42. The essential mindsets you need to be successful in your new CFO role - with Ash Noah, AICPA & CIMA: täielik transkriptsioon

accelerating tremendously. 00:06:12.951 --> 00:06:21.021 VUCA is a and you have to adapt really quickly to the unfolding events. 00:06:21.021 --> 00:06:29.432 And that's really accelerated, as you know, with COVID and even pre-COVID, the acceleration was significant. 00:06:29.432 --> 00:06:32.795 So the levels of risk are really high. 00:06:32.795 --> 00:06:41.386 The demands of the stakeholders are multiple, complex, conflicting, and often need to be reconciled. 00:06:41.386 --> 00:06:59.711 And there's rapidly changing business models where businesses are going out, as in not being able to sustain themselves because other business models come in that have leveraged technology and the old way of doing business is outdated. 00:06:59.711 --> 00:07:08.985 And to be able to sustain and grow and continue to be in business, one has to continually change those business models. 00:07:08.985 --> 00:07:17.502 So those are the four major problems factors that are really driving the need for this new skill set, the new mindset. 00:07:17.502 --> 00:07:27.713 Just to recap, VUCA world, high level of risks, demands, multiple demands of multiple stakeholders, and the rapid changing business models. 00:07:27.713 --> 00:07:30.978 So that's kind of the high level landscape of the why. 00:07:30.978 --> 00:07:33.060 Why do we need these new skill sets? 00:07:33.060 --> 00:07:44.319 Now, going into the actual mindsets, I'd start with What is finance charged with? 00:07:44.319 --> 00:07:52.031 Fundamentally, finance and accounting and CFOs are charged with governance and business guidance. 00:07:52.031 --> 00:08:04.648 The telling part is that we've, especially since Sarbanes-Oxley, etc., we have pretty much delivered what the business needs in terms of governance. 00:08:04.648 --> 00:08:17.884 And so research shows us there's about a 10% gap between what finance needs to deliver and in terms of governance and what business expects them to deliver. 00:08:17.884 --> 00:08:22.048 So 90% of the times we are hitting that right. 00:08:22.048 --> 00:08:35.344 When it comes to business guidance, the gap is 60 plus percent, which means it's just 40% of the needs that we are meeting in terms of what the business requires. 00:08:35.344 --> 00:08:41.195 And so That is the big gap which all CFOs are trying to address. 00:08:41.195 --> 00:08:47.201 A lot of the transformation, a lot of the business transformation is trying to address that guidance gap. 00:08:47.201 --> 00:08:58.695 And, Hannah, that gap continues to increase because of the factors I'm talking about, the acceleration in booker and the higher risks, et cetera, and the change in business model. 00:08:58.695 --> 00:09:03.341 And as that tends to accelerate, you'll find the gap continues to grow. 00:09:03.341 --> 00:09:04.322 And so... 00:09:04.322 --> 00:09:11.465 there is a new skillset, there is a new mindset that is required to really close that guidance gap. 00:09:11.465 --> 00:09:12.625 Does that make sense? 00:09:14.508 --> 00:09:15.187 Oh, absolutely. 00:09:15.187 --> 00:09:28.822 And if we think about the pace of change that we've experienced over the last 12 months, that's a huge, not only have we got that massive gap to catch up on, but like you say, those circumstances are becoming even more volatile and ever-changing. 00:09:28.822 --> 00:09:30.582 So what's the solution to that? 00:09:30.582 --> 00:09:33.245 How do we start that catch-up process? 00:09:34.241 --> 00:09:34.542 Yeah. 00:09:34.542 --> 00:09:47.398 So I'll drill into some of the aspects of the transformation that CFOs are undertaking within their function, not just to transform their function, but also to transform their people. 00:09:47.398 --> 00:09:53.485 And everyone actually runs to technology first to address the gap. 00:09:53.485 --> 00:09:54.485 And that's fine. 00:09:54.485 --> 00:09:57.889 The first port of call is let's get our technology right. 00:09:57.889 --> 00:10:10.692 But it's those that really address the the competencies of their teams and really equipping them with the right mindsets and skillsets are the ones that will truly be able to transform. 00:10:10.692 --> 00:10:28.038 And so the transformation is, again, when you look at the four major areas of operation for a CFO, finance is best at going and getting the right information, the relevant information. 00:10:28.038 --> 00:10:41.591 taking that information, analyzing it, and producing insights, and then using those insights to create influence and then really have a strategic impact on the business and create value. 