What really is finance transformation, and how can you leverage it effectively?
Cobalt Recruitment’s US Managing Director, Nick Louca, was recently joined by renowned finance transformation specialist, Jasmine Ahmed, for a wide-ranging interview on finance and business transformation, its best uses and potential pitfalls, and the key ingredients to make transformation effective within an organization.
Placed by Nick 11 years ago at Dentsu, Jasmine’s distinguished track record has seen her work closely with CFOs and other business leads at PwC, Pfizer, Coca-Cola, and other global names across sectors on their finance transformation journeys. See what her experience has taught her about finance transformation below.
What actually IS Finance Transformation?
As Nick says, the term ‘finance transformation’ takes on a different guise, depending on the CFO and sector you’re speaking to.
You may already be in a phase of finance transformation without knowing it, according to Jasmine. If you’re in a role and department that’s centered on optimizing people, processes, technology and data, and how the finance function – and overall business – is using them, you’re probably somewhere on your finance transformation journey already.
It’s not just about new tech or offshoring; it’s about reimagining how the finance function creates value in a changing business environment and asking, “What do I need to look like as a function to deliver value in the future?”.
What is finance transformation in layman's terms?
Technology and AI’s roles in transformation
These are often the first things that come to mind when people think of ‘transformation’. While generative AI (GenAI) presents a fantastic opportunity to enhance a business, and is ‘the pathway for non-technical people to start implementing technology into their processes’, Jasmine cautions organizations to get the basics right first, with 2 core messages:
- Without strong data hygiene, governance, and foundational systems, GenAI can't scale effectively.
- Leaders must not view GenAI as a plug-and-play solution, but rather as part of a broader transformation journey.
Conclusion: True transformation doesn't start with tools; it starts with vision and the right foundation from a company’s leadership. This was something Jasmine saw as particularly strong at Dentsu, and at Pfizer, this culture allowed the transformation of the department to happen organically.
What roles do technology and AI play in finance transformation?
Offshoring: Looking beyond cost-cutting
Offshoring is often misunderstood as just a cost-cutting tactic when it comes to business and finance transformation. Jasmine is all for reframing it as a value-creation resource instead.
Her argument is that cost-cutting will only get you so far – and that, before embarking on an offshoring strategy, looking at how it's going to help you on your trajectory to:
- Unburden teams so they can focus on strategic objectives
- Accelerate your innovation agenda
- Utilize GenAI more in your processes
…is where you’ll see true value from it.
When does offshoring work best in finance transformation?
WHO can help realize your transformation?
We’ve talked about offshoring, but before that, according to Jasmine, it’s important to take a WHOLE look at your finance and other teams that’ll be involved in the transformation.
By looking at your organizational design and internal talent pool, you can spot gaps – including those areas where those from other backgrounds may be able to offer the greatest assistance. i.e. the potential employee who may not have been a Financial Controller in your industry before, but who does have a solid understanding of accounting, business processes AND, importantly, the combination of creative and analytical capabilities that can help bring your transformation strategy to life. Solving problems differently to others who stick with the status quo, might give you the competitive advantage.
Common misunderstandings about transformation and first priorities
For more advice on finance and business transformation from Jasmine’s heralded career, see below for her ‘biggest piece of advice for CFOs embarking on a transformation strategy’, or watch the full interview at the bottom of the page that also includes the ‘one thing that people aren’t talking about’ when it comes to transformation.
The best piece of advice for CFOs embarking on a transformation strategy
Thank you to Jasmine for her time – you can get in touch with her here, or to discuss how other organizations are developing their transformation journeys, and learn more about the talent they’re hiring to make it possible, get in touch with Nick Louca here.
