Digital First Magazine – July 2022 – India Edition – 10 Must-Watch Consulting Companies in India by Connecta Innovation

INDIA EDITION

www.digitalfirstmagazine.com

Digital, Technology and Business Insights

Alyzaa Merchant, Founder, CEO, and CFO, Merchant Ventures MUST-WATCH

CONSULTING COMPANIES IN INDIA

Brivan Consultants Jotwani Associates See Change Consulting SQuare Consulting

MERCHANT VENTURES CYBERSECURIT YHELPING FUTURE OF KEEPING

JULY 2022

D ATA

SMEs IDENTIFY NEW SOURCES OF VALUE

SAFE & SECURE

KALKA TO SHIMLA RAILWAY, INDIA

Digital First Magazine

July 2022 s halender k u mar istock p hoto.com/

mustvisitdestinations.com Digital First Magazine July 2022

www.digitalfirstmagazine.com

July 2022

Vol - 3 Issue - 8

Consulting Companies in India Special Head of Advisory Board Dr. Manoj Varghese, Ph.D

Managing Editor Sarath Shyam

Consultant Editors

Dr. Johny Andrews Anuja Mulmule Suchita Gonsalves

Sruti PS Roshni Rajagopal Komal Banchhor

Editorial Enquiry: admin@digitalfirstmagazine.com

Art and Design

Ajay K Das Manjunath R Rohith Poojary

Sales & Marketing

Arati Waghmare Reshma Ashokan

Rupali Mohankar Shubham A

Sales Enquiry: admin@digitalfirstmagazine.com

Subscription

www.digitalfirstmagazine.com

International Representation Americas Connecta Global LLC 16192 Coastal Highway, Lewes, DE 19958, USA

GET THE MOBILE ISSUE

Europe Connecta Global Ltd. 27, Old Gloucester Street, London, WC1N 3AX, UK Middle East Focus Innovation Technologies FZE P.O. Box 48299, Dubai Silicon Oasis, Dubai, UAE Asia-Pacific Connecta Innovation Pvt. Ltd. Ramanashree Arcade, 18 MG Road, Bangalore – 560001, India

Digital First Magazine July 2022

Digital First Magazine is a digital magazine published by Connecta Innovation Private Limited. All rights reserved. The opinions expressed in the content are those of the authors. They do not purport to reflect the opinions or views of the Connecta Innovation Private Limited or any of its members or associates. The publisher does not assume any responsibility for the advertisements and all representation of warranties made in such advertisements are those of the advertisers and not of the publisher. Digital First trademark is owned by DFG Digital First Infotech Pvt Ltd. and Connecta Innovation Pvt Ltd. has permission to use Digital First brand name. Digital First Magazine is a Free Subscription digital magazine strictly not for sale and has to be strictly for internal private use only. Publisher does not assume any responsibility arising out of anyone printing copy of this digital magazine in any format and in any country and all matters related to that.

MANAGING EDITOR’S NOTE

Importance of Consultants in the Changing Times

020 was not a good year for many businesses, including consulting companies. As per the industry reports, the consulting sector saw a significant revenue loss across all markets and segments in 2020 after experiencing continuous growth between 2015 and 2019. Being a peoplebased, travel-heavy industry, the lockdowns and travel bans during the pandemic time affected the consulting industry significantly. However, the sector gained momentum when countries started lifting the restrictions. Many experts in the industry believe the pandemic was a blessing in disguise for consulting firms. When the pandemic disrupted the business, it exposed the need for adaptiveness to thrive. Many companies had to look for consults to align their strategies to these continuous global trends to make a comeback. In fact, industry leaders realized that being proactive is better than being reactive. In this dynamic world, consulting companies also need to be aware of potential changes and prepared to support their own businesses and their success and that of

their clients too. Consulting companies in India are known for their quality of work and are most sought after globally. For instance, companies like TCS, Infosys, and Wipro have offices all over the world, and they give US and European consultancies a run for their money. To understand the consulting business in India and give readers help our readers with firms that are performing exceptionally well in the market, we have come up with a special issue featuring ‘10 Must-Watch Consulting Companies in India.’ These companies have helped organizations globalize their business, develop institutional capacity, and tackle critical business challenges. On the cover, we feature Merchant Ventures Private Limited (MVPL), which was established in 2015 with an exclusive vision to serve Small and Medium Enterprises (SMEs) in four critical aspects of managing their business, i.e., finance, accounting, paralegal, management, and business processes. Enjoy Reading.

Sarath Shyam

Digital First Magazine July 2022

ADVISORY BOARD Dr. Varughese K.John, PhD, MBA, MPhil, MCom, LLB. Dr. Kuldeep Nagi, Ph.D, MBA, BSc.

Former Program Director, MS in Management Program, GSATM - AU

Former Program Director of Ph.D, Recipient of Fulbright Fellowship Award & Dan Evans Award for Excellence and Writer columnist.

Mamta Thakur Former CEO (ASEAN), Arc Skills

Dr. Ajay Shukla, Ph.D, MBA, BE. Co-founder and Chief Strategy Officer at Higher Education UAE

Mr. Amulya Sah, PGD PM & IR, PG Diploma in PM&IR (XISS Ranchi)

Chief Human Resources Officer, Former Head HR group Samsung R&D Institute India,Transformative HR Leader, Change agent, Digitization facilitator, Engagement architect, Trainer and Diversity champion.

Digital First Magazine July 2022

Mr. Sreedhar Bevara, MBA, B.Com Dr. Manoj Varghese, Ph.D

Senior Director - Global Partnerships, Advisory & Consulting - Connecta®, Head of Advisory Board Higher Education Digest® & K12 Digest®, Adjunct Faculty Assumption University, Former CIO - Athena Education, Former Global Director Technology - GEMS Education

CEO at BMR Innovations, Ex Senior General Manager at Panasonic, LG, The Hindu, TATA, Author: Moment of Signal & The Roaring Lambs, Motivational Speaker & Leadership Consultant.

Want to find Investor for your Startup?

Digital First Magazine July 2022

CONTENTS

18 MERCHANT VENTURES COVER STORY

HEL PI N G SM E s I DE N TI FY N E W SOU R CES OF VALU E 8

Digital First Magazine July 2022

MUST-WATCH CONSULTING

COMPANIES

IN INDIA - 2022

3434

BRIVAN CONSULTANTS A Trusted Finance Consulting Partner Kunal Jindal

44 44

JOTWANI ASSOCIATES Realigning the n I dian Legal System Dinesh Jotwani

Digital First Magazine July 2022

CONTENTS

MUST-WATCH CONSULTING

COMPANIES

IN INDIA - 2022

5454

SEE CHANGE CONSULTING Giving Businesses the iW ngs of Growth and Profitability S. Prakash MK Anand

SQUARE CONSULTING INDIA

First Magazine 10 Digital July 2022

Reshaping the Business and Management Consulting Space Yash Bhatt Rohan Bhatt

IN MY VIEW

PRIORITISING THE HEALTH AND SAFETY OF TRUCK DRIVERS IN INDIA Nitish Rai, CEO and Co-Founder, FreightFox

THE DYNAMIC ROLE OF CFO IN A DIGITAL ECOSYSTEM Tapan Jindal, Head - Finance, Legal & Compliance, SugarBox Networks

EXPERT

OPINION

PARADOX OF INDIAN ECONOMY: 8 % GDP AND 22 CRORE INDIAN PUSHED INTO POVERTY Nitesh Kumar, Chartered Accountant

Digital First Magazine July 2022

CONTENTS EXPERT

OPINION

HOW NOT TO DAMAGE A BRAND’S ONLINE REPUTATION? Piali Dasgupta, Senior Vice President – Marketing, Columbia Pacific Communities

LEADER’S

INSIGHTS

5 FACTORS TO CONSIDER WHILE BUILDING A FINANCIAL MODEL FOR START-UPS Anshul Sharan, Co-Founder & CEO, Elever

HOW THE UPSURGE IN CYBER SECURITY BREACHES IS THREATENING ACCOUNTING AND BOOKKEEPING Navin Mishra, Director- Emerging Market, Corient BusinessSolutions Pvt Ltd

First Magazine 12 Digital July 2022

Digital First Magazine July 2022

LEADERS’S INSIGHTS

5 Factors to Consider while Building a Financial Model for Start-ups Anshul Sharan, Co-Founder & CEO, Elever

Anshul Sharan Co-Founder & CEO Elever An IIT & IIM alumnus having 14+ years of diversified experience in strategy, product, risk, and operations, Anshul leads the Elever team towards its vision of improving a customer’s lifestyle by creating an affordable and personalized goal-based investment app. Anshul loves to work on solutions that impact the masses both directly and indirectly. From his personal life experiences and also going through experiences of his friends/family and peers, he realized that there are no affordable, unbiased, and personalized advisory services available to help people achieve their financial goals and improve their lifestyle. This realization acted as a catalyst to start his latest venture – Elever.