00:10:41.591 --> 00:10:47.477 So that's kind of the overarching cycle that each CFO is engaged in. 00:10:47.477 --> 00:11:02.386 Most finance functions spend a lot of time in information and insight and don't have as much time to spend on influencing and impacting and creating value. 00:11:02.386 --> 00:11:12.660 Now, as technology adoption has increased, it has given finance more time to engage in that influence and impact boxes. 00:11:12.660 --> 00:11:21.293 And automation has enabled them to spend less time on gathering the information, gathering the data, and gathering the insights. 00:11:21.293 --> 00:11:31.131 But what we're finding is there are some key skill sets and mindsets that will address the move towards the influence and impact. 00:11:31.131 --> 00:11:39.220 So fundamentally, finance needs to understand the business and the business model. 00:11:39.220 --> 00:11:54.595 And so having a value creation mindset that helps finance and the CFOs to understand their business model is absolutely the starting point in terms of having this value creation mindset. 00:11:54.595 --> 00:12:06.062 To have a value creation mindset, one needs to understand that value is now today, again, research shows 90% of the value of an enterprise is intangible. 00:12:06.062 --> 00:12:08.326 So it's not really in the balance sheet. 00:12:08.326 --> 00:12:18.364 And so if you want to participate in value

creation, one needs to go and understand what is driving intangible value. 00:12:18.364 --> 00:12:29.115 And that can be understood through the business model as to how you define value, how you deliver that value, how you capture that value, and how you sustain that value. 00:12:29.115 --> 00:12:43.265 So understanding your business model really enables a CFO to engage with the business, not just from a point of view of engaging in costs and profits. 00:12:43.265 --> 00:12:51.416 So That's kind of where usually CFOs operate in the element of the business model. 00:12:51.416 --> 00:13:19.038 But it should really start with understanding the customer value proposition, understanding the processes that enable the business to change the raw materials or the inputs to goods and services, to understand the relationships that the business engages in with suppliers, with customers, with supply chain, etc., to transform the raw materials to the finished goods. 00:13:19.038 --> 00:13:29.131 And then there's the cost and revenue, which is a key part of the business model, but really we need to focus on the other three elements. 00:13:29.131 --> 00:14:00.331 And then beyond that, the CFOs to create value and have this value creation mindset should be able to understand and engage in building the right culture in the organization And the culture that is really, in these times, critical is adopting a disruptive culture in terms of you're ready to disrupt your own offerings, you're ready to disrupt the industry, and you create innovation that enables that disruption. 00:14:00.331 --> 00:14:15.143 And again, the CFO needs to be able to participate in that and also have this mindset of providing your enterprise opportunities with a digital platform. 00:14:15.143 --> 00:14:39.957 And so now we're going towards the whole automation and technology mindset so that the enterprise can not only be a digitally connected enterprise internally, but is able to engage with external platforms to deliver new services, new value propositions, new ways of doing business with the customer. 00:14:39.957 --> 00:14:48.932 And so these are kind of the fundamental shifts in mindsets, the value creation mindset, the technology mindset. 00:14:48.932 --> 00:14:53.841 And then there are some more specific ones, which I want to get into. 00:14:53.841 --> 00:15:00.153 But before I do that, maybe you want to drill down into anything I said or pose another question. 00:15:00.153 --> 00:15:00.254 Yeah. 00:15:00.254 --> 00:15:02.075 Yeah, 00:15:02.134 --> 00:15:02.475 absolutely. 00:15:02.475 --> 00:15:05.018 And I think it's an interesting piece around the value creation. 00:15:05.018 --> 00:15:12.524 So we think of a CFO, perhaps one that's new into role, both in a new company and in maybe new into the CFO role. 00:15:12.524 --> 00:15:23.014 Getting hold of that business model piece and understanding the intangible is quite a challenge, I guess, if you've not worked in that organization. 00:15:23.014 --> 00:15:35.423 So what would you recommend in terms of how do we embed that piece into our that first sort of 90 days as a CFO, what should they be doing to get there? 00:15:36.424 --> 00:15:42.530 Spend a significant amount of time with the business outside of the CFO's office. 00:15:42.530 --> 00:15:52.659 I have a favorite saying, because I come from the logistics transportation business, you need to go kick the tires and smell the diesel. 