This week Finance Monthly hears from Mohit Manchanda, Head of F&A and Consulting EXL Service UK/Europe at EXL, on the ever-evolving DNA of a CFO.

Business leaders have to stay relevant and ahead of the curve and adapt to the constantly evolving world of finance. This development has become ever apparent for the Chief Financial Officer (CFO) whose role now includes, strategies, operations, communication, and leadership as well as building knowledge surrounding the impact of emerging technologies within the finance sector.

Business outcomes

Advances in data software and automation are opening up avenues for businesses to generate valuable insights that can lead to major productivity improvements. Within the finance and accounting areas, technology is becoming a catalyst for change, driving innovation and providing operational efficiency in business-critical functions.[1] It is essential for CFOs to rethink how to utilise this opportunity to streamline their processes for efficiency, compliance and risk management.

CFOs have many objectives to commit to and by using cutting-edge solutions to enhance the transparency and accuracy of financial data, they can better manage the financial management process. Using automation within finance helps to free up high-value tasks and alleviates the pressure on the CFO to perform traditional activities such as, transaction processing, auditing and compliance.

Human X Machine

It is becoming more and more evident that the CFO will be looked up to, to drive the utilisation of new technologies, however they should try not to get ahead of themselves and forget about the day to day business. Becoming too attached to the hype surrounding Automation and Analytics can put other business objectives on the back burner. For example, managing costs and coming up with new ways to generate profit are tasks that require the CFO to use their own industry knowledge rather than relying on data or analytics.

New technologies can speed up processes and lessen tasks for CFOs; it is important for them to make choices and identify processes where AI, Automation and machine Learning adds value. An investment in one area of a business can create savings in another. In most companies, a high percentage of staff still perform tasks that can be automated through Machine Learning, and these tasks can be performed exponentially faster if self-learning algorithms are applied.

Given the pace of technological change, CFOs should carefully evaluate their point of entry and roll out multiple pilots or proofs of concept (PoC) to test and secure validation before deploying these new technologies.

New technologies can speed up processes and lessen tasks for CFOs; it is important for them to make choices and identify processes where AI, Automation and machine Learning adds value.

Introducing innovative technologies within the finance sector does aid in mitigating lesser tasks for the CFO, however it is not only the technology alone that enables a more streamlined work process. By combining talent, skill set and technology together creates a unified approach, resulting in major improvements throughout the business. For CFOs it means that they can move away from everyday traditional accounting tasks, therefore freeing up time to use their industry knowledge to focus on new business opportunities and provide strategic guidance.

Data & Domain

Organisations regardless of their size will collect large masses of data of which most will never be utilised. It is important for CFOs to understand which data sets are of value and which ones aren’t. Some may be needed for regulatory purposes and others for commercial predictions and products, however by disregarding the sets that are not of value helps to create a more streamlined result.

Starting to experiment with data will help identify potential risks before they are put into production. Machine Learning is all about data experimentation, hypothesis testing, fine tuning data models and Automation. Bringing data, technology and talent together in the form of ideation forums, innovation labs and skunk work projects allows discrete data to be tested for the first time. By bringing in Machine Learning, it can identify hidden patterns that could potentially harm the production process.

In order to drive the business forward, CFOs can translate data and combine it with industry knowledge. The data helps to provide insight within the industry which then contextualises their business decisions. Using data driven decisions CFOs can be confident in their choices within the organisation and use it to back up or prove their conclusions.

Putting data under the business lens enables a CFO to understand the repercussions that can occur through the improper use of big data. A business’ reputation is on the line if data violations occur. Not only will this result in legal sanctions, it will limit business operations, which will have a domino effect on resources and a company’s position compared to its competitors.

Therefore, CFOs should review all of the potential consequences before putting their experimented data findings into practice, including any legal, financial, and brand implications. This is where industry knowledge comes into play, using an expert committee on business data to inspect algorithms for unintentional consequences, results in less risk than normally associated with Machine Learning.

