Last Updated on February 18, 2019
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The seventh edition of the CFONext 100 in Delhi on December 13 celebrated the success of next generation of finance leaders in the country with a panel of seasoned industry leaders who decided to deep-dive into the changing dynamics of finance in India.
The three-member panel — comprising Saurabh Gupta – CIO, Kent RO System, Joydeep Datta – Director Finance, Sapient, and Ramesh Iyer – Senior Advisor, Happay—spoke on Digital Darwinism – Evolving trends and solution in managing Employee expenses and experiences.
According to Ramesh Iyer, “The world is rapidly changing and business does not function in standalone mode anymore. With that society and technology is also rapidly changing and is interfacing with business in real time. System and processes inside the business are not adapting to the change fast enough and hence innovation is happening only in the fringes. For any company to survive the Digital Darwinism,<>b the transition should happen at the core.”
Digital Darwinism is a wake-up call that incremental change is not enough: adding technology at the edges and wrapping it in “innovation” just won’t work now.
Enterprises faced with newer technologies, poor customer experience and enhanced customer expectations are getting left behind and in many cases facing extinction. Today faced with limited areas of growth on the revenue front, leaders are increasingly basing their decisions on data provided by the right technology implementation. Managing T&E expenses is one such key priority for most organizations today, with well-managed travel policies, these expenses can be curtailed and directly impacting the company’s bottom line.
Saurabh Gupta added to the discussion that “This phenomenon of Digital Darwinism has taken place in the past and will continue in the future also. It is very important for any company to be agile and digital at core else they will continue to perish as it happened in the case of Nokia. Also now the choice is not if you can escape the transformation, but to decide when and how you would want to do it”.
Such is the race for the ‘Survival of the fittest’ that~50% of the CFOs have understood the urgent need and taken digitization upon themselves, to switch to a fully automated expense management system in the next 6 months.
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