00:15:52.659 --> 00:16:01.200 If you don't do that, you're not really understanding the end-to-end process value proposition. 00:16:01.200 --> 00:16:02.982 Why is the customer using you? 00:16:02.982 --> 00:16:05.427 What is different about your services? 00:16:05.427 --> 00:16:09.214 Why is the customer ready to pay for value-added services? 00:16:09.214 --> 00:16:13.421 So truly understanding your business operations. 00:16:13.421 --> 00:16:21.774 If you want to be a business partner and you want to be a value partner, you really need to be able to understand the entire business. 00:16:21.774 --> 00:16:27.323 And for a CFO who's not grown up within that business, it's a greater challenge. 00:16:27.323 --> 00:16:37.361 If you've come through that business and you've come through and grown through the ranks, it actually is sometimes significantly easier because you understand all the moving parts. 00:16:37.361 --> 00:16:49.923 A CFO has a vantage point in terms of, you know, has a front seat, is able to see across the organization because finance really touches every part of the organization. 00:16:49.923 --> 00:17:00.768 And so, Before one settles in and gets too comfortable in their CFO's chair, I would suggest get on the road, go around. 00:17:00.768 --> 00:17:03.653 If you have production facilities, visit them. 00:17:03.653 --> 00:17:18.836 If you have research and development facilities and product development facilities, you need to understand how the marketing engine works and how the revenue engine works and what are your key products and what are your key services. 00:17:18.836 --> 00:17:25.544 And you have to understand that entire landscape to really understand how to create value. 00:17:25.544 --> 00:17:36.434 So in the first 90 days, I would have visited the key locations, the key production sites, service delivery sites, and I've spent time with each of those leaders. 00:17:36.434 --> 00:17:39.659 I talked about the gap, the business guidance gap. 00:17:39.659 --> 00:17:45.305 I would start with asking the question, is finance giving you what you need to conduct your business? 00:17:45.305 --> 00:17:55.253 ask the sales and marketing organization, are they getting what they need to make the decisions? 00:17:55.253 --> 00:18:03.103 And so every part of the collaborating across functions is easier said than done. 00:18:03.103 --> 00:18:14.334 Unless you really understand what each of the functions needs from a finance support and finance business partnering perspective, it's

really difficult to then close that gap. 00:18:14.334 --> 00:18:15.411 guidance gap. 00:18:15.411 --> 00:18:20.038 So those are the areas where I would focus on as I went in. 00:18:20.038 --> 00:18:24.203 Other than, you know, I don't want to say ignore the governance side. 00:18:24.203 --> 00:18:35.760 The governance side is absolutely critical, making sure you have clean audits and you have a very solid balance sheet in terms of all the reconciliations and controls are in place. 00:18:35.760 --> 00:18:41.048 And you have internal controls of the financial reporting and all of that is a given. 00:18:41.048 --> 00:18:49.833 But The aspect of understanding the business in order to provide business guidance is absolutely critical to start off 00:18:51.256 --> 00:18:51.336 with. 00:18:51.336 --> 00:18:53.140 Raise your game with Sage Intact. 00:18:53.140 --> 00:18:55.525 Bring down your close time by up to 79%. 00:18:55.525 --> 00:18:59.313 Use agile real-time reporting for instant visibility. 00:18:59.313 --> 00:19:01.657 Land an average ROI of 250%. 00:19:01.657 --> 00:19:08.232 with the heavyweight cloud software rated number one for customer satisfaction. 00:19:08.232 --> 00:19:10.357 Finance that packs a punch. 00:19:10.357 --> 00:19:17.355 Find out more from ITAS, the UK sage and tech partner of the year, at itassolutions.co.uk. 00:19:20.130 --> 00:19:21.652 And it's an interesting point, isn't it? 00:19:21.652 --> 00:19:49.970 And that I would actually say that even if you are in that role, that same process still applies because there is something about looking at all of those operations with the eye of a CFO rather than within finance because if you've not had the chance to do that within that finance controller role, there's a real opportunity to make sure what you think you've understood from within that finance team is also what is actually happening. 00:19:49.970 --> 00:19:52.409 out there with your stakeholders. 00:19:52.509 --> 00:19:52.970 Exactly right. 00:19:54.191 --> 00:19:56.173 So you mentioned a few other mindsets. 00:19:56.173 --> 00:19:59.498 So we've very much been talking about that value creation mindset. 