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FINANCE AGILITY IN UNCERTAIN TIMES

Prophix
6 months ago
5 min read


A RECAP OF FSN’S PANEL ON “HOW CAN THE FINANCE FUNCTION STAY AGILE WITH LESS
PEOPLE, IN A CHALLENGING ECONOMY?” WITH GARY SIMON, ALOK AJMERA, AND VINETA
BAJAJ

It’s an understatement to say that we continue to be challenged by a world of
uncertainty. Nowhere is this volatility more apparent in the corporate world
than on Finance teams.

Before the pandemic, Finance had to “do more with fewer people.” But the
situation has changed, and those same teams must respond even more quickly to a
broader set of unknowns. To add to the complexity, the “Great Resignation,” the
pandemic, and market turmoil have depleted the workforce.

So, how does the Finance function become more agile? What is required?

These questions were the basis of a panel held by Gary Simon, CEO of FSN (FSN –
The Modern Finance Forum), with input from Alok Ajmera, President & Chief
Executive Officer at Prophix, and Vineta Bajaj, Group Finance Director, Ocado
Group. The panel shared their thoughts on how the Finance function can stay
agile with fewer people in a challenging economy.

Let’s dive in!


WHAT IS AGILITY?

First, the panel discussed expectations for an agile Finance team. Alok pointed
out that agility is “about building an organisation that is ‘flexible’ – one
that can adapt quickly to changes.” It’s also about “being ‘proactive’ by not
just responding to changes but working to anticipate what could happen.”

Having defined what it means to be an agile Finance team, the conversation
turned to what agility requires. The group identified several key points,
including culture, resourcing, and technology.


THE ROLE OF CULTURE IN AGILITY

When speaking to the importance of culture, Vineta highlighted that “an
organisation [needs] to have a culture predicated on collaboration and sharing
to be able to react.” Alok added that the “other piece of cultural strength is
alignment within the organisation on goals and objectives…reinforcing agility
within an organisation, so everyone agrees to a common set of objectives”.

Similarly, there was an acknowledgment that culture starts at the top, including
Finance leaders and CFOs, who play a role in creating culture. Alok continued,
“the way we as leaders operate must reflect the culture we want to have.
Specific to agility, if the tone and the culture we’re looking for is flexible,
proactive, and agile, then we as leaders must embody those principles.”


WHY RESOURCING IS KEY TO AGILITY

This discussion led to a more in-depth look at resourcing for agility and
workforce constraints. Vineta underscored her multi-generational approach and
the need for “alignment of the varied generations within the workforce.”

Specifically, the group recognized that organisations – and resources within
Finance – need to be “data-driven” to be proactive and agile. To support an
agile approach, leaders should hire and train staff accordingly. The desire for
agility, as Vineta points out, highlights the “need for and ways to bring your
staff along with you on the digital transformation journey. We’re in an exciting
time, on the cusp of generational changes, a new generation of workers coming on
board, and this emerging workforce has different expectations for cutting-edge
technologies.”

Alok acknowledged that as much as Finance leaders talk about being agile and
flexible, there is still an underlying disconnect in that “our teams are given
incredibly repetitive and manual tasks that are not data-driven.”


THE IMPACT OF TECHNOLOGY ON AGILITY

Finally, the group discussed the impact of technology on achieving agility
within Finance. This approach involves “systemically going through the entire
way in which we work – the processes – and modernising them.”

The panel discussed the benefits of cloud platforms, which can make technology
more accessible without a significant investment in onboarding or consulting.
Cloud-based tools help you quickly automate and streamline your manual Finance
processes. Investments in training and technology can also enable organisations
to redeploy resources to more value-added tasks.

With massive advancements in cloud computing in recent years, including
artificial intelligence, the Finance function is overdue for a seismic change in
how they work. Consequently, “innovation must be at the heart of how we think.
That belief will solve a lot of our challenges, including resource constraints
and retaining top talent. All of this is innovative, and it means rethinking how
we do the things we do,” said Alok.


WHY AGILITY IS A NECESSITY FOR FINANCE

Ultimately, being agile is no longer a nice-to-have for the Finance but an
urgent necessity given the recent dramatic increase in social, economic, and
political uncertainty. To be agile (i.e., flexible, and proactive) there are
aspects of culture, resourcing, and technology that need to be addressed. This
was summed up well in a closing statement from Alok:

“We must realise that a lot of the things we are talking about, acquiring the
resources to be agile, takes thoughtfulness. It requires executives to
understand what is currently done by the Finance team, resource allocation, and
how to redeploy resources to operate more efficiently. So, things that we can do
as leaders to help support Finance transformation is to understand that it may
require a substantial amount of investment, including training and upskilling
your team. We need to dial in and think about whether we have the right people,
do they have the right skills, or do we need to incrementally improve their
skill sets so a leader can extract more value from existing resources and
headcount.”

Listen to the full discussion on-demand here.



PROPHIX

Your business is evolving. And the way you plan and report on your business
should evolve too. Prophix helps mid-market companies achieve their goals more
successfully with innovative, cloud-based Corporate Performance Management (CPM)
software. With Prophix, finance leaders improve profitability and minimize risk
by automating budgeting, forecasting and reporting and puts the focus back on
what matters most – uncovering business opportunities. Prophix supports your
future with AI innovation that flexes to meet your strategic realities, today
and tomorrow. Over 1,500 global companies rely on Prophix to transform the way
they work.

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