E14: The impact of technology on financial management

In the dynamic domain where Finance and technology engage in a fascinating dance, Vineet Jain takes center stage as the first guest on the "Finance for Non-Finance" live streaming. It is reshaping the financial landscape. Imagine a world where technology isn't just a tool but the heartbeat of economic evolution.

Vineet Jain shares his enduring commitment to building institutions that transcend his lifetime, leaving a legacy of knowledge for others. He emphasizes, "I want something which goes beyond my life, where people can gain knowledge and make wise decisions." Discussing the evolving nature of purpose, he adds, "The purpose always remains the same - to disseminate knowledge. Sometimes the purpose becomes building a better product or service, but the main purpose remains."

He underscores the importance of agility, stating, "In order to align with the purpose, you have to be very agile. Things are changing fast. Be ready to adapt to new technologies or new ways of working. Your purpose will be aligned if you are agile."

Vineet Jain expertise in technology and streamlined processes gave him the edge to see different entities across the region, which set high standards for his own finance function. He notes, "It all starts with enthusiasm to make the processes better. Compare yourself with other best-in-class companies to know what door you have to fix and where to start."

He reflects on the evolution of Finance, stating, "When I started my journey in the late '90s, small software was there, but mostly things were done manually. With the advancement of technologies, Finance is now more focused on analysis. Corrections and double entry system are automated, allowing us to focus on analyzing trends."

He dismantles the notion of Finance as a silo, stating, "Finance used to be considered a silo, just a gatekeeper of transactions. Now, we are becoming a partner to the business." He identifies key drivers, such as the shift from controllership to partnership.

Shedding light on the evolution of finance processes, He states, "Manual things are advancing, and we are going to automation. All those consolidations are automated, including many of the month-end closing activities. "

He describes the conventional scenario, where finance professionals dedicate substantial hours to manual tasks. He reflects on the transformation brought about by automation, stating, "It makes it more interesting for the finance person to analyze the data and predict the future easily."

Vineet shares, "The accountant's life is like a normal curve, peaking from the 25th of the month to the 5th of the next month." He emphasizes the dedication of finance professionals during this period, with some devoting long hours. He articulates the need for transformation in this process to alleviate the burden on finance teams and flatten the curve of the effort across the month.

"The data is coming from finance, and analytics is a layer on top of that." The discussion explores how analytics has become an integral part of Finance, with professionals now producing reports and insightful analyses.

He describes the collaborative approach between finance and data analytics, noting their joint efforts in making sense of data for stakeholders. He highlights the evolving skills required in Finance, stating, "Now, one of the skills required in Finance is data analytics. You must have visualization capabilities and learn to present the data more insightfully."

He advises CFOs to focus on streamlining month-end closing activities as a priority. He recommends exploring software solutions beyond task listing, incorporating workflows, approvals, and analytics capabilities. He emphasizes the significance of automation in task management and approval processes, making the finance workflow more efficient.

Vineet stresses the importance of awareness and collaboration in the change management program. He shares experiences from his finance transformation journey, underlining the need for a collaborative approach. He advocates for involving stakeholders in policy revisions and changes, fostering a sense of ownership and understanding across the organization.

He acknowledges the pressure on CFOs and finance leaders to meet minimum requirements. Still, he underscores the importance of embracing technology for long-term benefits. He suggests maintaining an open mindset toward new technologies and partnerships, ensuring smoother collaboration between Finance and other departments.

Vineet shares his perspective on recruiting for finance roles in the current market. He highlights the essential skills, including a continuous learning attitude, advanced Excel proficiency, data extraction capabilities, data visualization skills, and a basic understanding of artificial intelligence. He emphasizes that expertise is a fluid concept in the rapidly evolving technological landscape, making adaptability an essential requirement.

Vineet recognizes AI as a game-changer, particularly in forecasting and decision-making. He emphasizes the need for finance professionals to keep learning about AI, understand its workings, and leverage its capabilities to simplify tasks and enhance decision-making.