Experts said at the third edition of the New Age Finance and Accounting Summit that finance and accounting professionals have found themselves in a unique position where they are at the center of a digital transformation journey that not only improves efficiency and agility but also cash flows (NAFA 2022).
The event, which is organized and presented by Khaleej Times, brings together finance leaders and experts from across the Gulf Cooperation Council to discuss the current professional landscape, deliberate on the role of technology within their domain, and develop strategies for upcoming opportunities and challenges.
Poonam Chawla, head of KT Engage and Events & Conferences, welcomed experts and attendees to the event on Tuesday morning, noting that the current economy requires chief financial officers (CFOs) to deliver an agile and efficient finance function that focuses on improving cash flow.
“To keep up with the pace of change, finance functions have been forced to evolve quickly,” she said. “In fact, the financial sector was already undergoing significant digital transformation.” The only difference now is that you don’t have a choice. The finance function finds itself in a unique position to be at the heart of change across an organization as business models are adapted and rebuilt.”
“CFOs who truly lead digital change initiatives can save a lot of money by increasing efficiency.” Finance change, on the other hand, should allow pioneers to take the lead in enterprise value creation and performance management,” she added.
In his opening keynote, Dinesh Sanghavi, senior executive and regional head of Standard Bank of South Africa, noted how new technologies such as Artificial Intelligence, Machine Learning, Blockchain, and the Cloud have greatly influenced and impacted the finance industry today.
“In the world of accounting and finance, key roles are undergoing a transformation like never before,” he said. “While the Covid-19 pandemic certainly aided, many of the industry’s changes are evolutionary in nature.” Low oil prices, the recent introduction of VAT in certain countries, and governments seeking new sources of revenue are all challenges that we must navigate in the Middle East.”
“Today’s industry professionals are constantly reacting and adapting to change, and the role of a CFO is no longer defined in the same way it was a few years ago,” he continued. “The finance and accounting industry must ensure that its members have the knowledge and skills to assist their respective organizations in sustaining economic growth and competing on a national and international level.”
