekeyinassuringanorganization'ssurvival.
Asstudiesindicate,organizationsthatresorttosoundfinancialplanningareupto 30%morelikelytoachievethedesiredobjectives.Successhasbeenoftwo kinds-firstlyintermsofdefinitionoffinancialgoalswithclarity,andsecondly throughregularreviewofperformance.Ifdatarelatedtofinanceisanalyzedby organizations,theywillbeabletoidentifytrendsandmakegood,growth-related decisions.
Beyondstrategicplanning,buildingastrongfinancialteamisalsoessential.A well-builtteamwillbeabletoinformandguideyouintohowtomanagedifficult marketmoments.Technologycanalsobeinvestedinsothatfinancialprocesses arebetterandlesslikelytoperpetuateerrors.
Thisismorethanjustnumbers.Thisisthecreationofaroadmaptosuccess.In fact,anorganizationthatboastshighfinancialliteracyisalwaysbetterequipped withtheskillstograpplethroughchallengesandtoseizeonopportunities. Moreover,thiswillhelpthemcreateabrighterfutureforthemselvesandtheir stakeholdersintheprocess.
Thelatestissueof “Top 10 Global Leaders to Look For in 2024,” byInsights SuccessfeaturesShakeelSummunwhosejourneyfromacasualstudenttoa financialpowerhouseisasremarkableasthecompanyhehasbeenworkingfor Hisrisetosuccessisatestamenttothepoweroffinancialliteracyandstrategic planning.
Haveagoodreadahead!
e nts
Cont
08. COVER STORY
Shakeel Summun Navigating Financial Storms
ARTICLES
36.
Developing ESG and Sustainable Financial Strategies
60. How can CFOs Leverage Digital Technologies to Create Value for their Companies
PROFILES
16.
Chelsea Andrews: A Proud Leader in The B2B In uencer Marketing Service Space for the Technology Industry
20. Grzegorz Nowakowski: Transforming Mobile Phones into POS Devices to Speed Up Card Payments
24.
Jonathan Shroyer: Steering Innovation in the Outsourcing Industry
28. Laura Brandao: Leading with Optimism and Perseverence
32.
Matthew Brown: Enhancing modern Digital Marketing through Strategic Planning
40.
Netta Jenkins: Adding Depth to Diversity and Inclusion in Dipper
44.
Nicole Martin: Empowering Businesses with Talent and Passion
50. Stefanie Rollins: An Inspiring Leader Bringing Changes to the Industry
54.
Ziad Hanania: Driving Renewable Energy Solutions and Sustainable Development in the Middle East
Business
Business
Digital
Marketing
Chelsea Andrews Co-founder
Company Tech Mode www techmode.io
Grzegorz Nowakowski Vice President and Founder So Pos www.So pos.eu
Jonathan Shroyer Chief Customer Experience
Innova on Officer
Laura Brandao President
Ma hew Brown Chief Excitement Officer
Ne a Jenkins Founder
Arise Virtual Solu ons Inc www.arise.com
American Financial Resources www.afrcorp.com
Digital Kungfu www.DigitalKungfu.com
Holis c Inclusion Consul ng www.ne ajenkins.com
Nicole Mar n Chief Empowerment Officer/Founder HRBoost www.HRBoost.com
Shakeel Summun Group CFO
Na onal Insurance Co. www.nicl.mu
Stefanie Rollins COO SnapFulfil www.snapfulfil.com
Ziad Hanania Chief Execu ve Officer
Chelsea Andrews leads Tech Mode, specializing in cu ngedge technology solu ons that empower businesses to thrive in the digital era.
Grzegorz Nowakowski is the visionary behind So Pos, pioneering mobile payment solu ons that revolu onize transac on processes for businesses.
Jonathan Shroyer plays a crucial role at Arise Virtual Solu ons Inc., transforming customer service through innova ve virtual solu ons and opera onal excellence.
President of American Financial Resources, Laura excels in mortgage solu ons, focusing on customer-centric services that empower homeownership and financial stability.
Ma hew Brown leads Digital Kungfu, a digital marke ng agency dedicated to helping brands amplify their online presence through innova ve strategies.