First Magazine 14 Digital July 2022

A good financial model helps strategize a hiring plan based on both the short-term and long-term objectives of both organization and individual functions

e have heard stories of startups getting funding based on an idea, but a start-up receives funding based on how well they communicate their story. There are various ways to communicate, and the financial model is one of the important ones. The best part of a financial model is that you can use it to share your story even without having significant operational history. A case in point is early-stage start-ups. A section of people says that these financial models are excel-based plans that are far from reality. I agree with it because it depends on the purpose of building one. So, unless and until there is a clearly defined purpose like fundraising, customer acquisition, organic/inorganic growth, etc., these plans will be like a castle in the air. But the short answer to the question is, “Yes, the financial model does matter.” Importance There are fundamentally 3 important reasons for having a financial model. They are:

1. Fundraising: As discussed earlier, financial models play a key role in raising funds. Every investor looks at a start-up’s financial model from a different perspective. It can be to understand the founders/executive team’s thought process, the company’s objective to build a financial model, its growth strategy, its hiring plan, its financial health, etc. But the bottom line is that for most investors, the financial model plays a significant role in decision making. 2. Hiring plan: A good financial model helps strategize a hiring plan based on both the short-term and long-term objectives of both organization and individual functions. Without a financial model, an organization may not be able to prioritize various positions to be filled, resulting in cost over-run, attrition, etc. 3. Financial health: Financial models are important to understand a company’s potential financial health. It helps to visualize the impact of strategies on its financial health. It will support different stakeholders like the Board of Directors, Investors, Financing Institutions, etc., to make

Digital First Magazine July 2022

A good financial model is as good as its assumptions. Therefore, it’s critical to be extra careful to determine the assumptions/ hypothesis that needs validation

strategic decisions. Without a financial model, there won’t be any control over various operational aspects. Factors Having understood the importance, let’s try to understand what it takes to build a good robust financial model. 1. Core Objective: Every financial model has a specific objective. It can be for raising funds, planning hiring, go-to-market strategy, organic/inorganic growth, etc. Without a core objective, financial models are considered unreliable. Even the assumptions/hypothesis one uses to build a financial model have no meaning. 2. Bottom-up vs. top-down approach: Top-down approach is relatively easy to make, as one needs to have a high-level target like market share, customer growth, etc., and then create detailed projections. However, the drawback is that these targets are generally far from reality. And therefore, the projections lack reliability. On the other hand, the bottom-up approach will use assumptions from the ground reality of business and then build forecasts accordingly. It ensures that the projections are reliable. Generally, investors prefer bottom-up projections, as it indicates how much founders know about their ground reality and what they will do to achieve their overall objective. 3. Assumptions: A good financial model is as good as its assumptions. Therefore, it’s critical to be extra careful to determine the assumptions/hypothesis that needs validation. One also needs to understand the ground realities before coming up with assumptions. Another important aspect is

First Magazine 16 Digital July 2022

that assumptions should align with the core objective. We should not use assumptions that have no meaning to the core objective. 4. Outputs: There are two must-have outputs from a financial model. They are financial statements, especially cash-flow statements, and key metrics. Financial statements go a long way in showcasing the overall health of a business. Equally important are key metrics, as it helps investors understand the key drivers that will impact your business. E.g., a good model won’t just showcase projected revenue growth; it will look at how things like customer growth, customer churn, cash burn, etc., work together to contribute to that top-line number. 5. Flexibility: It’s a must to ensure that the financial model is flexible and can give outputs for a varied range of assumptions. It means that assumptions should not be hard-coded. One should create your assumptions so that you can easily change an assumption in one place, and all formulas and outputs will recalculate automatically. Conclusion Financial models play a crucial role in the significant discussions you have about your business with all of your key stakeholders. Therefore, a comprehensive financial model will have several different pieces relevant to different conversations within your company. If you have taken the time to prepare your assumptions around your business’s future thoughtfully, your most important conversations will be more productive. Without having a robust financial model, it’s like meandering in the sea without knowing the end destination. And we all know what happens next.

Higher Education Digest July 2020

Digital First Magazine July 2022

Alyzaa Merchant, Founder, CEO, and CFO, Merchant Ventures

First Magazine 18 Digital July 2022

COVE R STOYR

MERCHANT VENTURES H E L PI N G SM E N EW SOU R CE S

s I D E N T I FY

O F A L VU E

Digital First Magazine July 2022

oday, businesses need to continually evolve to stay competitive, and consulting firms play a critical role in helping them navigate through the various business options and opportunities. Specialized consultants provide valuable service in the areas of business strategies, architecting business models, sales, marketing, staying compliant, innovating products, predicting risks, helping manage talent, cutting costs, and recruiting staff. So, in essence, the right management consultant is expected to play the role of a planner, project management leader, and advisor that effectively helps conceptualize and deploy necessary solutions to ensure process and financial improvements. Management consultants are now being viewed as valuable assets to businesses as they enable the chief executives to identify and resolve any inefficiency located amidst the project. The multitude of SMEs across India forms a large part of the client base. However, most SMEs struggle to find qualified consultants because large multinational consultants are not affordable, while the smaller, local consultants are not diverse enough to bring the expertise SMEs need. CA Alyzaa Merchant, a.k.a. known as Yogita Salvi, established the proprietorship CA firm, Y J Salvi & Co (Chartered Accountants) in 1999. The firm catered to a niche clientele who had businesses in India and abroad, commonly referred as “Global Indian”. The firm invested in building internal capabilities to handhold clients across sectors and borders. Before the IoT revolution there were challenges in expanding business across the globe and access to information was limited. CA Yogita Salvi saw this as an opportunity and Y J Salvi & Co since 2005 onwards began offering management consulting services to clients along with other mainstream audit, accounts and tax advisory services. Over the last 2 decades the SME sector in India has grown leaps and bounds. The new Companies Act 2013 brought in a revolutionary change in the professional practice for Chartered Accountants and other professionals in India. The business management consulting grew rapidly since year 2005 and the proprietor CA Yogita Salvi decided to establish a separate independent division in 2015, a full-service turnkey project / management consulting company to cater to its clients across the globe. MVPL is the outcome of the journey of Y J Salvi & Co over the years. The network of global professionals established by Y J Salvi & Co over the last 25 years is now the illustrious team of MVPL.

First Magazine 20 Digital July 2022

MERCHANT VENTURES (MVPL) WAS ESTABLISHED IN 2015 WITH AN EXCLUSIVE VISION TO SERVE SMALL AND MEDIUM ENTERPRISES (SMES) IN FOUR CRITICAL ASPECTS OF MANAGING THEIR BUSINESS, I.E., FINANCE, ACCOUNTING, PARALEGAL, AND BUSINESS PROCESSES

Merchant Ventures Private Limited (MVPL) was established in 2015 with an exclusive vision to serve Small and Medium Enterprises (SMEs) in four critical aspects of managing their business, i.e., finance, accounting, paralegal, management, and business processes. “MVPL is filling the needs of this niche segment by providing qualified and experienced professionals, under one roof, to deliver a multidisciplinary solution. MVPL has inhouse subject matter experts and maintains an exclusive network of other professionals who operate as one entity, under one roof,” informs Alyzaa Merchant, Founder, CEO, and CFO of Merchant Ventures.

prides itself on possessing in-depth industry expertise. Alyzaa reveals the secret behind MVPL’s success and attributes the company’s three-pronged approach extended to its clients as what sets them apart from their competitors. The company provides a multidisciplinary integrated approach, obsolescence protection services, and a prompt, attentive, and professional attitude.