For CFOs to thrive in the digital age, it is essential for them to have a unified approach combining industry knowledge, data, technology and talent.

For CFOs to thrive in the digital age, it is essential for them to have a unified approach combining industry knowledge, data, technology and talent. By employing new technologies, data, talent and knowledge as one package, CFOs can add continuous learning opportunities for critical talent pools, and assist in the overall improvement of productivity within the business.

[1] https://www.business2community.com/big-data/17-statistics-showcasing-role-data-digital-transformation-01970571

So you need a server in order to get things on the road, but don’t know where to start? Here’s some quick simple steps from Irma Hunkeler at BlueGlass.co.uk, that will equip you with the best knowledge for the buy.

Whatever the size of your financial services business, a server is a crucial component of a growing company. From ensuring you can run all your systems properly, to keeping in touch with your clients, and making sure your staff can access the tools they need to do their jobs, a server is the technical support you’ll need to expand effectively.

While once expensive, the cost of servers has come down in recent years and today they represent a cost-effective way of managing your storage needs. All the major players - including Dell, IBM, HP and Intel - offer a wide variety of servers suited to different business needs. But which is right for you? Here are some ways you can choose the best server for your company.

Know the different types of server

There are a wide variety of servers available for you to rent, all doing a number of different jobs. Some of the most common server types include:

Communications server - handles all types of communication, including email, remote access, internet and security protection

File server - stores employees’ data files

Print server - manages all printers in your business and all printing jobs

Application server - shares application software and means software does not need to be installed on employees’ individual computers

Database server - manages databases

Domain server - controls which computers and employees can access certain resources and programs

NAS server - provides shared access to business files, folders, and items like printers

Understand the business benefits of using a server

A server is designed to support many users - it means all your employees can use email, access word processors, spreadsheets, web browsers, customer relationship management software, databases and much more. In short, a server is a hub in which all your company’s important documents and files are stored.

A greater understanding of how servers benefit a business will help you work out which kind would be best for your company:

Better collaboration - servers allow for much greater sharing and collaboration among your team, with employees able to access documents, images and other files easily. This is a major plus for financial services firms working on big, cross-border projects which involve workers all over the world.

Communication - a server can act as a company intranet and through that, your employees can communicate quickly and effectively - perfect when someone needs a quick response on a pressing issue.

Remote working - some servers allow for a virtual private network, or VPN. This means your employees can access anything stored on the server when they’re not in the office - great for on-the-go working.

Safety and security - financial services companies hold a lot of sensitive, confidential information. A server can back-up this information, so if a computer is stolen your data should be protected.

Ask yourself these questions

To work out which server will suit your business, ask yourself some questions:

Is working remotely important to your company?

If your business has a flexible working policy and allows employees to work from home regularly, or you simply spend a lot of time going from meeting to meeting, a VPN will be a must.

What is your main day-to-day business?

What do your employees do most of the day? Share files? Speak to clients? Send emails? Analyse data? Work out what your team spends most of its time doing, then work out which server best suits your needs (see the range of server types above).

Do you hold lots of critical information?

If you work in finance, the answer to this question is likely yes. From ransomware attacks, to human error, to theft, it’s easy for information to fall into the wrong hands. As well as a robust cyber security policy, look for a server that offers a data back-up, so any confidential information you hold is protected.

Do you have enough space?

Some servers are quite big! You’ll need to ensure you have enough space to hold one.

As a rule of thumb, if your business has several employees and lots of computers, and you need to run a large number of systems and applications, you should consider servers that allow for large storage. These are generally rack and tower servers.

Rack servers - this is a bit of a misnomer, as a ‘rack’ is really a storage box that allows you to fit a certain number of servers inside. If you are a large, growing business and will need several servers, consider a rack.

Tower servers - these look a little like the standard desktop PC. Affordable and easy to fit, they will help you run basic apps and systems.

For any financial services business, a server will be an essential tool in helping you to grow. As they help your team communicate and collaborate, they will also support you in achieving your end goal - delivering a great service to your clients.