CFO Insights: Mastering Growth for Professional Services Firms

As professional services firms grapple with the escalating challenges of economic uncertainty, evolving customer demands, and internal growth pressures, technology has become indispensable. Yet, many organisations continue to be hindered by siloed data and fragmented systems, impeding collaboration, agility, and informed decision-making.

In an interesting webinar hosted by CFO India, in association with Oracle NetSuite, a leading industry expert and finance leaders convened to explore how CFOs can prioritise technology investments that transcend mere financial controls, driving sustainable growth by boosting operational efficiency and enabling real-time, data-driven insights. The distinguished panel included George Verghese, Solution Consulting Director, Oracle NetSuite India, along with CFOs G S Raghavendra from Juspay, and Anita Ananthan from Credence Analytics. Together, they highlighted essential strategies for CFOs to overcome growth challenges, from capitalising on new opportunities to optimising project management, invoicing, and revenue recognition. The discussion, moderated by Seema Menon, Director & COO of CFO Collective – An IMA Company, offered key insights into how CFOs in professional services firms can achieve greater visibility and control in their financial operations to enable organisational growth. 

Key themes and insights

Professional Services Automation (PSA) and its impact

George introduced the concept of Professional Services Automation (PSA), which is gaining traction in the industry as firms look to Artificial Intelligence (AI) and machine learning (ML) to enhance their operations. He stressed the need for businesses to move beyond traditional financial management approaches and embrace the full potential of modern-day ERP systems. Verghese explained how cloud ERP, particularly PSA, can improve resource utilisation, facilitate real-time data exchange, and optimise project management processes.

“Automation is no longer a threat; it’s an enabler,” he stated, underscoring the growing collaboration between CFOs and technology leaders like CIOs to drive digital transformation.

Real-time data insights and operational efficiency

In a revealing segment, GS Raghavendra discussed the practical applications of real-time data insights in professional services. He identified three key metrics for success in the industry: headcount, bill rate, and utilisation. Highlighting the importance of having accurate, up-to-date data, Raghavendra explained how cloud ERP helps firms not only track these metrics but also make informed decisions that align with their growth strategy.

“Data alone is not enough; it’s the insight derived from it that drives decisions,” he noted, pointing out that without systems in place to capture real-time data, firms risk inefficiencies, project overruns, and reputational harm.

Addressing project delivery and profitability challenges

Anita took a pragmatic approach to addressing project delivery and profitability challenges. She discussed the importance of robust project planning and governance, especially in sectors like BFSI, where compliance and international regulatory frameworks add layers of complexity. She stressed that the key to maintaining profitability lies in strategic resource allocation, cost control, and leveraging data for real-time decision-making.

Her succinct insight encapsulated the discussion: “Technology is not just a tool—it’s the backbone of transparency, efficiency, and profitability in today’s projects.”

Enhancing collaboration and visibility through Cloud ERP

George returned to outline how cloud ERP, particularly Oracle NetSuite, enhances collaboration and visibility across professional services firms. By offering real-time project visibility, seamless collaboration tools, and automated billing processes, cloud ERP systems reduce manual intervention and eliminate inefficiencies. Importantly, he demonstrated how these systems can accommodate complex compliance requirements, such as multi-currency transactions and regulatory reporting across multiple jurisdictions.

“The future of professional services firms lies in integrated, real-time systems that provide a single source of truth,” he remarked.

Closing thoughts

As the webinar drew to a close, Seema reflected on the critical role of CFOs in leading their organisations through the challenges and opportunities of digital transformation. The discussion highlighted that the future success of professional services firms will be built on their ability to leverage technology to improve operational efficiency, deliver projects on time, and drive profitability. Cloud ERP systems, with their ability to unify finance, sales, and service functions, are poised to become indispensable tools in this journey.