Offering a Comprehensive Suite of Solutions and Services One of the leading solution providers in this domain, MVPL is a full-service turnkey management consulting company equipped with a broad range of execution capabilities in business and project management, strategy, operations, technical, finance, accounting, legal, and obsolescence protection. “We are industry agnostic since the bulk of the skills are applicable across many industries. When a technical or subject matter expert is required, we maintain a dedicated network of professionals who can be called upon to assist in the project,” reveals Alyzaa. Catering to a gamut of customers hailing from industries primarily belonging to banking, manufacturing, hospitality, and smart city sectors, MVPL

Digital First Magazine July 2022

The company has a set process when approached by a client for a project. The project commences by listening to the client’s needs, then preparing a clear roadmap with expected outcomes and finally, assigning a multidisciplinary team that works hard to develop customized, out-of-the-box solutions. These ideas are discussed with the client. Post conducting a detailed SWOT analysis and the client coming to a conclusion on which path to go forward with, the team implements the solutions accordingly. Attaining Success with the Right Team What helps MVPL land success for every project is its workforce as well. “The single most important factor for our success is our people. They bring knowledge and passion to their work and are committed to our client’s success,” says Alyzaa. The organization has likeminded senior partners with a work culture that is collaborative and honest with a mindset of ‘develop the best solutions in the client’s best interest’. This culture pervades throughout the organization. “When a new employee is onboarded, we ensure that our values are passed onto them through training and mentoring on projects. Another unique aspect of the MVPL culture is encouraging feedback, opinion and thought sharing on projects. No idea is considered too small or risky. We thrive and encourage ‘constructive conflicts’ which bring out the best in people and solutions,” informs Alyzaa. She tells us how her entire team pulled through the uncertain times of the Coronavirus pandemic and put into play the values and teachings gained at MVPL to ensure complete customer satisfaction even during these trying times. Rising Up Despite Covid19 In 2020 MVPL set up a new division to offer services of Obsolescence Protection to Business Assets and Business models. The lockdown and loss of business was bound to bring a liquidity crisis in the market, loss of jobs and a significant rise in NPA and stressed assets. MVPL has put together a team to assist business owners, and other stakeholders such as banks and other financial institutions to

First Magazine 22 Digital July 2022

MVPL HAS LIKE-MINDED SENIOR PARTNERS WITH A WORK CULTURE THAT IS COLLABORATIVE AND HONEST WITH A MINDSET OF ‘DEVELOP THE BEST SOLUTIONS IN THE CLIENT’S BEST INTEREST

assist in restoring assets and business models to going concern values and implement strategies to maintain, economic and financial viability of the company. At times when the expertise needed for crisis management is absent within the company our consultant experts can assist in steering the business towards recovery, stability, and growth. Obsolescence protection services helps fast track dispute resolutions, save jobs, and protect value of assets for our clients across all industry sectors. Under this division, clients are advised on tried and tested strategies to keep repossessed assets alive, significantly reduce asset obsolescence, and create a win-win situation for stakeholders during the litigation process. The obsolescence protection team comprises bankers, lawyers, chartered accountants, merchant bankers, and technical experts. As most of us know, many businesses, especially SMEs, suffered during the pandemic. The hospitality industry was especially hit hard because tourism and travel essentially stopped for two years. This put tremendous pressure on some owners to service debt. Property values declined due to lack of maintenance, and

owners were served notices by banks under SARFAESI. MVPL decided to launch the Obsolescence Protection services with the Tourism and hospitality sector, and set up a hospitality division, ‘Zaahrah Hotels and Resorts Pvt Ltd’ (ZHR) equipped with expertise and resources to implement turnaround strategies and approached financial institutions and promoters and the response was overwhelming. The impact of business closures in hospitality industry would result in phenomenal loss of jobs as it is a labour intensive industry. Generating new employment opportunities through greenfield projects and saving jobs through revival of business has been the core values of MVPL. Additionally, with the Government of India aggressively promoting tourism and the need to cater to international tourists, MVPL has also launched a glamorous camping concept called “Glamping” under its hospitality division. MVPL and ZHR will work with the Tourism department in states to assist in destination promotion and build up inventory of keys to support the increasing footfalls of tourists with dedicated sales and media campaigns and setting up glamping resorts with shorter gestation periods. This will be the green field

Digital First Magazine July 2022

project to generate new jobs in rural areas which depend on tourism for their livelihood. Assuring Content Customers Alyzaa recounts a special hospitality project that was carried out during the pandemic. A well-renowned client from the hospitality industry ran into financial troubles due to the pandemic. This resulted in two years of default on its debt payments. The financial institution had communicated their intention of starting NCLT proceedings against the promoter. The owner had minimal time to respond to notices and couldn’t find the right resources under one roof. This was before MVPL was approached to help address this issue. MVPL, in a matter of 24 hours, put together a team of four experts from Finance, Banking, Legal and Hospitality operations. The team met with the bank and negotiated a timeline for payment plans while simultaneously developing a revival strategy for the resort. The entire process took three weeks and delighted the owner because he could avoid foreclosure. In addition to this, the owner was at liberty to either revive the property and continue operations or sell it in

First Magazine 24 Digital July 2022

the future, at his own discretion. “We saved hundreds of jobs while preserving the owner’s pride and longterm investment. These are the type of projects we love because they benefit everyone, the owner, the bank, and society. Because of our selective client base, we can dedicate our minds and time to benefit our clients,” opines Alyzaa. WHAT NEXT? Sustainable solutions in Hospitality: The Government of India is aggressively promoting tourism and this sector is projected to see substantial growth over the next few years. MVPL has launched a glamorous camping concept called “Glamping” under its hospitality division, Zaahrah Hotels And Resorts. MVPL and ZHR will work with the Tourism department in states to assist in destination promotion and build up inventory of keys to support the increasing footfalls of tourists with dedicated sales and media campaigns and setting up glamping resorts with shorter gestation periods. This will be the green field project to generate new jobs in rural areas which depend on tourism for their livelihood.

Corporate Social Responsibility: True to its vision, MVPL recently kickstarted its “Philanthropy with Time” concept. The company has setup a trust by the name “Jaiwant Salvi Foundation” (JSF), named after the father of the founder of MVPL and who was an ex-serviceman in the Indian Air Force. The concept involves building “Smart Village Community Centres” wherein MVPL executives donate time to build village community centres and thereafter train exservicemen to operate and maintain them. The concept of “Aid To Enterprise’ aims to make villages smarter while providing employment for ex-servicemen. Catapulting to Success Having serviced this domain for over half a decade, MVPL has received positive feedback from its client base. This, in turn, confirms and strengthens the

company’s core vision to serve the SME industry while increasing the services portfolio. Raking in this success and offering value-added services, the company has now expanded into related services such as paralegal, project management and Obsolescence Protection. The company is scaling newer heights as this market gains more traction. Alyzaa tells us, “MVPL’s growth has been exponential with a CAGR of over 50 per cent over the past 5 years. We started serving clients Pan-India but are now providing management services to clients in Singapore, USA and Saudi Arabia.” MVPL, having gained insights into the recent market trends, sees massive potential in the Middle East, far east and North America, especially with their SME clients who have roots in India but expanded globally. MVPL will continue to pave the way as one of the leaders in this domain and service customers with the best solutions.

Digital First Magazine July 2022

IN MY

VIEW

Prioritising the Health and Safety of Truck Drivers in India Nitish Rai, CEO and Co-Founder, FreightFox

he Indian manufacturing industry is heavily reliant on road transport to deliver supplies and ship products. Affordable to run and accessible to many pin codes, truck routes are the go-to transport option for large and small businesses alike. At present, India is home to more than eight million truck drivers and 12 million truck driver helpers. Given the increasing demand and the perishable nature of many goods, truck drivers are frequently compelled to go above and beyond to do their deliveries on time. Thus, there is a clear need to support their daily well-being and ensure their long-term health. The Pressing Issues Road transport schedules can be highly demanding, covering several hundred miles in a single day, and these trips are often scheduled back-to-back. Due to these long journeys, truck drivers frequently have to compromise on health and comfort. Sleep deprivation is extremely common, as is a shortage of cheap nutritious food options on the road. In a month-long research study on driver health conducted by Kantar IMRD and Castrol India in 2018 involving 1000 drivers,

First Magazine 26 Digital July 2022

Companies should be committed to building a freight and transport economy that prioritizes the well-being of the truck drivers, and not solely on the profits for the manufacturers

NITISH RAI

Mr Nitish Rai is the founder and CEO of FreightFox. He works closely with teams across functions to design and execute business strategies in line with the company vision and mission. His extensive experience in the global manufacturing sector has provided him with deep insights into its everyday pain areas, which inspired him to build a data-driven enterprise logistics solution. Mr Rai holds an MBA as well as a PhD and is a member of the advisory council at the Army Institute of Technology. His interests include weaponry, railways and machine evolution.

