Gomathy Periathiruvadi, the CFO of Alita Systems, is redefining the role of the chief financial officer by focusing on using technology and data to drive the financial vision and objectives of the company. Periathiruvadi believes that the CFO should not be confined to traditional mathematical computations but should instead work closely with the CEO and other executives to develop and implement the strategic plan of the company.
Traditionally, the finance department has been viewed as a cost center that requires funding but only marginally increases profitability. However, Periathiruvadi argues that finance can be a profit center, contributing to overall profitability, generating income, and optimizing costs. By thinking creatively and adding a comprehensive finance module to their product, Alita Systems was able to establish another ongoing revenue stream and add value for their customers.
In order to stay ahead in the evolving financial industry, Periathiruvadi emphasizes the importance of embracing new technologies and skills. By leveraging tools like generative AI to analyze data, derive insights, and make strategic decisions, a CFO can predict market trends, understand consumer needs, reduce risks, and identify growth opportunities. It is crucial to foster a culture that values experimentation and encourages continuous learning.
Periathiruvadi believes that all team members, regardless of their seniority, should adopt a CFO mindset. By constantly seeking opportunities to provide value, learn new skills, and conduct data analysis, employees can contribute to the company’s profitability and cost-effectiveness. Transparency is also key, as Periathiruvadi encourages CFOs to break down barriers between finance and other departments, fostering trust and collaboration.
The evolving role of the CFO represents a paradigm shift in finance departments and organizations, as CFOs are no longer just focused on numbers but are essential strategic partners. Periathiruvadi advises CFOs to continue seeking opportunities to leverage their expertise beyond traditional finance functions and demonstrate their value as revenue generators and value creators. The Forbes Finance Council, an invitation-only organization for executives in successful accounting, financial planning, and wealth management firms, emphasizes the importance of embracing new ideas and driving the success of organizations.