Ne a Jenkins, founder of Holis c Inclusion Consul ng, is a renowned DEI expert, advoca ng for systemic change and inclusivity in workplaces globally
Nicole Mar n is a strategic leader at HRBoost, providing tailored HR solu ons that enhance organiza onal effec veness and employee engagement.
Shakeel Summun is a dedicated professional at Na onal Insurance Co., focusing on delivering innova ve insurance solu ons tailored to client needs.
Stefanie Rollins is a key player at SnapFulfil, driving advancements in supply chain technology to enhance opera onal efficiency for clients.
Hanania Investments Group www.hanania.me
Ziad Hanania is the driving force behind Hanania Investments Group, focusing on strategic investments that foster growth and sustainability across diverse sectors.
Aseconomicuncertaintiesloom andtheinsuranceindustry facesunprecedented challenges,onecompanystandsoutfor itsfinancialstrengthandstrategic foresight.Atthehelmofthisfinancial shipisShakeelSummun,theGroup ChiefFinancialOfficerofNational InsuranceCo.Ltd,whosejourney fromacasualstudenttoafinancial powerhouseisasremarkableasthe companyhehasbeenworkingfor NationalInsuranceCo.Ltdhas weatheredmanystorms,butnonequite likethecurrentglobaleconomic climate.Withshiftingmarket dynamics,regulatorypressures,and evolvingcustomerexpectations,the insurancesectorisindireneedof visionaryleaders.EnterShakeel, whoseuniqueblendofexpertiseand
experiencehaspositionedhimasthe rightpersonfortheseturbulenttimes.
Shakeel’spathtobecomingafinancial leaderwasfarfromtraditional.Initially showinglittleinterestinacademicsat theveryyoungage,hesubsequently discoveredapassionforfinanceand accountingthatwouldshapehisfuture. Throughsheerdetermination,he earnedqualificationsfromprestigious institutions(ACCA,ICAEW&CFA), layingthegroundworkforacareerthat wouldtakehimtotheupperechelons ofthefinancialworld.
Hisprofessionaljourneybeganwith theBigFouraccountingfirms,where histalentquicklybecameapparent. Shakeel’srapidascentthroughthe rankssawhimtakeonleadershiproles intheoffshoreandfinancialservices
sectors,honingtheskillsthatwould proveinvaluableinhiscurrent position.
Thepinnacleofhiscareercamewith hisappointmentasGroupCFOatNIC Group,arolethatwasinitiallyfilledin withcriticalchallengestobeturned aroundandtransformedatNational InsuranceCo.Ltdinauniquely complexenvironment.Hisstrategic visionandfinancialacumenhavebeen crucialinnavigatingthecompany throughcomplexmarketconditions andsignificantlycontributingtothe restructuringandtransformationofthe business.
Colleaguesdescribehimasaleader whocombinesanalyticalprowesswith ahumantouch.Hisabilitytoseethe bigpicturewhileneverlosingsightof thedetailshasmadehimaninvaluable assettoNationalInsuranceCo.Ltd. BehindShakeel’sprofessionalsuccess liesastrongsupportnetworkoffamily, friends,andmentorswhohavebeen instrumentalinhisjourney This balanceofpersonalandprofessional relationshipshasshapedhimintoa well-roundedleadercapableofsteering thegrouptowardsaprosperousfuture.
Let’s explore his innovative journey in finance!
APassionforExcellence
Shakeel'sjourneyintofinancebegan withaninnatefascinationfornumbers andadesiretomakeasignificant impactinthebusinessworld.Although initiallycontemplatingacareerasa teacherlikehisfather,Shakeel’s passionforfinanceledhimtopursue advancedqualifications,including ACCA,ICAEWandCFA.
HiscareertookoffatDeloitteand Ernst&Young,wherehequickly recognizedthekeyrolefinanceplays
inorganizationalsuccess.Thisinsight fuelledhisambitiontoexcelasaCFO, wherehehasbeeninstrumentalin craftingfinancialstrategiesanddriving substantialbusinessachievements.