Digital First Magazine July 2022

it was found that more than half of the drivers were having health issues like obesity, insomnia, stress, and breathlessness. In 2019, a research paper was published on the morbidity profile of truck drivers in South India involving 175 truck drivers. The paper said that 50% of the drivers were overweight, while 41% had hypertension and 12% suffered from diabetes. In 2020, SaveLife Foundation, a non-profit organization dedicated to improving road safety in India, released a nationwide, multi-city report. The report found that truckers drive for around 12 hours a day on average, and almost 50% of them said they drive even when feeling tired or sleepy. The survey also found that health problems such as severe backaches, joint/muscle/neck pain, stomach problems, and lack of social security led them to feel dissatisfied. Apart from the problems mentioned above, the lack of toilet facilities is another problem, and open defecation and urination are often the only options for a truck driver. Challenges like these lead to daily discomfort, and longterm health issues, and also impact the truck driver’s ability to concentrate and be effective on the road. Over long journeys, exhaustion and illness could potentially cause the driver to fall asleep or pass out, leading to critical accidents most of the time. These issues have pushed companies and the government to implement measures to help the physical and mental well-being of truck drivers. The Need of The Hour Companies should be committed to building a freight and transport economy that prioritizes the well-being of the truck drivers, and not solely on the profits for the manufacturers. They should collaborate with manufacturing companies to provide enhanced facilities to ease their life on the road. For instance, manufacturers can set up bunk beds and eateries at their warehouses and factories so that they can be used by truck drivers who have just come in with a delivery. Installing dashboard cameras can monitor each driver’s attentiveness and send out notifications if a driver appears fatigued, allowing a replacement to be dispatched. The setup of quality truck terminals having toilets, rest and food facilities on transport routes and at rest stops will further help truck drivers to get ample amounts of rest during their journeys. Investing in telematics technology can boost the well-being of the drivers and vehicles, reducing the driving stress and breakdown of the fleets. While private initiatives are important, government buy-in is vital for a big and lasting impact. Logistics companies should work with transport authorities to implement new initiatives that will safeguard drivers’ wellbeing. For instance, Mandates, which restrict the number of hours a truck driver can spend on the road at a stretch, will

First Magazine 28 Digital July 2022

In a month-long research study on driver health conducted by Kantar IMRD and Castrol India in 2018 involving 1000 drivers, it was found that more than half of the drivers were having health issues like obesity, insomnia, stress, and breathlessness

help companies design shipping schedules that give each driver adequate rest while ensuring that goods are still delivered on time. The government should also make sure that truck companies are regularly audited and monitored to ensure there is no breach of law. The audits will help officials understand truck drivers’ voices and make sure they are not suppressed by big corporations. Looking Ahead At the end of the day, there are many hazards on the roadways and it is important to remember that the biggest threats to health and safety are still some of the well-known ones. It is important not to underestimate their importance and employers, as well as drivers, should work together to address specific health needs and concerns as they arise. Since truck drivers are the pillars of the Indian transport economy, their health and safety are of paramount importance as they strive toward the smooth operation of our manufacturing chains. Through judicious Corporate Social Responsibility (CSR) initiatives, manufacturers can ensure their basic needs are met and supply schedules are flexible enough to give each driver enough time off to recuperate. Public-private partnerships can also improve the current condition of the freight and transport economy, resulting in a safer and healthier environment for truck drivers.

Digital First Magazine July 2022

MUST-WATCH CONSULTING

COMPANIES

IN INDIA - 2022

Brivan Consultants

CapActix

Website: https://www.brivan.in/

Website: https://www.capactix.com/

Headquarters: New Delhi, Delhi

Headquarters: Ahmedabad, Gujarat

Keyperson: Kunal Jindal, Co-Founder

Keyperson: Chirag Koshti, CEO and Founder

First Magazine 30 Digital July 2022

Felix Advisory

Jotwani Associates

Website: https://felixadvisory.com/

Website: https://jotwani.com/

Headquarters: Gurugram, Haryana

Headquarters: New Delhi, Delhi

Keyperson: Saurabh Jain, Co-Founder

Keyperson: Dinesh Jotwani, Co-Managing Partner

ManpowerGroup India

Merchant Ventures Pvt Ltd (MVPL)

Website: https://www.manpowergroup.co.in/

Website: https://merchantventures.in/

Headquarters: Gurugram, Haryana

Headquarters: Mumbai, Maharashtra

Keyperson: Sandeep Gulati, Managing Director

Keyperson: Alyzaa Merchant a.k.a. Yogita Salvi,

Founder, CEO and CFO

Digital First Magazine July 2022

See Change Consulting

Redseer Strategy Consultants

Website: http://seechangeworld.in/

Website: https://redseer.com/

Headquarters: Chennai, Tamil Nadu

Headquarters: Bengaluru, Karnataka

Keyperson: Anand, Founder and Partner

Keyperson: Anil Kumar, CEO and Founder

Response Informatics

SQuare Consulting

Website: https://www.responseinformaticsltd.com/

Website: https://www.sqconsulting.in/

Headquarters: Madhapur, Telangana

Headquarters: Mumbai, Maharastra

Keyperson: Bhuvaneswari Seetharaman, Director

Keyperson: Rohan Anil Bhatt, Founder and CEO

First Magazine 32 Digital July 2022

Higher Education Digest Digital First Magazine November July 2020 2022

MUST-WATCH CONSULTING

COMPANIES

IN INDIA - 2022

Kunal Jindal, Co-Founder

BRIVAN CONSULTANTS

A Trusted Finance Consulting Partner First Magazine 34 Digital July 2022

●A

DECADE OF OPERATIONS ● CUMULATIVE OF NEARLY 5 DECADES OF THE BIG4 EXPERIENCE UNDER ONE ROOF ● 500+ACTIVE CLIENTS ACROSS 15+ COUNTRIES AND MORE THAN 20 INDUSTRIES

he global coronavirus pandemic posed unprecedented challenges for businesses across various sectors, especially financial advisory that relies on people-to-people communication. “The intensity of its impact may have been different, but we did see a slowdown in 2020. However, we saw a good 2021 and are confident that the trend continues in time to come,” shares Kunal Jindal, Co-Founder, Brivan Consultants. As a leading financial advisory company, Brivan had already begun investing in technology to migrate data on the cloud and remote access. Consequently, implementing processes for WFH was not a big challenge for them, when numerous companies struggled in this aspect long and hard. In 2012, Brivan Consultants began its journey as a Professional Financial Advisory and Consulting Firm to

cater to the varied requirements of clients. It was built by a team of young and energetic Chartered Accounts having nearly 2 decades of cumulative work experience with the globally reputed accounting and consulting firm, PriceWaterhouse Coopers. These seasoned professionals wanted to offer businesses to a trustworthy partner with the right mix of experience, expertise, and agility to fit into their systems and derive maximum value transparently. “Brivan is a package of Financial Services that complement client’s business needs in the area of Finance and Accounting function,” explains Kunal. Offering a Wide Spectrum of Services Initially started as a Professional Financial Advisory and Consulting, Brivan quickly expanded its services spectrum to additional business areas, including

Digital First Magazine July 2022

investment advisory and management, international business focusing on outsourcing and staffing solutions, business set-up and management, and many more. This expansion helped the firm widen the breadth and depth of assignments that it undertook across 500+ clients in nearly 20 industries within a decade of operations. “Our service lines make us a turnkey service provider, and our clients need not look out for other partners to fill any voids,” asserts Kunal. Well-equipped with processes, technology, and expertise, Brivan works with various clients across MNC’s, PSU’s, Firms, HNI’s, Cooperative Societies, Foundations, Trusts, Education Institutes, etc. This covers a range of 20+ industries spanning—Manufacturing, Logistics, Pharmaceuticals, Tourism, Education, Professional Services, Advertising, Publishing, Government, Food and Beverage, Foundation and Trusts, NGOs, HNIs, Oil and Gas, Hydro Power and so on. Vision to Expand Globally Over the years, the company has clocked impressive growth numbers and surpassed various milestones. In