00:19:59.498 --> 00:20:05.684 And you referred earlier to a few others that you think are important for any new CFO. 00:20:05.684 --> 00:20:07.207 So tell us a little bit more about those. 00:20:07.207 --> 00:20:08.107 What do those look like? 00:20:08.628 --> 00:20:18.801 Let's talk about switching gears from value creation mindset to a mindset that really adopts automation technology. 00:20:18.801 --> 00:20:25.669 And then related to that is analytic mindset in terms of leveraging data. 00:20:25.669 --> 00:20:42.529 The explosion in the amount of data that is available within the organization and achieving efficiencies within the finance processes and having this technology mindset, they're all kind of interrelated. 00:20:42.529 --> 00:20:49.337 Finance really needs to lead on what is our data model. 00:20:49.337 --> 00:20:51.059 Who owns that data? 00:20:51.059 --> 00:20:56.769 And there is a certain portion of the data which should be owned by the CFO. 00:20:56.769 --> 00:21:04.421 And that data to decision process needs this real data analytics mindset. 00:21:04.421 --> 00:21:07.086 So it's related to value creating. 00:21:07.086 --> 00:21:11.031 It's an enabler for value creating, for value creation. 00:21:11.031 --> 00:21:20.321 But having this mindset that where can I get the most relevant data to make the decision is absolutely critical. 00:21:20.321 --> 00:21:38.645 What we saw through the pandemic, for example, all the trends that we were used to were not an indication of the future because the level of demand, the level of supply, the level of prices, everything was upended. 00:21:38.645 --> 00:21:50.373 And so if you were relying just on data that was historic, you would not be able to forecast very quickly how to respond to the unfolding situation. 00:21:50.373 --> 00:21:58.282 And so having this data analytics mindset, thinking about external sources of data, can I use proxies? 00:21:58.282 --> 00:22:00.726 Can I use flight data? 00:22:00.726 --> 00:22:04.529 How many people are getting on planes and how many people are traveling? 00:22:04.529 --> 00:22:13.461 Can I use traffic data to see where are people going now if retail stores are opening up in other locations? 00:22:13.461 --> 00:22:23.515 So What I'm trying to say is having an open mind to the data that's available, not just within the enterprise, but outside the enterprise. 00:22:23.515 --> 00:22:35.531 Then being able to leverage that data through technology, analyze that data and really help the organization forecast better levels of demand so that they can meet the needs of the customer. 00:22:35.531 --> 00:22:39.557 That's critical in terms of having that mindset of data analytics. 00:22:39.557 --> 00:22:42.781 And related to that is automation and technology. 00:22:42.781 --> 00:22:50.044 How can I change my legacy processes? 00:22:50.044 --> 00:22:57.897 How can I re-engineer my legacy processes so that I can really apply technology that enables me to automate? 00:22:57.897 --> 00:23:01.884 So having a mindset that says, I'm going to standardize. 00:23:01.884 --> 00:23:05.030 And if I can standardize, then I can automate. 00:23:05.030 --> 00:23:08.056 And understanding what type of technologies... 00:23:08.056 --> 00:23:13.494 There aren't that many technologies to get your head around in terms of automation. 00:23:13.494 --> 00:23:19.682 It's really the robotic process automation, and there are several players in that field. 00:23:19.682 --> 00:23:32.538 But understanding how RPA works, understanding how you can automate, because the opportunity to automate, even today, is significant. 00:23:32.538 --> 00:23:40.220 To have a cloud-first mentality, to have a digital-first mindset, is really critical. 00:23:40.220 --> 00:23:54.340 And so this mindset is really around embracing

technology, embracing automation, and leveraging data and the technologies that can really drive value creation. 00:23:54.340 --> 00:23:58.366 So again, kind of feeds back into the value creation story. 00:23:58.366 --> 00:24:06.839 But the speed of data to decision really will determine an enterprise's competitive advantage. 00:24:06.839 --> 00:24:12.998 The sooner you're able to decide and act, you might be moving ahead of competition. 00:24:16.207 --> 00:24:17.570 And there was an interesting trend. 00:24:17.570 --> 00:24:23.165 So I literally recorded another podcast this week where we were with a tech... 00:24:23.165 --> 00:24:26.568 basically a technology and digital transformation company. 00:24:26.568 --> 00:24:39.200 And they were saying one of the most interesting things is this 80-20 rule when it comes to both data and technology and that you can automate about 80% of what you do. 00:24:39.200 --> 00:24:43.923 But it's that 20% that holds you back from that full automation. 