Leading in the era of ‘Enterprise Reinvention’: A panel discussion on the future of CFO leadership

In an increasingly dynamic business environment, where change is not just constant but accelerating, the role of the Chief Financial Officer (CFO) is undergoing a significant transformation. At the heart of this transformation is the recognition that CFOs must now embrace a mindset of perpetual reinvention, both in themselves and in the enterprises they lead. This theme was at the forefront of a recent panel discussion at our 13th Annual CFONEXT100 Conference, titled “Faster, Smarter, Bolder: Leading in the Era of Enterprise Reinvention”, featuring prominent finance leaders Jogendra Singh, President of Finance at Hero Enterprises; Anil Narang, Director and CFO of Esri India; and Mayank Jain, CFO of Highway Industries.

The session, moderated by Anuradha, opened with a provocative question: What comes after transformation? In a world where the pace of change is relentless, the panel sought to explore how businesses—and their finance leaders—can continuously evolve, shedding old mentalities and embracing a culture of reinvention.

The shift from ‘Transformation’ to ‘Perpetual Reinvention’

Jogendra Singh noted that while transformation has always been about change, the new challenge lies in maintaining this state of continuous adaptation. “We used to think of transformation as something with a beginning and an end. But now, it’s clear that reinvention is an ongoing process,” he said.

Singh emphasised the need for both businesses and leaders to “shed their old skin” and reimagine what was previously considered impossible. He spoke candidly about the difficulties of letting go of traditional mindsets, particularly in industries rooted in legacy practices. “In our industry, which includes bicycles, motorcycles, insurance, and steel, we’ve had to discard the old school mentality that was holding us back.”

Personal and professional reinvention

Talking about what they had personally discarded in the past year, each panellist offered unique perspectives. Jogendra Singh shared a personal anecdote, saying he had let go of any trace of lethargy. “I now use 120% of my time,” he quipped, highlighting the importance of proactive engagement. On the business side, he discussed the need to challenge traditional mindsets, particularly within industries like insurance broking, which has been slow to innovate. “Are we truly the best? That’s the question we must keep asking,” he urged, drawing parallels between leadership and continuous improvement.

Anil Narang, in contrast, took a more pragmatic approach, discarding the use of paper entirely in favour of digital solutions. “We implemented a paperless office policy and adopted travel and expense management software. It’s about making everyday operations smarter and more efficient,” he explained.

Mayank Jain, with a background in both consulting and manufacturing, shared his experience of discarding an autocratic leadership style. “When I first joined, I felt immense pressure to establish myself, and that led to a more autocratic approach. Over time, I’ve learned the value of being an advisor rather than a boss,” Jain reflected. His experience highlights the evolving role of the CFO as both a business partner and a strategic advisor, rather than just a financial steward.

The critical role of collaboration and cross-functional integration

A recurring theme throughout the discussion was the importance of collaboration across departments and functions. As CFOs, the panellists stressed that finance can no longer operate in silos. Singh emphasised the importance of understanding all facets of the business, from sales to supply chain management. “You can’t aspire to be a CFO if you’re only focused on numbers,” he remarked. “You need to walk the shop floor, meet with salespeople, and understand how marketing generates leads. Only then can you align finance with the broader strategy.”

Mayank Jain echoed this sentiment, sharing an example of how cross-functional collaboration had driven success in his own organisation. “When you create profit centres at a business unit level, it fosters healthy competition. But more importantly, it creates opportunities for cross-functional teams to work together and align with the overall goals of the organisation.”

The concept of a “single source of truth” in data also emerged as a key point of discussion. Both Singh and Jain described the challenges of implementing centralised data systems that ensure consistency and accuracy across departments. “It’s very hard to implement, but it’s worth the fight,” Singh stated, recounting his experience of setting up an analytic system that enforced transparency in sales and financial reporting.

Embracing technology for reinvention

Technology was another critical element of the discussion, particularly its role in enabling the agility required for continuous reinvention. Narang highlighted the shift from on-premise to cloud-based solutions as a strategic move for Esri India, despite resistance from traditional government clients. “We knew that moving to the cloud would hurt in the short term, but we were convinced that it was the future,” Narang explained.

Mayank took a more cautious approach, stressing the importance of establishing a clear problem statement before jumping into technological solutions. “We don’t want to get into a rat race just because others are adopting certain technologies. It’s crucial to first understand the business problem you’re trying to solve,” he advised.

The importance of mentorship and long-term thinking

As the session drew to a close, Anuradha invited the panellists to share one final piece of advice for the audience of aspiring CFOs. Jogendra Singh highlighted the importance of persistence and grit, drawing on the metaphor of “walking on the ground” rather than aspiring to lofty but impractical goals. “Stay the course and have the determination to do what you believe in,” he advised.

Narang highlighted the need for honesty and integrity, while Jain offered a strategic perspective, encouraging future finance leaders to think long-term and not shy away from saying no when necessary. “Your mindset must shift from operational to strategic,” he said.

Leading in a world of constant change

In a world where reinvention is the new normal, the role of the CFO has expanded beyond managing numbers to becoming a strategic partner in business transformation. This panel discussion illuminated the multifaceted challenges that CFOs face in this era of relentless change, from shedding old mindsets to embracing technology and fostering cross-functional collaboration.

For today’s finance leaders, the message is clear: transformation is no longer a project with an endpoint but an ongoing journey of adaptation, reinvention, and bold leadership.