Mastering the new frontier: CFOs at the helm of 2024’s business evolution

In today’s ever-evolving financial landscape, CFOs are grappling with an array of challenges, from cost management to steering strategic decisions amid economic uncertainties. The recent Deloitte Asia Pacific CFO Survey 2023 highlights a striking 94% of Indian CFOs expressing confidence in the nation’s economic future, reflecting their resilience and forward-looking strategies. Notably, 78% of these financial leaders are prioritising technology automation as a means to mitigate risks. With 85% displaying some degree of optimism, Indian CFOs demonstrate a notably more positive outlook on their organisations’ prospects compared to their counterparts in other Asia Pacific nations, such as Australia and Japan.

As Generative AI continues to revolutionise the business world, its presence in the CFO’s office is becoming increasingly prominent. Globally, nearly two-thirds of CFOs—65%—are actively integrating this technology into their long-term strategies. 

Against this backdrop, CFO India recently engaged in an insightful discussion with Shailesh Singla, Vice President – Applications, Oracle India. In this discussion, Shailesh explored the evolution of the finance function, which has increasingly become a more strategic and invaluable part of the business. He also shared interesting insights into the CFO’s strategy for 2024 and how technologies like Generative AI are shaping the ‘Future of Finance’. 

Below are the edited excerpts:

Q. Given the expanding role of CFOs beyond traditional financial oversight to include strategic planning and decision-making, how do you see this evolution impacting the way CFOs should approach their roles in 2024?

Shailesh: The role of the CFO has undergone a significant transformation, now extending well beyond traditional financial oversight to encompass strategic planning and critical decision-making. In 2024, this shift will require CFOs to adopt a more agile and data-driven approach to their roles. CFOs must place a strong emphasis on harnessing the power of data and analytics, driving efficiency, and ensuring a balance between growth and profitability, especially in a volatile business environment. The adoption of advanced technologies such as AI powered cloud-based ERP solutions, automation, will be pivotal in streamlining financial processes, enhancing accuracy, and boosting operational efficiency. As the complexity of the business landscape increases, CFOs will need to take a comprehensive approach to risk management, evaluating not just financial risks but also operational and strategic ones. This evolution underscores the critical role of digital innovation and the need for a robust technological foundation as CFOs guide their organizations towards sustainable growth.

Q. With 78% of Indian CFOs prioritizing technology automation to minimize risks, how is Oracle helping CFOs to seamlessly integrate these technologies into their financial processes?

Shailesh: As per PwC’s Pulse Survey undertaken in 2023, 43% of finance leaders highlighted that establishing finance as a partner to the business is one of the top three priorities for the finance function in the next 12 months. As CFOs increasingly prioritize technology efficiency, the demand for powerful cloud-based applications solutions is expanding roles. Oracle is adding advanced Generative AI capabilities to the finance, supply chain, HR, customer experience functions, and beyond to help organizations be more competitive, boost productivity, and reduce cost of doing business. Specifically, Oracle Fusion Cloud ERP is key to providing the visibility, efficiency, and agility to modern CFOs who require to drive their organizations towards profitable growth. With its embedded AI capabilities, Oracle ERP Cloud solutions dramatically reduce manual tasks, allowing CFOs to focus on strategic decision-making rather than the cumbersome process of data collection and validation. Also, provides several AI-driven solutions to support Chief Financial Officers (CFOs) in achieving their digitization objectives and optimizing financial processes. Here’s how Oracle helps in areas such as Financial Management, Risk Management and Compliance, Enterprise Performance Management, Scenario Modeling, Data Analysis and Visualization, Customized Reports, Process Automation and Chatbots and Digital Assistants. Furthermore, Oracle’s automatic updates feature ensures that new technologies are seamlessly integrated into existing systems without disrupting business operations, minimizing risks, and maintaining continuity. These tools empower the role of CFOs to focus on more strategic initiatives and drive sustainable growth for their organisations in an increasingly digitised and competitive landscape. Not just that, it enables them to focus on strategic growth opportunities and better financial planning.

Q. Can you provide insights into the latest trends and developments in the digitization of financial processes that CFOs should be aware of?