00:24:43.923 --> 00:24:56.777 So I loved your comment about standardization because I think that's one of the big challenges within finance is removing those complexities that I think sometimes finance absorbs on behalf of the rest of the organization. 00:24:56.777 --> 00:25:03.705 And that, you know, once you can start to get through those, I think there's a massive power in what we can do in finance. 00:25:03.705 --> 00:25:12.657 And once you start to get through, you know, all those weird and wonderful scenarios that, you know, that sales will put forwards and finance have to deal with. 00:25:12.657 --> 00:25:14.119 Absolutely. 00:25:14.800 --> 00:25:29.144 And also, Hannah, really what one should be looking at is the 21st century enterprise systems have really done a great service to businesses and to CFOs. 00:25:29.144 --> 00:25:36.172 And what they've done is they've taken best practice processes and they've actually engineered them into the technology. 00:25:36.172 --> 00:25:48.644 And so the old mindset of I define my process and then I use technology to execute that process is actually being flipped. 00:25:48.644 --> 00:25:56.220 What we need to do is we need to look at the technology, re-engineer our process so that it fits the technology. 00:25:56.220 --> 00:26:10.066 If you try and customize the current technology to your existing legacy processes, which were invented in the 20th century, we will not really get the benefits of that investment in technology. 00:26:11.521 --> 00:26:15.186 You are definitely preaching to the converted there, Ash. 00:26:15.186 --> 00:26:28.405 I'm a massive believer in using the tools that you have to the best of their ability, because there's always a danger that you can be too specific about what you want. 00:26:28.405 --> 00:26:38.700 And I'd have to say I'm a massive believer in not over-developing systems and building, you know, because then you lose the flexibility, don't you, in terms of that technology shift. 00:26:38.700 --> 00:26:40.061 So, no problem. 00:26:40.061 --> 00:26:41.886 That's a great point. 00:26:41.886 --> 00:26:45.396 So for those of you listening, it's not just me that's saying that. 00:26:45.396 --> 00:26:50.632 It's the all-knowing Ash from SEMA and AICPA. 00:26:50.632 --> 00:26:53.560 So that's a great point, though, Ash, to be very fair. 00:26:53.560 --> 00:26:55.326 Yeah. 00:26:55.326 --> 00:27:07.174 So from a, from a mindset perspective, is there any, so again, take us back to, you know, those that are listening that are perhaps new into role and thinking about their first, you know, 90 to a hundred days. 00:27:07.174 --> 00:27:15.267 What else in terms of mindset should we be thinking about from a personal perspective in terms of how we, how we approach that piece? 00:27:16.048 --> 00:27:19.153 So as a, trained finance professionals. 00:27:19.153 --> 00:27:26.382 We really have been trained into being a professional, you know, bringing professional skepticism. 00:27:26.382 --> 00:27:28.424 We ask all the right questions. 00:27:28.424 --> 00:27:40.442 And our training also has caused us to be very process-oriented in terms of sequential and logical processes. 00:27:40.442 --> 00:27:41.482 development. 00:27:41.482 --> 00:27:53.438 And sometimes that goes against us, especially when one is trying to solve problems or when one is trying to drive transformation. 00:27:53.438 --> 00:28:05.952 So in that, there's two kind of mindsets that one needs to develop both for oneself as a CFO, but also in our teams. 00:28:05.952 --> 00:28:13.795 The two things I would really recommend embracing is understanding the workings of agile. 00:28:13.795 --> 00:28:31.021 So really looking at agile methodology and adopting, not for technology rollout, but understanding the agile way, understanding how you can test and learn and implement in small increments. 00:28:31.021 --> 00:28:34.788 And you don't have to get the whole thing right first time. 00:28:34.788 --> 00:28:49.772 So experimentation and learning innovating around the first test and learn cycle, bringing people in from other groups and how you approach. 00:28:49.772 --> 00:28:51.836 That takes me to problem solving. 00:28:51.836 --> 00:28:58.925 So an agile mindset and a problem solving mindset is what I would say CFOs need to be thinking about. 00:28:58.925 --> 00:29:05.154 So I talked about the agile methodology and the other methodology is design thinking. 00:29:05.154 --> 00:29:40.190 And design thinking really is enables finance to break that chain of logical sequential process and try and deliver and solve problems by really understanding the landscape, by really exploring with all the partners how we could perhaps solve this problem and then building a prototype which again goes to that test and learn type environment and really use that prototype and learn from it. 00:29:40.190 --> 00:29:52.042 So very related, but two methodologies that I would really encourage CFOs to embrace