MasteringtheBalance
Hehassuccessfullynavigatedthe complexitiesofbalancingademanding professionwithafulfillingpersonal life.Earlyinhiscareer,hefacedthe challengeofjugglingbothspheres, whichrequireddisciplinedtime managementandsettingclear priorities.
Ashisrolesandresponsibilities evolved,Shakeeladoptedaflexible approach,adjustingstrategiesto maintainbalance.Duringintense projectperiods,hetemporarilyshifts personalcommitments,alwaysmindful ofreflectingonhiswork-lifeharmony
Throughmeticulousplanning,open communication,andnurturing relationships,Shakeelhascultivateda balancethataugmentsbothhis professionalachievementsand personalwell-being.
APassionBrilliance
Shakeel'sappetiteforbusinessis drivenbyhisdeepfascinationwith strategicproblem-solvingandthe
activenatureoffinancialmarkets.He thrivesonthechallengeofanalyzing data,craftingstrategies,anddriving growth,turningcomplexfinancial scenariosintoactionableplans. Hiscommitmenttoexcellenceis evidentinhisrelentlesspursuitof innovativesolutionsandopportunities. ThispassioncertifiesthatShakeel consistentlycontributesto organizationalsuccess,nurturing sustainablebusinessadvancementand impactfulresults.
AHungerforGrowth
Shakeel'sdrivingappetiteliesinhis deepcommitmenttofinanceand strategicgrowth.Heisenergizedby thechallengeofconvertingcomplex dataintoactionableinsightsand developingstrategiesthatleadto organizationalsuccessthroughablend offinancialtransformationstrategies, executiondisciplineandpassionately engagingteammemberssurrounding himorworkingwithhimonstrategic projects.
Theopportunitytolead,innovate,and makeatangibleimpactfuelshisdaily motivation.Shakeel’ssoliddedication
toachievingexcellenceandpromoting sustainablegrowthisthefoundationof hisprofessionaljourney,pushinghim toconsistentlydeliveroutstanding results.
ChallengesinCOVID-19
TheCOVID-19pandemicposed significantchallengesforthefinancial servicessector,impactingbothstability andefficiency
Heplayedaninstrumentalrolein steeringforwardkeystrategiesto navigatethesedifficultiessuchas implementationofremoteworkfor servicecontinuitytoinsuranceclients, streamliningoperationstoadaptto confinementexigencies,and acceleratingdigitaltransformationwith aviewtomaintainingcustomer engagementandreducingcostswhile recalibratingthefinancialbaseofthe organisationforpost-Covidrecovery, sustainabilityandgrowth. The collectiveeffortsoftheteamonagility andquickadaptationtoshiftingmarket conditionsnotonlyguaranteedsurvival butalsouncoverednewgrowth opportunities,ultimatelystrengthening theorganization’smarketposition.
LessonsofBalance
Shakeel'ssuccessisrootedinhis strengths—analyticalthinking, strategicforesight,perseverance,and teamwork.Thesequalitieshavehelped himexcelindirectingcomplex financialenvironmentsandcapitalizing onopportunities.However,Shakeel’s tendencytoovercommithassometimes ledtoburnout,achallengehehas turnedintoalearningexperience.
Diagnosingtherootcausesofbusiness challenges,andtheimportanceof strategizing,delegation,execution disciplineandbalance,henow underscoresmanagingworkloads
effectivelyandwarrantsthathisteam remainsmotivatedwithapositive mindset,offeringvaluablelessonsfor others.
ALegacyofLeadership
Hiscareerismarkedbysignificant achievements,notablyasGroupCFO atNICGroup,whereheplayedakey roleindrivingexceptionalfinancial growthwiththecontributionofthe teamandtheunflinchingsupportofall stakeholders.Hisaccoladesinclude beingnamedaGlobal200Power LeaderinFinancefor2024and receivingtheYoungAchieverofthe YearAwardfromtheAfricaLeadership Awardsin2014.
Adecade-longpledgetocontinuous educationasaCFACharterholder underscoreshisdedication.Beyondhis professionalsuccess,Shakeelbalances afulfillingpersonallife,contributesto professionalorganizations,andserved asaformerboardmemberofSBM Bank(Mauritius)Ltd.,reflectinghis firmcommitmenttoexcellenceand leadership.
