The 00001 CFO: Digital Finance Transformation in the age of x + AI

Description

The emergence of Artificial Intelligence (AI) has disrupted numerous industries and operations, necessitating a repositioning of finance teams as strategic functions that champion growth, value creation, and sustainability. The rapid pace of technological evolution and proliferation of data is reshaping the landscape in unprecedented ways. Amidst these escalating expectations and uncertainties driven by digital advancements, the lack of preparedness can be daunting. 'The 00001 CFO' book serves as a window into this future, exploring what may seem improbable but is, in fact, inevitable. It describes the paradigm shifts that CFOs and Finance teams must embrace to thrive in this inevitable future. It symbolizes a future characterized by zero-touch transaction processing and accounting, zero exceptions, zero time to close, zero time to insight, and a unified user experience—a vision encompassing the five core imperatives of the digital CFO in the era of AI-led disruption.

About the Author

Vivek Saxena is the Senior Vice President, Finance & Accounting (F&A) and Enterprise Risk & Compliance (ERC) Service Line leader at Genpact. Vivek has over 25 years of experience working with Fortune 500 companies designing and delivering multi-tower business transformation solutions, incorporating data, tech, and AI. In his role as F&A leader, Genpact's biggest service line has grown revenues by 10 times. Vivek's engagements have created a billion-dollar impact for global clients and market analysts have consistently rated Genpact amongst the top two leaders in the F&A space.

Vikram Jha is a Vice President, the F&A Service Line at Genpact. He has two decades of diverse F&A experience ranging from being a Finance Controller to managing accounting services for clients to a management consultant at PwC and is F&A subject matter expert at Genpact. Vikram has led large-scale business process transformation for Fortune 2000 clients across industries and geographies—designing solutions for transformation and value maximization.

Lavi Sharma is a Vice President in the F&A Service Line at Genpact. In her 12-plus years of experience in engaging with clients, she has been at the forefront of understanding the priorities of the CFO office, addressing their needs around technology solutions and new regulatory compliances like Lease accounting. She has played a critical role in identifying new growth avenues and executing strategies through partnerships at Genpact. Her approach to innovation through rapid prototyping across strategic priority areas within F&A using digital, data, and embedded controls has enabled business transformation for clients.

Table of Contents

1. The 00001 Future

1.1 Four-Minute Barrier and Future of Finance

1.2 The Age of x+AI

1.3 The 00001 Index

2. Zero Touch Processing

2.1 Zero Touch Enablers

2.2 Zero Touch Frameworks

2.3 AI-Powered Zero Touch

2.4 Zero Touch in Action

Snapshot

Business Leader Perspective

3. Zero Exceptions

3.1 With Rising Automation All that is Left are Exceptions

3.2 Design Principles of Zero Exceptions

3.3 Preventing and Resolving Exceptions in the Age of AI

Snapshot

Business Leader Perspective

4. Zero Time To Close

4.1 Accelerated, Optimised, Continuous

4.2 Systemic Changes for Zero Time to Close

4.3 Accounting Orchestration Engine

4.4 Zero Time to Close Frameworks

4.5 Zero Time to Close Enablers

Snapshot

Business Leader Perspective

5. Zero Time To Insights

5.1 Data to Insights Framework

5.2 Zero Time to Insights Stack

Snapshot

Business Leader Perspective

6. One Holistic Experience

6.1 Experience is the New Frontier in Finance

6.2 Design Principles of One Holistic Experience

6.3 Achieving One Holistic Experience

Snapshot

Business Leader Perspective

7. Zero Touch Controls

7.1 House of Cards

7.2 The Evolving Risk Landscape

7.3 The Future of Controls

7.4 Role of Risk and Internal Audit Functions

Snapshot

Business Leader Perspective

8. 00001 Operating Model

8.1 Finance Mission Control: From Horizontal to Vertical

8.2 Purpose

8.3 Process

8.4 People

8.5 Placement

8.6 Platform

Snapshot

Business Leader Perspective

9. 00001 Skills

9.1 Changing Skills for Emerging Roles

9.2 The ‘Shift Right’ in Finance Skills Stack

9.3 The Meta-Skill of Continuous Re-skilling

Snapshot

Business Leader Perspective

10. The CFOVERSE

10.1 Metaverse is the Continuum of Digital Experience

10.2 CFOVerse-The Metaverse for Finance

Snapshot

Business Leader Perspective

11. Green Accountant

11.1 Business with a Meaningful Purpose

11.2 Role of the Green Accountant: The Planet Saviour

11.3 The 00001 Future for Impact Accounting

Snapshot

Business Leader Perspective

12. The 00001 Beginning

12.1 x+AI – A Reality Check

12.2 One Step at a Time

Epilogue

Acknowledgment

References

Index

About the Authors