First Magazine 36 Digital July 2022

CATERING TO INCREASING INTERNATIONAL DEMAND OF OUTSOURCING SERVICES AND OFFSHORE STAFFING SOLUTIONS, BRIVAN ALREADY HAS REPRESENTATIVE OFFICES IN STOCKHOLM AND TORONTO. IN DUE COURSE, THE COMPANY PLANS TO INCREASE FOCUS ON UK, US, & AUSTRALIA

2019, Brivan acquired one of the leading Fintech portals in India—www.mycorporation.in, marking a special place in the company’s list of achievements. While commenting on the performance of Brivan Consultants to date, Kunal says, “When you talk about business in the short term—you talk numbers. But, when you talk long-term, it’s all about the vision. We are a young, entrepreneurial team and have the vision to expand.” Currently, Brivan employs nearly 100 professionals based out of 6 offices across New Delhi, Noida, Lucknow, and Chandigarh. Two of the six offices are representative offices based in Stockholm, Sweden and Toronto, Canada. Housing nearly 5 decades of cumulative Big4 experience under one roof—the New Delhi office is the primary operations facility and the headquarters for all companies. It covers a large clientele base in over 15 countries and plans to expand into Australia, the UK, the US, Canada, and the Nordic Countries. Serving Clients with Quality and Value-added Services Right from the beginning, Brivan’s mission has been to complement its client’s business by providing quality

Digital First Magazine July 2022

services and value addition. Hence, even during the pandemic and economic downturn, the company continued to offer services to many smaller to medium companies that were out of business for months. “We strongly believe that the fundamental of any business is based on relationship and trust. We always encourage our team to walk an extra mile and do whatever it takes to keep a relationship going; because the business will happen eventually,” proudly remarks Kunal. To fulfill client requirements in multiple industries and diverse countries is not a cakewalk. A company needs a strong foundation. Brivan is backed by its vision,

First Magazine 38 Digital July 2022

values, and tech-driven approach. This clearly depicts how dedicated the company is to its clients and businesses. Maintaining an Open Work Culture Brivan’s most important pillar of strength is its high standard corporate culture where everyone is a handson contributor and feels comfortable sharing ideas and opinions. Employees are offered flexible working hours. “Apart from that, we are offering regular training programs for our employees that not only focus on improving their performance but also prioritize on improving their soft skills and character development as well,” concludes Kunal.

123

Higher Education Digest October 2020

Digital First Magazine July 2022

EXPERT’S OPINION

Paradox of Indian Economy: 8 % GDP and 22 crore Indian Pushed into Poverty Nitesh Kumar, Chartered Accountant

he current PARADOX of the Indian economy is only due to the ongoing shutting down of MSMEs and SMEs units and shifting of production from these units to Big Corporate houses. Informal and unorganized sector economic data is not taken for GDP since the majority of them are like a one-man army so they don’t bother about adhering to standard data processing. They file their business Income tax return on a presumptive basis and don’t bother about accounting and data processing. Accordingly data of these small units are not available for compilation so business data of these units cannot be plugged in GDP. These unorganized sectors generate 70 % employment and keep our economy alive through mass consumption of FMCG goods and other durable/non-durable products. After surviving from demonetization and lockdown GST law related to input is forcing these small units to shut down their business. Under GST Law you can’t revise GST return so if the accountant has made mistake and increased your liability in GSTR 3B you have to accept liability and pay. You can’t revise and can’t rectify.

First Magazine 40 Digital July 2022

CA Nitesh Kumar is a seasoned professional. He has 15 years of enriched experience in the Virtual CFO domain. He has increased the profit of many SMEs and MSMEs through Business

Process

Reengineering.

He provides customized business solutions and implements his own developed

KPI

for

continuous

marginal gain in revenue. He has worked as GM (Finance) For Pacific Group. He blends corporate experience with birds-eye view skill to find bottlenecks of growth paths in the business cycle. His approach towards working capital management has helped a lot of SMEs in survival during Covid 19 pandemic.

Digital First Magazine July 2022

After Demonetization and COVID pandemic, Businessman was expecting financial relief from Government, instead, GST input is being blocked for an uncontrolled reason which is creating survival risk

You cannot take input credit if it is not reflected in GSTR 2A/2B even you paid GST to Vendor. Now, this kind of law needs professional data processing and cross-check system. Small businessmen can’t afford these kinds of compliance costs so they are still continuing with raw skill employees, who are filling their GST return with various mistakes. Mistakes are taking place since you can’t revise return so financial hardship is being faced by businessmen in the following two ways: 1. GST Input is being blocked which leads to a loss in business. 2. Demand Notices is being raised for clerical mistake in GSTR 3B since they cannot be revised.

First Magazine 42 Digital July 2022

After Demonetization and COVID pandemic, Businessman was expecting financial relief from Government, instead, GST input is being blocked for an uncontrolled reason which is creating survival risk. Shutting down of small units business is like a blessing in disguise for the organized sector, production of these small units shifted to an organized sector that was struggling to survive during the lockdown. Shifting of production from the informal sector to the formal sector is not an economic activity that is giving any marginal/additional value to GDP, this production shift will mislead the country by showing an increase in GDP on the contrary the shutting down of the informal sector units will reduce JOB at a mass level. Production shift to the formal sector will give a major boost to revenue and profit to a listed company also so Sensex will increase. This is actually making a capitalist economy where money will concentrate in the hands of a few industrialists and at the macro-level poverty will increase. If the same capitalist mindset continues for more time Government and Industrialist both will be at a losing end. Due to the closure of SMEs, unemployment will increase, poverty will increase in the long term purchasing power will reduce drastically and deep recession will take place slowly, these industrialists will face heat and struggle to survive during that recession. For the government due to unemployment and poverty, people will start to react in the long term, the government will also start losing confidence among people. Government and industrialists both need to understand the business ecosystem and cycle of MACRO economics. Now the problem is who will make understand to government that making business life easy for these small units will create jobs and increase demand and that will be a real increase in GDP. Actually, in the name of ease of doing business compliance adherence and GST has paved the way for Ease of dying business. The psychology of money and power always make people feel that they are most intelligent and visionary. They don’t listen to the experts of the subject and roam in their own fantasy world. This phycology has made many big leaders and businessmen bite the dust. It’s a matter of country if obsession to bring the economy to mainstream is not controlled then damage to the economy will be irreparable for long term. The economic decision-maker of our country need to sense the suffering of millions of people and strike the balance between a capitalist mindset and democratic values.

Digital First Magazine July 2022

MUST-WATCH CONSULTING

COMPANIES

IN INDIA - 2022

Dinesh Jotwani, Co-Managing Partner, Jotwani Associates

JOTWANI ASSOCIATES

Realigning the Indian Legal System First Magazine 44 Digital July 2022

THE JOURNEY OF JOTWANI ASSOCIATES BEGAN IN 1995 WITH A VISION TO IMPROVE THE LIVES OF ORDINARY PEOPLE BY ALTERING THE INDIAN LEGAL SYSTEM. THE FIRM WAS FOUNDED TO SERVE AS A ONESTOP DESTINATION FOR ALL CLIENTS’ PROBLEMS AND NEEDS

aws and regulations are vital pillars holding up the world economy, with the legal services domain being so massive. However, there needs to be a well-functioning legal services provider that seamlessly facilitates the implementation of the required laws and regulations. Going a step further is Jotwani Associates, headquartered in New Delhi, that are thoroughly gratifying both its customers and employees. Their ongoing efforts to make the process of providing services easier and to create a sense of satisfaction and delight for both clients and employees set is what sets them apart from the competition. While most legal departments receive copious amounts of legal service requests across various industry verticals, resulting in lost or mishandled requests, thus increasing costs, Jotwani Associates' team of 42 expert attorneys addresses these challenges with round-theclock superior-quality global legal services at a low

cost. The firm leverages its extensive experience and rich expertise to create immense value for its clients. The firm’s journey began in 1995 with a vision to improve the lives of ordinary people by altering the Indian legal system. The firm was founded to serve as a one-stop destination for all clients' problems and needs. Jotwani Associates has offered its comprehensive suite of services to its clients for over 25 years. Today, they cater to a broad spectrum of clientele hailing over fifty countries: the US, Canada, Australia, India, Europe, Singapore, China, and Japan. It envisions expanding its client base in the years to come. The team of professionals at Jotwani Associates has devised a strategy for expanding the company's presence in worldwide marketplaces. "The journey has been amazing so far, as we have grown our client base and enhanced the quality of our services. The trip was fraught with difficulties and unknown circumstances. Still, we met them head-on