ReadytoShapeGlobalFinance
Shakeel'sselectionfortheTop10 GlobalLeadersToLookForIn2024is supportedbyhisremarkabletrack recordoftransformativeleadershipand strategicinnovation.AsGroupCFOat NICGroup,withtheuntiringsupport ofBoard,HigherManagementandthe entireworkforce,Shakeelassistedin steeringthecompanytounprecedented financialgrowth,eveninchallenging andexceptionalconditions.
HisrecognitionasaGlobal200Power LeaderinFinanceandtheYoung AchieverAwardreflecthisassurance ofexcellence.Shakeel’sabilitytodrive results,adapttochange,andinspire teams,alongwithhisactive
involvementinprofessional organizations,positionshimasa formidableforceinshapingthefuture ofglobalfinance.
AMantraforSuccess
Shakeel’smessagetodesiringleaders stressesthepoweroflifelonglearning, tenacity,rightattitudeandcritical thinkingasthekeystogrowthand success.InspiredbyGandhi’swisdom, headvocatesforbalancingprofessional ambitionswithpersonalwell-beingand buildingstrongrelationshipsfor collaboration.
Drawingfromhisexperienceasan auditor,heclimaxesontheimportance ofcriticalthinking,particularlyusing the"5why’s"techniquetouncover rootcauses.Byremainingcurious, focused,andopentoinnovation, Shakeelbelievesanyonecanachieve meaningfulsuccessandleavealasting impactintheirfield.
CreatingaLastingBequest
Hesharesapowerfulmessagewith viewers,urgingthemtoview
challengesasreagentsforgrowthand innovation.Heunderscoresthe importanceofstayingcuriousand dedicatedtolifelonglearning,and holdingtherightmentalattitudeatall timesandactivelyembracing technologicaladvancement,whichis importantforthrivinginaconstantlyshiftingworld.
Shakeelalsohighlightsthevalueof nurturingbothprofessionaland personalrelationships,astheyoffer majorsupportanddiverse perspectives.Hecheers,balancing ambitionwithwell-being,reminding viewersthattruesuccessliesinthe positiveimpactyoumakeonothers andthelegacyyoucreate.Stay resilient,pushboundaries,andstriveto achieveyourfullpotential.Andserve thebroadersocietythrough engagement,careandsharing.
- Roy T. Bennett
Leadership is the capacity to translate vision into reality.
- Warren Bennis
Coaching is unlocking a person's potential to maximize their growth. ,,
- John Whitmore
Developing ESG and Sustainable Financial Strategies
Inthelastfewyears,therehasbeen
alotofattentiondirectedtothe issuesofEnvironmental,Social, andGovernance(ESG)inbusinessand finance.Increasingnumbersof companiesandinvestorsare acknowledgingsustainablepractices, whichnotonlyhelptobenefitthe environmentbutalsocontributeto financialperformanceimprovements.
Thisarticledealswiththedevelopment ofESGandsustainablefinancial strategiesindetailbydescribingtheir importanceandeffectivestepstoward them.
What Is ESG?
ESGisdefinedasanacronymreferring tofactorsincorporategovernance. Today,thesethreeelementsEnvironmental,Social,and Governance-areevidentinmanyways intheprocessofimplementingvarious strategicoperationswithinany companyororganization.
ESGreferstothreecorefactorsthat determinethesustainabilityand corporateeffectofaninvestmentina companyorbusiness.The "Environmental"areareviewsthe mannerinwhichacompanyconducts itselfasastewardofnature.That
includesenergyusage,waste, pollution,anditstreatmentofanimals.
The"Social"areareflectshowit addressesmattersrelatedto relationshipswithemployees, suppliers,customers,andthe communitiesinwhichitoperatesits business.Thiscouldrangefromlabor practice,diversity,andcommunityto someotherissues.The"Governance" sectionaddressesanyissuesrelatedto howacompanyismanaged,the executivecompensation,auditsandthe internalcontrols,andalsoshareholder rights.