is the agile methodology and design thinking. 00:29:52.042 --> 00:30:10.259 And perhaps that kind of completes that compendium of some of these new skill sets Yes, there is Lean and there is Six Sigma and those type of project management and performance management and change management techniques can be brought in. 00:30:10.259 --> 00:30:22.857 But I really think for CFOs to really understand and leverage the agile and the design thinking is another mindset change that requires to happen. 00:30:24.865 --> 00:30:26.249 And that's a tough shift, isn't it? 00:30:26.249 --> 00:30:51.106 If we think about where finance are expected to be the cautionary ones, if we think historically, that shift into that problem-solving creative thinker, It could be quite challenging for those that are, you know, and while still maintaining that steady hand on the rudder and that sort of that governance piece. 00:30:51.106 --> 00:31:00.434 So how do CFOs balance, you know, the development of those skills along with, you know, maintaining the trust of the organization? 00:31:00.434 --> 00:31:04.478 And, you know, because it's a bit of a balancing act in some ways. 00:31:04.617 --> 00:31:04.979 It is. 00:31:04.979 --> 00:31:07.580 And it brings us back full circle. 00:31:07.580 --> 00:31:10.963 And I think that's a nice kind of close as we go forward. 00:31:10.963 --> 00:31:13.307 in terms of it's those two pillars. 00:31:13.307 --> 00:31:15.430 It's the governance and the guidance. 00:31:15.430 --> 00:31:34.753 And one needs to balance the governance because you cannot not deliver what is required on the control, compliance, the accuracy of reporting, not to be in the front page of the Financial Times for the wrong reasons, right? 00:31:34.753 --> 00:31:37.217 That is absolutely critical. 00:31:37.217 --> 00:31:50.114 And that is why CFOs are primarily, They're charged with that governance to ensure that there's compliance with policies, regulations, etc. 00:31:50.114 --> 00:31:53.941 And one cannot take their eyes off that. 00:31:53.941 --> 00:32:01.775 So having built that foundation, having that strong foundation, one then goes further up. 00:32:01.775 --> 00:32:05.281 So I see it as a three-step process. 00:32:05.281 --> 00:32:08.239 The first step is process excellence. 00:32:08.239 --> 00:32:16.316 And the process excellence makes sure that you have the required systems and processes and controls in place. 00:32:16.316 --> 00:32:20.023 And you have engaged with automation, etc. 00:32:20.023 --> 00:32:22.829 You've got your processes spot on. 00:32:22.829 --> 00:32:26.877 That gives you the foundation to move towards success. 00:32:26.877 --> 00:32:28.652 kind of business intelligence. 00:32:28.652 --> 00:32:37.099 And then you're going towards that data and data analytics and data to decision, decision to execution type mode. 00:32:37.099 --> 00:32:41.345 And you're building capability in the business intelligence. 00:32:41.345 --> 00:32:51.355 And then finally,

when you have that capability in terms of business intelligence, you then move towards the influence and really having business influence. 00:32:51.355 --> 00:33:09.298 And that comes with the absolute solid foundation of that process excellence, the digital intelligence, and then you can really deliver that business influence and be creating value and co-creating value with the rest of the organization. 00:33:11.746 --> 00:33:24.401 And so for those that are perhaps looking either to develop into that CFO role, and they perhaps listen to this and going, there's a lot that I maybe need to work on, or, you know, some good self analysis in there. 00:33:24.401 --> 00:33:28.265 What is the pathway that you would be recommending? 00:33:28.265 --> 00:33:38.798 And, you know, in terms of steps and support systems that they should have in place, perhaps before they look to step into that role, and as they go into that first role? 00:33:39.074 --> 00:33:42.018 So I think there's a three-dimensional approach. 00:33:42.018 --> 00:33:50.971 One is you have to be absolutely deeply– you need to have that expertise, the technical expertise. 00:33:50.971 --> 00:33:57.480 That's the depth in the profession, in a professional qualification. 00:33:57.480 --> 00:34:10.101 You then need to have the width across the business, business strategy, really understanding– the importance of business models, digital skills. 00:34:10.101 --> 00:34:15.954 And so that's kind of the width and the breadth that one needs to cover. 