Digital First Magazine July 2022

Dinesh Jotwani

Co-Managing Partner, Jotwani Associates Dinesh Jotwani has an in-depth experience of close to 25 years in policy, law, technology, litigation, and government relations. Dinesh has been an in-house Counsel, Partner in Law Firms, and has also been an Independent Consultant to several technology companies. The notable names include NCR Corporation, Techorneys LLP, Microsoft, Symantec, and Evalueserve. He has held executive positions in trade coalitions such as the Federation of Indian Chambers of Commerce & Industry (“FICCI”), The Indian Legal Foundation (earlier called NBAI Foundation), and the Business Software Alliance (“BSA”). Dinesh also holds two US Patents (7831544 & 8380687) on e-discovery processes used in litigation/ investigations and has authored a book, “Interface between Competition Law and IPRs: A global perspective,” published by GIIP (2012). Dinesh regularly appears in the Supreme Court of India and argues matters related to Corporate, IPR, Civil, Criminal, and Public Interest.

First Magazine 46 Digital July 2022

with optimism, a world-class team of professionals, and a drive to bring the project to fruition," reveals Dinesh Jotwani, Co-Managing Partner, Jotwani Associates. End-to-end Legal Services Provider Jotwani Associates is a law firm specializing in corporate, intellectual property, government relations, taxes, litigation (civil and criminal) in Indian courts, trademarks, and educational law in these jurisdictions. The firm is fully equipped to assist clients in all cases involving government and regulatory affairs, intellectual property rights (IPRs), corporate cases, anti-piracy and copyright, technology laws, transactional laws, employment laws, cyber and IT laws, and international litigation. Assuring Complete Customer Satisfaction As previously mentioned, ensuring clients are pleased with the services extended is one of the critical elements of the entire work process at Jotwani Associates. Keeping this in mind, the firm uses the feedback approach to ensure that expectations are fulfilled, and clients are satisfied. Every stage of the process is loaded with feedback surveys and critical analysis. While some organizations strive for essential customer satisfaction, Jotwani Associates strives to consistently

meet and exceed customer expectations by going above and beyond and bringing the client delight and joy. "Working on feedback and taking it seriously allows us to get more work by spreading positive word of mouth, bringing back old clients, bringing in new clients, and most importantly, gaining the clients' trust," elucidates Dinesh. While the company primarily focuses on the software industry, various industries such as pharmaceuticals, medical devices, healthcare, and FMCG are also given priority. The second element the company believes plays a fundamental role in the success of any law firm is assuring a smooth and content employee experience for all. The company handles all of the essential aspects of an employee's experience, including providing incentives, allowances, insurance, and travel packages, along with organizing employee engagement programs, training, seminars, and meetings. Expert lawyers are what Dinesh believes is a valuable asset to any law firm and, as such, has invested in the same. "We place a high value on our workers' growth and advancement. When it comes to encouraging innovation inside the business, we use a variety of approaches to bring fresh ideas to the table. Employees filled out a weekly form with fresh ideas, thoughts, adjustments that need to be made,

Digital First Magazine July 2022

new policies, etc. The manager sifts through all forms, selecting the finest suggestions to work on or execute," explains Dinesh. Bringing in the A-team - a Force to Reckon With He tells us how he and his team always aspire and work toward staying ahead of any trends or issues encountered as a strong single unit. So suffice to say, while the unfortunate pandemic put quite a large dent in the progress of several legal companies, Jotwani Associates rose above it. With the onset of the Covid19 pandemic, many law firms were confronted with challenges such as fewer inquiries, interrupted operations, stagnant cash flow, increased fixed expenses, the risk of business closure, and stress and low morale. While most firms responded with sheer panic and an inability to rise above the situation, the workforce at Jotwani Associates addressed the matter as a team. The focus was on the employees' well-being and the company's survival. Initially, lawyers and other company workers were allowed to work from home to combat the widespread Coronavirus. Dinesh adds, "We were fully committed to providing a tender hand of care to our employees. We continued to support our employees financially and provided all medical, emotional support, and guidance to those affected. Although all courts, legal authorities, and business sectors were closed, the staff at Jotwani Associates was counseling clients (often pro bono) to assist them in overcoming legal issues.”

THE LAW FIRM ENVISIONS THE GROWTH OF ITS ASSOCIATES AND PARTNERS AS FOREMOST TO THE GROWTH OF ITS LEGAL PRACTICE. A ROBUST CLIENT FEEDBACK MECHANISM HELPS THE FIRM’S PRACTITIONERS TO GROW THE QUALITY AND EFFECTIVENESS OF THE LEGAL PRACTICE

First Magazine 48 Digital July 2022

Onward and Upward Jotwani Associates has always endeavored to stay ahead of the growth curve. One of the firm's significant achievements this year has been the inclusion of Jotwani Associates on the official website of the International Trade Administration, Department of Commerce, Government of the United States of America. It assists corporations and legal firms looking to conduct business in India. In conjunction with this, Jotwani Associates has again been named a top law firm by Forbes India (2021) in Intellectual Property Rights and Technology laws. Dinesh concludes with the company's trajectory for the next few years, "Going by the futuristic approach of Jotwani Associates, we believe that the world is now moving towards modern technologies, such as artificial intelligence, machine learning, data privacy, and cryptocurrency. The future looks more challenging and exciting, so the firm is now focused on advising the government of India on the policies concerning cryptocurrencies, Artificial Intelligence, Machine Learning, and Data Protection Laws.”

SlimYoo

slimyoo.com

Digital First Magazine

istockphoto.com/DanielBendjy July 2022

LEADERS’S INSIGHTS

How The Upsurge In Cyber Security Breaches Is Threatening Accounting And Bookkeeping Navin Mishra, Director- Emerging Market, Corient BusinessSolutions Pvt Ltd

Navin is an experienced finance and accounting (F&A) operations specialist with 20 years in the outsourcing industry. He has strategically led the development of several workflows, reconciliations, process re-engineering, operations management tools, and setting up greenfield operations like Payroll and Financial Research.

First Magazine 50 Digital July 2022

Accounting cybersecurity is a developing concern, primarily for the financial data which is a key target of hackers

he only constant is ‘change’. As proof, we can say that the world moved from physical to digital during the pandemic. The businesses also adapted to new operational paradigms and this paradigm shift introduced the world to new challenges of cybersecurity issues. Cybersecurity issues have increased significantly around the world. The increased deployment of technology in business operations and remote working trends that have become a mainstay during the Pandemic are primarily to be held liable. Cybercrime increased by 600% during COVID-19 Pandemic. In the first three months of 2022, India experienced over 18 million cyber intrusions and threats. Data breaches are high on the rise. Firms and employees who are desperately seeking information are more prone to fall into its traps. Although data breaches have been experienced across all the industries, breaches for accounting firms have been more on the rise lately. As per Accounting today, accounting firms experienced a 300% rise in data theft since the onset of Covid-19. While automation of repetitive tasks in accounting has

made it easier to access and manage the accounts, it has also made the financial data vulnerable to theft. Electronic documents possess a great risk for data and information theft. Accounting cybersecurity is a developing concern, primarily for the financial data which is a key target of hackers. Both external and internal factors can be accounted for in data theft. Hackers from outside the organisation are as perilous as employees within the organisation who can make the data prone to risk, whether deliberately or accidentally is another concern. Data from accounting and bookkeeping is valuable to hackers due to the details that it provides. Especially details like Account numbers, Transaction details, Credit card numbers, Bank accounts, Usernames, Passwords and Personal and private information that can put the privacy of many people at risk. Large enterprises are supposed to be more prone, especially because high-profile businesses like Deloitte and PwC have been previously exposed to data breaches. But they aren’t the only ones to fall into data breach traps. It is very true in the case of small and medium-scale enterprises as well, more so because their systems are

Digital First Magazine July 2022

easier to crack. An Inc. article stated, 60 percent of small and medium-sized enterprises that were hacked, failed within six months. This is so because larger firms have enough resources to increase their investment in security concerns but small businesses lack sufficient resources. Accounting cybersecurity vulnerabilities provide considerable risks if they are not addressed promptly.