The2022reportbyGSIArevealsthat sustainableinvestinguptakestandsat $35.3trillionglobally That,comingto representanincreaseby15%when comparedto2020figures.Thegrowth ofthisfactorindicatesthatinvestors haveincreasinglyrealizedthatESGs mustbeincorporatedintothevarious processesofdecision-making.
CaseforBusiness:ESG
Movingfromtheethicstothe financials,investmentsinanESG strategyarenolongeragood consciencedecisionbutalsoasmart financialdecision.Companiesthat prioritizesustainabilityexperience
lowercostsofcapitalandimproved operationalefficiencies."StrongESG performancerelativetopeerswilllead tolowervolatilityinstockpricesand willoutperformthesepeersin profitability,"accordingtoastudy publishedbyMcKinsey&Company
Inadditiontothis,consumersare increasinglyattachingthemselvesto companiesthatcareforthe environmentandsociety A2021 Nielsensurveyshowsthat73%of globalconsumerssaidtheywouldbe willingtochangetheirconsumption habitstoimprovetheirenvironmental impact.Thechangedconsumer behaviorensuresthatfirmsthatfocus onESGgainmoreloyalcustomers.
CreatingESGStrategies
EvaluateCurrentPractices:Taking stockofcurrentpracticesinthe organizationwouldbethefirststep towarddevelopinganESGapproach. Thiswillhelpindetailedobservation ofanyenvironmentalimpactthat exists,socialresponsibilityinitiatives, andgovernancestructurestobe identifiedintermsofstrengthsand weaknessesareasforimprovement.
SetClearGoals:Followingthe assessment,organizationsmustset clearmeasurableESGgoals.These mustbealignedtobusinessstrategy andnotoverlyambitiousyetidealistic enoughforprovokingsignificant change.Asanexample,acorporation canstrivetodecreasetheircarbon emissionsby30%infiveyears,or worktowardsacquiringgenderbalance attheleadershiplevelwithintenyears.
EngageStakeholders:Oneneedsto engagestakeholders,including employees,customers,investors, suppliers,andcommunitymembers,in formulatingandrealizingeffective ESGstrategy.Bysharingknowledge acrossvariousgroups,onemayreally understandstakeholderconcernsthat
canbealignedwithbroadersocial values.
PutintoPractice:Withtheobjectives nowarticulatedandstakeholders engaged,organizationscanmove forwardtotheimplementationof specificinitiativestomeettheirESG goals.Thiswouldinclude,among others,renewableenergysources, trainingondiversityandinclusionby employees,improvedgovernance practiceswithenhancedtransparency, amongotherinitiatives.
MonitorprogressonESGobjectives; thedegreeofaccountabilityand necessaryadjustmentscanonlybe assuredthroughregularcheckson progresstowardtheseobjectives. AppropriateKPIshavetobeagreed uponbyorganizationsthatarealigned withthoseobjectives,followedby trackingthosemetricsovertime.
ReportTransparently:Thissenseof transparencyalwaysbuildstrust betweenthestakeholdersandthe organizations.Companiesareexpected toreporttheireffortsinESGthrough periodicalreportsthatdetailwhatgoals havebeenset,whatthechallengesare, andwhatistobedoneinthefuture. Mostorganizationsnowadaysuse frameworkslikeGRIorSASBtomake surethatreportingisall-inclusive.
TheRoleofTechnology
Technologyisplayinganimportant roleinenhancingESGstrategies. Advancesinareassuchasartificial intelligence,bigdataanalytics,and blockchainareallowingorganizations toreceiveinformationontheir environmentalfootprintandsocial activitiesatafasterratethanever before.Forinstance,itcancompare hundredsofmillionsofpiecesofdata relatedtopatternsofenergy consumptionorchainsoflogisticsin ordertospotthepointsof improvement.
Inaddition,blockchaintechnology ensuresincreasedtransparencyin governanceduetotherecordingofthe transactionanddecisionsmadewithin anorganizationonablockchain.Such transparencywillbringintrustbecause itsupportsregulatedstandardsamong stakeholders.
AstheneedforESGandsustainable financialstrategyisnolongeranoption butapartofthesurvivalandgrowth forthefuture,itgivesbusinessthe impetustogeneratesuccess.Withmore investorsaligningsustainabilityinto theinvestmentanddecision-making process,companieshavetooutdo themselvesbychangingcustomary waystoremaincompetitive.
