Autonomous Finance: Driving Transformation to Unlock Enterprise Value

During the Gartner CFO and Finance Executive Conference in National Harbor last month, our Head of Strategy Jay Peir sat down for a conversation with Kashif Riaz, Partner at Deloitte, and Praveer Melwani, CFO at Figma, to explore several critical areas shaping the future of finance and business strategy. 

From the rapid advancements in artificial intelligence (AI) to the growing challenges of globalization, here are the key takeaways from our session.

The modern finance function

The modern finance function is undergoing a great deal of transformation: driven by advancements in AI, increased regulatory scrutiny like GDPR, and the complexities of global markets. To compete in this dynamic landscape, companies must embrace these shifts, redefining the role of the CFO and the finance function, and adapting their hiring strategies accordingly.

Generative AI's impact on finance will be transformative, extending beyond automation to enrich strategic decision-making through data-driven insights. This will free finance professionals to focus on strategic initiatives, allowing CFOs the space to be  key advisors to the business, guiding business strategy and driving growth.

At the same time, regulations like GDPR underscore the importance of strong data management practices and compliance across different countries. Globalization adds complexity, requiring a strategic approach to navigate various regulatory standards effectively.

As the business environment evolves, strategic hiring in finance will become increasingly critical. More than ever before, it’s essential for organizations to prioritize candidates with robust analytical skills capable of leveraging data for informed decision-making. Moreover, Diversity, Equity, and Inclusion (DEI) initiatives are crucial for cultivating inclusive teams that promote innovation and drive strong business results.

The future success of finance teams will depend on their ability to operationalize AI, navigate regulatory landscapes effectively, and empower CFOs as strategic leaders. Leaning into these changes and adjusting hiring practices to meet modern demands will allow organizations to achieve sustainable growth and gain a competitive edge in a rapidly evolving global economy.

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How companies like Figma are enhancing their financial planning

At Figma, finance teams take a proactive approach to financial management, prioritizing a deep understanding of data sources for accurate and timely reporting. This approach optimizes the close process through efficient data management, thereby improving overall accuracy.

Figma has revamped its financial planning by adopting Pigment, enabling scalable and structured data analysis. Starting with insightful spreadsheet analysis, Figma has utilized Pigment's flexibility and standardization capabilities to transition to a more collaborative and efficient planning framework.

Integrating Pigment into Figma's operations has streamlined processes, fostering informed decision-making and reinforcing a resilient business strategy that promotes speed and scalability.

Read Figma’s full case study here.

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Expert advice for sustaining growth

• ‍Embracing change: Adaptability is crucial in a fast-evolving organization. Hire individuals with a keen ability to learn new skills and adapt swiftly to new environments. By structuring hiring processes thoughtfully and establishing clear expectations from the outset, organizations can enhance performance and improve retention rates. Recognizing that different roles require distinct skill sets and fostering a culture that values diverse talents can further contribute to the overall agility and success of the team.‍
• Learning from experience: Reflecting on areas where improvements could have been made, such as adapting forecasting models, provides valuable insights. Regularly re-evaluating and refining models helps keep business partners informed and facilitates necessary adjustments.‍
• Building a community: Kashif stressed the importance of fostering a peer community to share knowledge and drive financial excellence. Having a clear benchmark for financial practices is essential for continuous improvement and success.

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In conclusion

Despite a challenging global economic environment, there are still opportunities for pragmatic CFOs to drive change and value in their organizations.. The rapid pace of change demands that finance professionals be proactive and adaptable. Building a community, being clear in expectations, and leveraging data and technology are key strategies for thriving in this ever-evolving landscape.