Vijay Padmanabhan has worked at UST, an international IT advisory firm, for 24 years, observing digital transformation within the firm and in client organizations. UST is focused on getting businesses to embrace innovation, but takes a human-centric approach to business. Newsweek recently named UST one of the best places to work in India for diversity.
Our own Katie Kuehner-Hebert asked Padmanabhan for his views on embracing technology within finance and how to get employees to “think bigger.”
What do you see as the main risks and challenges in enabling business growth, and what risk management strategies do you employ?
One of the most prominent risks to achieving stable growth is the uncertainty brought about by volatile economic and geopolitical conditions, which not only requires agile and well-planned strategies but also the need to control costs against unforeseen circumstances.
Driving efficiency and reducing expenses remain top priorities for most CFOs. But growth and productivity are enabled by continued technological improvements. So even when the future is uncertain, it's important to remain open to innovation and investment in technology that may be critical to your company's success.
One of the risks to manage is the potential loss of customer loyalty if our customers experience disruption and we fail to adapt. If our customers transform, we need to follow suit and do what's right for them, even if it means less revenue. The CFO needs to not only visualize the big picture, but also drive that thought process for the finance team and other functional teams.
How do you view technology as an enabler? Should other CFOs, even those outside of the IT industry, view technology in a similar way?
Technology is one of the most important enablers of transformation. The world we live in functions and thrives largely thanks to technology. For me, having access to various digital tools that enable automation and agility is extremely helpful in setting up an organization for success.
My team leverages various technologies to streamline and enhance reporting, efficiently monitor and manage risk, analyze large amounts of data, and improve organizational visibility so we can deliver exceptional employee and customer experiences.
But the beauty of technology is that it is industry agnostic and can help CFOs across sectors to play their roles more effectively and strategically. For example, GenAI can assist all CFOs in areas such as cash management, financial risk management, regulatory compliance, market expansion, supply chain risk management and even hedging.
Helping people see technology as an enabler is key: teams need to feel empowered to adopt new technologies, but for this to happen, your company needs to maintain a culture of continuous learning and upskilling.
What advice would you give to someone preparing to take on the CFO role in an organization?
There is a common perception that CFOs can only think about numbers and therefore contribute little beyond that. However, being a successful CFO means not only working with numbers but also making strategic business decisions. I have had to work hard to change this perception by accepting feedback and collaborating with other departments.
Because the CFO role is so intertwined with the business and strategy-making functions, new CFOs need to spend time on the ground, learning about people, products and services at the deepest level. When they are confident in their understanding of the business, their decisions will be balanced, comprehensive and effective.
I also believe that having empathy is important in any leadership role, and when I took on this role at UST, I learned about their people-centered philosophy, which helps me stay grounded and open to learning more.
How do you identify new growth opportunities for your company, and what advice would you give to other CFOs regarding this aspect of their jobs?
Building a strong team, leveraging technology, and asking the right questions can set you on an exciting path to success. CFOs must encourage their employees to think big and empower them to take calculated risks. Placing finance team members in different areas of the organization can unlock potential and open doors to new areas.
Identifying opportunities for growth requires an open mind. But nurturing them until they deliver results requires persistence and patience. These skills are developed and acquired through practice. Creating a safe space within your company where people can experiment and fail is essential.
My final advice to my colleagues is to not rush into decisions. I fully understand that we are always under time pressure. However, anything that is extremely urgent deserves thorough consideration. So prioritize the right things, give yourself time, consider your options and then make a decision.
