An intelligent organisation is one that is effective in its operations, adaptive to change, innovative in its approach to both opportunities and uncertainties, and well connected to the needs of its stakeholders. Today the role of Finance function of any organisation goes not only of being the financial controller of the organisation but also to act as the conscience of the organisation, the team has to be a catalyst of the organisation. The finance function is a trusted partner which helps in creating a sustainable growth story for an organisation

The tough times for businesses, downturns has made the sea rough for almost all the organisations and they now find themselves entangled in a new scenario called VUCA ( volatility, uncertainty, complexity and ambiguity) thereby compressing the growth strategy. In the backdrop of all of this the Finance function has a key role to play as a finder, minder and grinder of the organisation.

The first part is to find the funding for the business ideas set by the Board of Directors forecast revenue and growth patterns such that the organisations is never caught unaware.

Then to be a mind in the form of Financial Accounting, financial Reporting and Taxation present facts and figures for business planning, expansion and sustenance, developing and defining the overall strategy for the organisation.

The last but not the least is to grind the foregoing with the tools of systems processes, technology, monitoring mechanism, compliance and risk management so as to get the end results

The biggest challenge lies ahead in the entire process is theconstant requirement to implement new processes and support technology to add/ diversify business. The fact remains that with revenue growth slowing, corporates have increasingly looked upon to reduce cost and increase bottom-line adding further to the tree of challenge

The future of organisations is increasingly resting on the finance function’s ability to drive greater value across the entire enterprise. Increasingly the concept of EVA is adopted for critical decisions. It is a transformation journey to achieve organisational goals. The current regulation requirements are increasing and the finance team have an increasingly personal stake involved, to combat that the need is to have cross-functional, result oriented team with well-defined roles and responsibilities from a long term point of view

In the backdrop of all of this the finance function at IFIN has ensuredgovernance thru robust policy directives which lay down clear cut rules in relation to capital investment, cash availability and shareholder return and balancing risk effectively. The above has helped us to function as unit and excel in all the parameters of its business.

To sum it up an efficient Finance team is relevant in guiding the organisation to use its resources diligently and at the same time deliver value to its customers, shareholders and employees.

 

 

Deepak Pareek

Deepak Pareek is the Chief Financial Officer of IL&FS Financial Services (IFIN) and has been with IL&FS Group since 1998, his area of expertise span across finance, accountancy, operations, taxation, technology, Regulatory & statutory compliance and other related areas.

 


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