00:34:15.954 --> 00:34:39.509 And the third dimension is around really being exposed to the right experiences, not just be on a finance track, see if you can move and use that lattice approach which is used so often in our talks in terms of, you know, the ladder just doesn't go, you know, one way. 00:34:39.509 --> 00:34:50.168 You have to shift and perhaps spend time in other parts of the business, spend time in operations, spend time in marketing and sales. 00:34:50.168 --> 00:34:58.221 If you can, try and move around the business and really get that experience. 00:34:58.221 --> 00:35:11.452 So it's experiential, having the right mentors and being on a journey that really exposes you to a wider perspective area of practice than just finance. 00:35:11.452 --> 00:35:18.643 Those would be the three things that I would really encourage aspiring CFOs to be focused on. 00:35:21.306 --> 00:35:33.824 And for those that are lucky enough to be stepping into their first CFO role and maybe feeling hopefully very excited, but maybe slightly nervous, what are your top tips for the first 90 days in that CFO role? 00:35:33.844 --> 00:35:47.405 So first 90 days, and again here, If you're new to that organization, understand the business, understand the business model and really collaborate across all the functions. 00:35:47.405 --> 00:35:56.534 Understand their needs and understand how you could be a better business partner to them and serve their needs. 00:35:56.534 -->

00:36:15.144 And if you have been in the organization, within the organization for a while and you've been promoted up to the CFO, it's really about reaching out to those that you might have stepped over to become the CFO, and it's important to retain them. 00:36:15.144 --> 00:36:44.304 It's happened to me several times, and I've had to reach out to these people and assure them of the future, assure them of a vision, have a very clear strategy for your finance function, share that strategy across within your team and have visibility across the organization as to how finance will engage with the rest of the business to create value. 00:36:44.304 --> 00:36:50.132 And so communication is absolutely critical in terms of the first 90 days. 00:36:50.132 --> 00:36:51.934 Communicate your intent. 00:36:51.934 --> 00:36:55.561 Create this strategic view. 00:36:55.561 --> 00:37:00.148 Create a vision and mission for finance and get your people along. 00:37:00.148 --> 00:37:03.668 Don't neglect the human dimension. 00:37:03.668 --> 00:37:07.231 Those would be some of the key things to address in the first 90 days. 00:37:09.393 --> 00:37:12.295 Well, that is a great way to finish the podcast. 00:37:12.295 --> 00:37:16.820 Ash, thank you so much for sharing your insight and knowledge and experience. 00:37:16.820 --> 00:37:26.108 And I think for all of those listening, there's some great tips to take away, both in terms of mindset and skills and some practical sort of next steps for those first interval. 00:37:26.108 --> 00:37:27.851 So thank you so much, Ash. 00:37:27.851 --> 00:37:29.972 It's been wonderful having you on the podcast. 00:37:29.972 --> 00:37:31.094 You've been a great guest. 00:37:31.746 --> 00:37:32.706 Thank you very much. 00:37:32.706 --> 00:37:36.112 It was a delight to be here and talk to you, Hannah. 00:37:37.173 --> 00:37:37.494 Brilliant. 00:37:37.494 --> 00:37:38.135 Thank you, Ash. 00:37:39.237 --> 00:37:39.597 Thank you. 00:37:40.760 --> 00:37:46.487 So for me, one of the most important things about any transformation project is the partners that you work with. 00:37:46.487 --> 00:37:57.664 And whilst I'd love to list off a whole host of reasons why ITAS is the perfect partner for your transformation project, why don't I let our customers do the talking for us? 00:37:59.489 --> 00:38:04.547 One really good thing working with ITAS is it's dramatically reduced my blood pressure. 00:38:04.547 --> 00:38:11.650 Obviously, an account system is critical to anyone's business. 00:38:11.650 --> 00:38:18.436 So innovation data without that, like every company, we couldn't function as a company. 00:38:18.436 --> 00:38:26.143 So, you know, it's one of the most critical pieces of software and any sort of vulnerability we have with that sort of keeps you awake at night. 00:38:26.143 --> 00:38:38.137 And now working with ITASP, I don't have any concerns about our account functionality and our account system and the usability and all of that, working with previous partners. 00:38:38.137 --> 00:38:44.413 I've got some grey hairs and sleepless nights from that, as I say, because it's so critical. 00:38:44.413 --> 00:38:50.365 So it's been an absolute pleasure and long may the relationship continue.