Assessingcurrentpracticeswithclear goals,engagementofallstakeholders, initiativeimplementation,monitoring, andreportingwillhelpfashionstrong ESGstrategiesthatbenefittheplanet and,indoingso,financial performance.
Clearly,goingforwardmeansone thing:businessandsocietal contributiontowardsustainability This willbringeconomicsuccesstogether withsocialresponsibilityandrepresent apositivecelebrationbecause opportunitieswillconvergeintoawinwinsituationbetweeninnovationand significantcontributionstowarda bettersociety.Thecompanies embracingprinciplesrootedinESG aremostlikelytoleadthewaytosuch afuture.
Two roads diverged in a wood, and I—I took the one less traveled by, And that has made all the difference.
- Robert Frost
Leadership is not about being in charge, Its about taking care of those in your charge.
- Simon Sinek
,, ,,
Wealth consists not in having great possessions, but in having few wants.
- Epictetus
The only limit to our realization of tomorrow will be our doubts of today. , ,
- Franklin D. Roosevelt
Howcan CFOs Leverage Digital Technologies to Create Value for their Companies
Thebusinessworldisnotjustafast-
pacedenvironmenttodaybutalso anenvironmentwhereChief FinancialOfficers(CFOs)nolonger remainasgatekeepersoffinancialdata. Theybecomestrategicleaderswhocreate valuethroughleveragingtheuseof technologiesbroughtaboutbydigital media.
Asmoreandmorebusinessesstartmaking decisionsbasedondata,thiscouldbethe chanceforCFOstomakethemostofthese technologiesintermsofefficiencytobetter theirfinancialperformancewhile developinginnovation.
The New Digital Transformation
Theintroductionofdigitaltechnologies hasalteredtheorganizations'wayof functioning.Itisanticipatedthatwiththe introductionofthistransformationintothe systemofcompanies,theincreasewillbe inarangeof20%to30%overaperiodof threeyears,accordingtoMcKinsey This changeisspecificallyrelevantforCFOs
becauseitcaterstotheirspecific functions-theonesofguidingthe organizationthroughthischange process.
Ingeneral,digitaltechnologyfalls undervarioustoolsandencompasses, amongothers,cloudcomputing,AI, bigdataanalytics,andautomation. Throughthesetechnologies,processes maybemoreeasilyandrapidly facilitatedatcoststhatareotherwise lower,andpracticesinthepastcould nothavedeliveredsimilartypesof insights.Inthisway,CFOshave tremendousopportunitiestomake significantvalueforcompanies throughthesetools.
FinancialReportingandAnalysis Improved
AmongthekeyrolesofaCFOis properreportingandanalysisof financialinformation,anddigital methodsoffinancialreportingusually provetobemorecomprehensiveand efficientthanmosttraditionalmethods becausethesetraditionalmethodsoften dependuponlaboriousprocessesthat consumeextratimeandareproneto errors.
Forinstance,financialapplications basedoncloudtechnologyallow virtuallyinstantaccesstoandreporting ofdata.Forexample,intheevent whenaCFOneedstoprepareprecise financialreportsimmediately,thiscan bedonefastandefficiently,thereby givingroomforquickandtimely businessdecisionsback-stoppedbythe latestinformation.Accordingtoa surveybyDeloitte,67%offinance executivesbelievethatautomationof financialreportingwillsignificantly improvetheirabilitytorespondto changesquicklyandinatimely manner.
Anothercriticalareafromwherevalue creationcanbederivediscost managementintheformofdigital
technologies.Advancedanalyticsand AIwillputtheCFOintoamuch deeperunderstandingofhowspending happensandallowhimorherto pinpointwherethepotentialforcost reductionexists.
Forinstance,predictiveanalyticswill assistorganizationsinbeingableto correctlypredictexpenses,thereby keepingtheCFOsresourceallocations incheck.
RPAcanalsoensuremoreefficient executionofrepetitivetaskssuchas processinginvoicesorpayroll.
