CFO Talks – B. Ganesh Shenoy CFO & VP IT, MTR Foods Pvt Ltd
He leads the finance and IT teams in MTR with a business development focus. Leveraging IT and financial analytics for business growth is his passion. He is on the Board of Rasoi Magic Foods (India) Pvt Ltd , a fully owned subsidiary of MTR Foods Pvt Ltd. and also on the Board of Norwegian Business Association of India since June 2017. He had the honor and privilege of being included in the All India CFO 100 Roll of Honour for 6 years in succession from – 2014 onwards till 2019 by CFO India an arm of 9.9 Media Pvt Ltd.
1. What should be major focus for CFOs while investing in digital transformation of their companies?
The key goal for digital transformation in any business should cover Operational Process transformation which exponentially improves service level efficiencies both within the organisation as well as with external stakeholders. The outcome of the digital transformation should also result in significantly enhancing user experience (internal or external) in their interactions with the business. Without focus on these 2 objectives, Digital transformation will end up being ineffective and sub-optimal.
2. Being a CFO & a VP IT how different is your role?
There may be a perception that the roles are different, but when we see the overarching goal of today’s CFO – Driving business efficiency through digital / business transformation – the role becomes symbiotic. This is felt even more in businesses where digital eco-system drives business itself viz. E-commerce but I feel that in today’s digitally connected world, a good understanding of IT skills will help one perform better in Finance.
3. What is your expectation for the industry from the Budget 2020?
I would like to see policy changes which will kick-start consumer demand – both in urban and rural markets – as consumer demand is the only fuel that drives the economic engines sustainably. Other measures to rein in inflation, harmonise GST rates and remove some of the Direct Tax impediments that prevents smoother fund flows are also part of my key expectations.
4. Year 2019 was a challenging year for most industries. How do you intend to plan for 2020?
I expect 2020 to be a year of revival .. albeit could be slow in the beginning of the year. Since the domestic economy has a huge potential to grow for several years into the future, one must prepare for it by judiciously investing behind the brand, removing capacity bottlenecks etc . Cost reduction initiatives are also equally critical to enable a short to medium term profitability boost if things do not pan out as per our initial expectations.
5. You have been part of our last year Bengaluru edition of CFO Leadership Summit. How was your experience?
The CFO Leadership summit conducted by Exito provides a dynamic platform where CFOs of diverse companies meet and exchange views on various business challenges. The conference format provides a great environment to un-learn and re-skill which I believe are the cornerstones to broaden your vision and equip yourself with the right insights to drive change and innovation. It is an event which has a great buzz around it essentially due to its interactive character as also the fact that it attracts the best talent in the industry.