FE Connect
The elements of efficiency, operational excellence and agility are core to any business function and in times when every root and branch of an organisation has to be aligned to ensure stellar outcomes, leveraging technology becomes crucial. Sharing thoughts, swapping ideas and brainstorming on this, CFOs and finance heads from a diverse and leading group of companies, shared invaluable insights at the Financial Express Leadership Dialogue, held in association with Oracle.
Beyond Business Sustainability
While all seemed aligned on the need to incorporate technology and that being the only way ahead to ensure scale and future readiness of businesses, there was emphasis on questioning the status quo and a shift towards quantifying the benefits. It was felt that most of the aspects dealing with costs and efficiency and involving either managing or accounting were largely about processes. While some costs are clearly visible there were others that were invisible (this is essentially the cost of a process) and therefore evaluation of these costs becomes crucial. The way some were trying to deal with this was by looking at the processes, the value-chain mapping and then closely examining those elements that need to be done away with to make the process simpler and more favourable for the business. The end results being not just reduced costs but also better outcomes with critical data for decision-making becoming
available more quickly.
Also Read 73 per cent of enterprises integrate AI in marketing, 52 per cent see value: Infosys GenAI a top priority for 70 per cent of GCCs in India: EY survey After Hours with Upasana Taku, co-founder and CFO, MobiKwik Startups go hi-tech to grab a big slice of the wedding pie
Not the time for Silos
Data and processes need to talk to each other for that alone. This is where it was becoming crucial on how each business is trying to approach technology. While thanks to technological intervention, there are different solutions possible for each business function but these, it was felt by all the speakers, need to be integrated and would generate sub-optimal results when implemented in isolation.
Touchless and real-time
Increasingly, many seem to be focussed on making everything touchless (implying reduced manual work), touchless reporting and real-time. Many of the finance leaders saw most of their time spent on digital roadmap,
» Read More