Outsourcing accounting can secure businesses from a data breach by letting professionals take over the accounts

Accounting businesses risk losing money, clients, and reputation if they do not implement strong safeguards. A cyberattack can lead to exorbitant charges of alerting clients, assessing the attack, remediating the firm, and paying for monitoring, while accounts are still held by ransomware. According to a new report, cyber-attacks

First Magazine 52 Digital July 2022

on key infrastructure have escalated considerably. India alone experienced a 70% spike in ransomware activity in Q4 of 2021. Ransomware, phishing and viruses are the 3 main methods used for stealing data. Therefore, IT teams and accountants must look into ways to safeguard sensitive data. The use of personal devices, and unsecured wifi networks make data more vulnerable to interceptions by criminals. Accounting businesses must be aware of the dangers of working from home and must take efforts to reduce them. This can be done by connecting to business networks through a VPN, accessing work data only on safe, password-protected devices, and never sending passwords or sensitive information over email. To fight phishing attempts, workers must be comprehensively trained and phishing tests must also be performed. Two-factor authentication for hard drives can increase security, and single software subscriptions should be used to prevent hackers further. Regular software updates, regular accountants training, restricted access to data, cybersecurity insurance, education about cyber attacks and cyber frauds, etc. are some other ways to curb data breaches. Outsourcing accounting can secure businesses from a data breach by letting professionals take over the accounts. Such firms having a presence in the market for providing accounting services thus, they will be least expected to defect. For example, Corient, an outsourced accounting provider, undertakes multi-level security measures to secure its clients’ data. It takes steps such as limiting data access authority, controlling data transfers to external sources, banning portable storage devices on workstations, and working 24 hours a day, seven days a week under CCTV surveillance. Any disruption to an accountant’s business would be detrimental — both financially and reputationally. When securing your accountancy firm’s data, methods to prevent data theft are always better than remedies after the theft. Robust cyber security can be internally strategized or outsourced. Conclusion Cybercrime is expected to cost the globe $10.5 trillion per year by 2025. The yearly worldwide cost of cybercrime is estimated to exceed $6 trillion. To close vulnerability gaps, proactive measures must be implemented. Immediate attention to security needs in accounting will pave the way for secured data for both firms and their clients. And, as said, ‘change’ is the only constant therefore, accounting will have to become secure to keep up with this challenge of cyber security.

Higher Education Digest Digital First Magazine January July 2021 2022

MUST-WATCH CONSULTING

COMPANIES

IN INDIA - 2022

S. Prakash

MK Anand

SEE CHANGE CONSULTING

Giving Businesses the Wings of Growth and Profitability First Magazine 54 Digital July 2022

SEE CHANGE CONSULTING IS ONE OF THE TRUSTED KNOWLEDGE MANAGEMENT PARTNERS, SERVING MNCS AND CORPORATE HOUSES WITH COACHING AND TRAINING SERVICES

n the early 2000s, S. Prakash (a.k.a. Corporate Sage), a published writer of “You too can sell,” met M.K Anand (CEO of an IT company) to share a copy of his book over a cup of coffee. When Anand read the book, its contents amazingly resonated with his thoughts on offering training consulting to MSMEs, Corporates, and MNCs. When two great minds think alike, something extraordinary happens. Soon both Prakash and Anand began discussing the possibility of having a platform to share their knowledge and help MSMEs who can’t afford the big consulting firms. In less than two years, See Change Consulting was launched. Intel Singapore was one of its initial clients. The following year, SCC conducted Art of Goal setting sessions for 1,000 Channel CEOs of Genuine Intel dealers at Intel channel in 2003. This was just the beginning for SCC. Today, this Chennai-based consulting firm is one of the trusted knowledge management partners, serving MNCs and corporate houses with coaching and training services. SCC has a consortium of 100+ experts who hold years of diverse industry experience. These experts help MSMEs overcome the top-line and bottom-line challenges, arranging finance, working on capital issues,

and marketing and sales gaps. “By designing a complete platform for MSMEs to decide where they are and where they want to go to grow, we bring the subject experts, create the solutions, and bring our panel of experts together,” states Anand aka “SEE CHANGE” Anand, Founder and Partner, Strategic Business Advisor, Chairman of MSME Initiatives at three Southern States and ACC. On average, SEE CHANGE engages 4-8 consultants depending on the project. With such quality of work, See Change is now being invited by biggies of the consulting world to support their Indian projects. Providing a Plethora of Services For the first time in India, SCC had launched SEE_360°_ BIZ_SCAN, a unique business health check-up tool. This is a fast-track growth management program, especially for SMEs. Today, the prominent knowledge management company is offering many strategic business advisory services that connect the dots in all functions of the business. In 360° Consulting, experts in various fields work with clients to craft the perfect strategies and execute them flawlessly to ensure a smooth transition during the critical changes in their business and to turn their

Digital First Magazine July 2022

business problems into opportunities. 360° Coaching aids clients to grow their business by leveraging the insights the team of SCC has gained over the decades running multiple companies successfully. See Change also offers various management 360° Training programs to improve the overall skills, expertise, leadership, communication, and other soft skills. Furthermore, SCC provides Know Your Competency (KYC), Thought Leadership Talks (TLT), a Master class on how to survive, stabilize, & surge ahead, and a collection of books for readers of all ages.

MK Anand

SCC HAS SUCCESSFULLY COMPLETED 500+ PROJECTS, 100+ BEHAVIORAL PROGRAMS, 25+ FUNCTIONAL PROGRAMS, AND 20+ TECHNICAL PROGRAMS ACROSS 5+ STATES IN INDIA

Experts Bringing Commitment to the Table Shedding light on how See Change Consulting engages and motivates its employees, S. Prakash, Founder, CEO, Partner and Business Strategist, reveals, “We work on the intrapreneurship model. All our experts are associates of our consortium. Hence, they bring their commitment to the table first before asking for any commitments.” This is a highly successful model, and it works on Gain Share Approach. “We recommend such models to our clients as the ‘new normal’ needs ownership driven gain share leadership than high paid salary driven models. It works wonder at least in the top and senior positions in the client places,” adds Prakash. Vision, Mission, & Progress in India & on Global Levels From the beginning, SEE CHANGE Consulting was built with a vision to become one of India’s Top 5 Knowledge and Growth Management Consulting Organisations by 2027 by providing compelling value to its clients, thereby enriching their clients’ people and business processes. And so their mission is to pursue their vision by following the value systems of professionalism blended with balanced human values, innovation & creativity, and make others see that we are dependable, trustworthy, committed, moral, faithful & principle-centered. SCC has successfully completed 500+ projects, 100+ behavioral programs, 25+ functional programs, and 20+ technical programs across 5+ states in India. “Our focus is mainly on MSMEs and midcap where Indian organizations have huge void and gaps has been fulfilled by See Change team of experts as under 360° turn around consulting,” asserts Anand while speaking on the progress of SCC. Planning for a Brighter Tomorrow With solid leaders whose vision and mission are unyielding and a highly dedicated team of experts, SCC has a lot in store for the upcoming years. “We look at

First Magazine 56 Digital July 2022

SEE CHANGE IS SET TO LAUNCH AN AUTOMATED TOOL TO DIAGNOSE BUSINESS HEALTH IN 3 REGIONAL LANGUAGES, NAMELY TAMIL, TELUGU, HINDI, IN THE COMING DAYS