AccordingtoPwC,organizationsthat adoptRPAcanreduceupto30%in theiroperationalcosts.Notonlydo automationsolutionssavethevaluable timeoffinanceteams,buttheyalso minimizetherisksofhumanerrors.
ImprovementofCashManagement
Assuch,cashflowisveryessentialin anybusinesssothatonemayflourish. DigitaltechnologiesconnectCFOsto real-timecashflowmonitoring,giving amorevisibleviewofthefinancial healthoftheorganization.Cash forecastingpoweredbyAIand machinelearningensuresthatthe futurecashneedsareaccurately predictedbytheCFO.
Infact,basedontheAssociationfor FinancialProfessionals,companies whichapplycashflowforecastingbest practicesare2.5timesaslikelyto reachtheirfinancialgoalscomparedto companiesthatdon't.Usingthedigital toolsforcashflowmanagement,CFOs canguaranteethattheirorganizations haveenoughliquiditytotakeupall growthprospects.
EnhanceStrategicDecisions
Intoday'sinformation-rich environment,theabilitytoanalyzeand interpretinformationiscrucialfor strategicdecision-making.Itisthrough
digitaltechnologiesthatCFOscantap intoappropriatesources-including trendsinamarket,customerbehavior, andoperationalperformance-tomake thebest-informeddecisionsthatarein linewithorganizationalobjectives.
Forexample,bigdataanalyticscan provideCFOswithanunderstanding ofcustomerpreferencesandmarket dynamics.Thisknowledge,inturn, willguidehowonecouldstructure strategicinvestmentsorventuresinto newmarketsconfidently.Infact, Gartnerreportsrevealthat organizationsarefivetimesmorelikely tomakefasterdecisionsthantheir competitorsiftheymakeproperuseof dataanalytics.
PromotionofInnovation
Inanytypeofindustry,ifthereisno elementofinnovation,thenthe possibilityofachievingsuccessinthe longtermisquitedifficult.Digital technologiesdonotonlyoptimize alreadyexistingprocessesbutalso provideavenuesfornewbusiness modelsandsourceofrevenue. Investmentintheresearchand developmentfunctioncaneasilybe facilitatediftheCFOplaysthekey roleoffosteringinnovationinsuchan organization.
Forinstance,cloudcomputingallows distributedteamsinacompany's departmentstocollaborateseamlessly andsmoothenlyirrespectiveofwhere theyarebased.Suchanenvironment fostersinnovationandaccelerates cyclesofinnovation.Accenturehas notedthatforcompanieswhoseculture isfocusedoninnovation,revenue growthratesare2.5timescomparedto firmsthatpossessnosenseof innovation.
BuildingaResilientOrganization
Resiliencereferstoanorganization's abilitytoadapttoafast-changing
environment.Organisationsthathave developeddigitaltechnologiesinplace arefarbettersuitedtoadaptto changingcircumstancesfasterthan otherones.Organizationsthathad alreadyinvestedindigitalsolutions werebetterplacedtopivottheir operationswheneconomicdownturn orcrisisscenariosliketheCOVID-19 pandemicplayedout.
TheuseofAI-poweredscenario planningtools,whichcouldsimulate variouseconomicconditionsand, therefore,helpCFOstoanticipatethe impactsontheirorganization's finances.Suchanapproachallows companiestopreparecontingency plansandreacteffectivelywhenfacing challenges.
Conclusion
TheroleoftheCFOisalsochanging asnewdigitaltechnologiesplayoutin thebusinesslandscape.Theycanuse thesetoolstoenhancefinancial reporting,inducecostefficiency, improvecashflowmanagement, supportstrategicanddecision-making activities,createanenvironmentthat fostersinnovation,andbuildresilient firms.
Thecompanieswillincreasinglyhave toexploitdigitaltechnologiesasa basisforsustainablevaluecreationand long-termsuccesswhileoperatingina highlycomplexcontext.Theembrace ofthistransformationislessanoption thananecessityfortheforwardthinkingCFOtoconfidentlyleadan organizationintoafuturefilledwith deepsystemicchange.
,,
,, Successisnotthekeyto happiness.Happinessisthekeyto success.Ifyoulovewhatyouare doing,youwillbesuccessful.
- Epictetus