Shailesh: The growing emphasis on AI and automation is revolutionizing how CFOs approach financial processes, making the integration of digital technologies essential for enhancing efficiency and productivity. The digitalization of finance and accounting is leveraging advanced software and tools enabling CFOs to automate routine tasks, analyse vast amounts of data, and minimize errors, leading to more strategic and informed decision-making. Additionally, digital transformation tools facilitate real-time reporting and streamline regulatory compliance, ensuring that organizations can navigate the complexities of today’s business environment with agility. To fully capitalize on these advancements, investing in robust IT infrastructure and cloud-based financial management systems is crucial. These systems offer scalability, flexibility, and real-time data access, empowering businesses to build financial resilience and drive sustainable growth in an increasingly complex landscape.

Q. Generative AI is transforming the finance function significantly. Could you elaborate on how Oracle’s Generative AI solutions are empowering CFOs to achieve real-time decision-making and high-level automation? How can CFOs leverage Generative AI to enhance organizational agility, reduce operational friction, and identify new business opportunities?

Shailesh: In today’s fast-paced financial landscape, Generative AI solutions are empowering CFOs to overcome critical challenges such as explaining variances, analysing trends, and managing complex financial data, issues that often impede timely and strategic decision-making. Oracle addresses these challenges with advanced capabilities seamlessly integrated into our Fusion Cloud Applications. For example, our AI-driven insight narratives enable finance professionals to quickly identify anomalies and offer actionable explanations for variances, while predictive forecast explanations simplify complex models, fostering confidence and enhancing decision-making. Moreover, automation in project management and reporting minimizes operational friction, speeds up reporting cycles, and boosts overall efficiency. By harnessing these AI capabilities, Oracle equips CFOs with the essential tools to navigate financial complexities, drive strategic growth, and sustain a competitive advantage in an ever-evolving business environment.

Q. What are the key benefits of cloud-based financial solutions for CFOs looking to make more informed and strategic financial decisions? How can they ensure they are maximizing the potential of these cloud-based solutions to drive better financial outcomes? 

Shailesh: Cloud-based financial solutions offer CFOs a multitude of benefits that enable more informed and strategic financial decision-making, particularly in today’s uncertain economic environment. By integrating finance with HR, operations, and other business functions on a single cloud platform, CFOs can access real-time, data-driven insights that enhance visibility across the organization. This synergy streamlines core financial processes, such as closing, while freeing finance teams to focus on higher-value activities like exploring new market opportunities and evaluating strategic mergers. To maximize the potential of these cloud-based solutions, CFOs should prioritize the following strategies: First, invest in comprehensive training for finance teams to ensure they are proficient in utilizing the advanced analytics and automation features offered by the platform. Second, foster a culture of collaboration across departments to leverage integrated data for better decision-making. Third, continuously monitor key performance indicators (KPIs) and adapt strategies based on the insights gained from cloud analytics. Finally, stay abreast of technological advancements to explore innovative features that can further enhance financial operations. By adopting these practices, CFOs can effectively drive better financial outcomes and position their organizations for sustainable growth.

Q. Please share some customer success stories where Oracle’s solutions have significantly improved the efficiency of financial operations. How does Oracle plan to continue evolving its offerings to meet the dynamic needs of CFOs in 2024 and beyond?

Shailesh: Oracle’s solutions have consistently delivered substantial improvements in financial operations across various industries. In India, several organizations in the financial services, healthcare, manufacturing, and IT/ITES sectors have standardized on Oracle Fusion Cloud ERP to enhance business efficiency. For instance, HDFC Credila, India’s leading education loan provider, recently implemented Oracle Fusion Cloud Applications solutions to unify their financial operations and boost productivity. This deployment streamlined and automated their loan disbursal process, resulting in better financial insights and decision-making capabilities, supporting their future expansion. Additionally, customers in the IT, healthcare, manufacturing, and pharma sectors, including Apollo Health & Lifestyle Limited, one of India’s largest retail healthcare companies and a subsidiary of Apollo Hospitals Enterprise Limited. The customer has selected Oracle Fusion Cloud Enterprise Resource Planning (ERP) to optimise its financial operations and increase productivity. Our Cloud ERP solutions have enabled Apollo Health & Lifestyle to eliminate manual processes and embrace continuous innovation to improve speed and accuracy in reporting, align financial and operational planning, and gain insights to drive better decisions. Oracle is constantly investing in R&D to advance its AI capabilities, collaborating with industry partners to develop cutting-edge solutions that are tailored to the needs of CFOs, financial institutions and organisations meeting their business requirements. We are evolving by offerings integrating advanced technologies, ensuring that CFOs are well-equipped to navigate the complexities of the modern business landscape.