S. Prakash

India itself as a yet-to-capture market. However, we wish to take Indian clients overseas on investments, M&A and other export opportunities,” shares Prakash. SEE CHANGE is set to launch an Automated Tool to Diagnose Business Health in 3 regional languages, namely Tamil, Telugu, and Hindi in the coming days. THE SEE CHANGE WAY- first of its one-to-one MSME assessment, competency mapping, and 45 minutes of entrepreneur counseling will be a part of this package. Moreover, ‘Corporate Sage–A New Environment for CXOs’ will be launched, a Bouncing Board Service spearheaded by the multi-talented talented author & leader, S. Prakash. “The Spiritual CEO” a wonderful book authored by Mr.Prakash (a.k.a. Corporate Sage) was published worldwide by Amazon is well recognized CXO’s and Entrepreneurs’ reference book for Business Growth blended with Inner Growth for the 21st Century. Clients Bounced back in the Post Pandemic times The Coronavirus pandemic ransacked many small businesses. However, SCC’s clients were supported with timely prudence on finance management, team

empowerment, fundraising, and assurance that they were protected and cared for. “To a large extent, we never found our clients suffer as much we hear from various other quarters. It is simply because prudent advice has been consistently provided to them. Though there was a drop in revenue, many have bounced back from 2nd quarter of 2021-22,” remarks Prakash. Client Recommendations & Testimonials speaking about SCC’s offerings SEE CHANGE Consulting has been highly recommended by Mr.S.G Anilkumar (CEO & MD) of Samunnati Financial Intermediation & Services, Mr. Mujibur Rehman (MD) of Asian Building Machines, and Mr. Dinesh Agarwal, MD, RR ISPAT(HIRA Group) to name a few. One of SCC’s prestigious clients from the healthcare vertical has also shared his experience on 360° coaching. Dr. Raja Amarnath, MD, M/ s. CIPACA Pvt Ltd (ICU & Emergency Care) says, “One of the rarest personalities I have come across with whom all the cardinal features of leadership, creativity, C-suite leadership, discipline, and sympathy are well balanced. It’s a blessing for entrepreneurs to have such a coach. It helped me mature from an emotional technopreneur to a mature entrepreneur.”

Digital First Magazine July 2022

EXPERT’S OPINION

How not to Damage a Brand’s Online Reputation? Piali Dasgupta, Senior Vice President – Marketing, Columbia Pacific Communities

he recent imbroglio that Fintech firm Bharat Pe found itself amidst can serve as a huge lesson in online reputation management and crisis communication for brands. The very public spats between Bharat Pe’s cofounder Ashneer Grover, after he resigned on March 1, 2022, from the organisation, and the company’s senior management, comprising current CEO Suhail Sameer ended up hitting headlines, and contributed to a lot of memes online, particularly in the past week. All at the cost of the reputation of a start up that has had only four years to build its equity in the market. A quick recap. A week ago, one of Bharat Pe’s executives asked the company to clear his dues along with that of his colleagues. This post soon went viral, and Grover commented on it asking the board to clear the employee’s dues. His sister, Ashima Grover, chimed in too. Sameer responded to Ashima’s comment in a rather offensive tone in Hindi, alleging that her brother had stolen all the money from the company, and there was not much left in their kitty to pay salaries. Post this, Sameer had to tender an apology on LinkedIn saying that his comment was “out of line.”

First Magazine 58 Digital July 2022

Piali VP

–

Dasgupta Marketing

is at

Senior Columbia

Pacific Communities. She is an award-winning

marketing

and

communication

professional

with

over 15 years of cultivated skill sets in strategizing and driving branding, imagery, brand positioning, brand architecture, customer segmentation, communication and storytelling. A sharp creative thinker and ideator, Piali believes in striking the right balance between the yin and yang of Marketing.

Digital First Magazine July 2022

Could this have been handled better? Yes. The CEO of a company is the flagbearer of its culture. He or she is always in the public eye, and his or her personal comments can often be seen as a reflection of the culture that is being built in an organisation. Because, whether we like to admit it or not, culture still is built top down. Therefore, it is imperative for the Corporate Communication, Crisis Management and Online Response Management Teams to coach CEOs on how to approach negative comments that they are tagged in on social media and react or respond to them. Often, companies make the mistake of assuming that a CEO would know how to conduct himself on social media. A company’s reputation is often at the hands of its leadership team. It is not an easy responsibility to shoulder given that lines between what is “personal” and what is “professional” can often blur. However, it is almost never advisable to be demeaning or offensive to people on social media, even when one is being provoked, because it causes irreparable damage to the reputation of the brand one is at the helm of. Often, in such cases, the company becomes a laughingstock for washing dirty linen in public which results in low brand equity, brand trust, shareholder value, and reduces the company’s ability to attract good talent in the future. Furthermore, the CEO loses face and his leadership skills and value system come under serious public scrutiny. So, in effect, it’s bad PR for both the organisation as well as its leader. In the above case, the best strategy for Sameer would have been to not respond to comments from Grover and instead issue a statement on the platform, after clearing his employees’ dues, that their concerns have been addressed by Bharat Pe, and to thank them for their patience as the company navigates turbulent times. While it is true that public memory is short-lived and today’s controversy in the paper is tomorrow’s garbage, it is also true that anything said on an online medium stays with people as screenshots even if the comment is deleted later.

And in many cases, these resurface years later, for some other controversy. Case in point being old videos of actor Will Smith resurfacing after the recent slapping episode at the 94th Academy Awards held earlier this month. A large part of a brand’s online reputation is mapped through sentiment analysis – which is done by studying the sentiment of the comments received by a brand on its social media handles, and also through reputation score, which takes into account reviews, star ratings, listing accuracy etc. A brand’s reputation directly impacts its revenues, and once damaged, takes a very long time to rebuild. Brand building, in itself, is a long-term game. And a good reputation, both online and otherwise, is imperative to create a trustworthy brand. I have discussed how and why a situation such as the above could have been handled better. Here are a few tips on how to manage an online crisis well. 1. Be quick. Understand the “here and now” nature of social media and the fact that it doesn’t take time for things to snowball into a crisis. So, act on negative comments at lightning speed and have a TAT of less than two hours. 2. Be transparent and authentic. If a brand has made a mistake, it should apologise and take corrective measures, foregoing ego. Equally, if the company’s CEO has been guilty of poor conduct, he/she should apologise, because it is about earning the trust of your consumers back and telling them that to err is human. 3. Address the issue on priority. If that means escalating it to the C-suite, do that and ensure that the customer’s concern is addressed at the earliest possible. And while you let the Operations/Admin/On-ground teams solve the problem, be in constant touch with the aggrieved person and assure him/ her that his/her concern is being looked into on priority. 4.Treat present, former and future employees as customers. A former employee can very well take to social media if her dues are not met, just as a customer can leave a negative comment on Twitter after a poor brand experience. As one of Africa’s foremost authorities on branding, Bernard Kelvin Clive said, “In a digitally connected world, a byte of data can boost or bite your brand.”

A brand’s reputation directly impacts its revenues, and once damaged, takes a very long time to rebuild. Brand building, in itself, is a long-term game

First Magazine 60 Digital July 2022

Powerful protection designed for PC gamers

NORTONLIFELOCK.COM Digital First Magazine July 2022

MUST-WATCH CONSULTING

COMPANIES

IN INDIA - 2022

Yash Bhatt, Co-Founder, COO & CFO

Rohan Bhatt, Founder & CEO

SQUARE CONSULTING INDIA

Reshaping the Business and Management Consulting Space First Magazine 62 Digital July 2022

SQUARE CONSULTING IS QUINTESSENTIALLY A BUSINESS CONSULTING AND MANAGEMENT CONSULTING COMPANY ESTABLISHED TO ASSIST BUSINESSES AND INDIVIDUALS WORK IN A BETTER WAY AND FUNCTION WITH BETTER BUSINESS SENSE AND SENSIBILITY OF OPERATIONAL OPTIMISATION

he consulting industry is soaring to newer heights every day! As businesses continue to reinvent themselves to maintain market relevancy, they are increasingly looking to determine new ways to create value and capitalise on emerging technologies through consulting firms. However, most management consultancies struggle to cope with the newly developed business models and align themselves with the various advancing technologies. Moreover, when clients begin vetting and selecting consultants to work with, one needs to consider parameters such as innovation, enhanced consulting services, improved consulting skillsets, and adaptation to evolving market dynamics. Among the top ranks, meeting and exceeding client expectations is Surat-headquartered SQuare Consulting INDIA. SQuare Consulting is quintessentially a Business Consulting and Management Consulting company

established to assist businesses and individuals work in a better way and function with better business sense and sensibility of operational optimisation. In essence, the company helps businesses grow in the right direction. The company has four functional divisions; Hospitality, Franchise, Retail, and Marketing, with each division, focused specifically on providing solutions that work and can deliver consistent results over time. “SQuare Consulting INDIA offers pragmatic and practical solutions for the business in a non-traditional manner which is highly distinguishable from other firms that offer similar services,” explains Rohan Anil Bhatt, Founder and CEO of SQuare Consulting. While most solution providers employ the cookiecutter approach of just helping clients with brand building, SQuare Consulting is singularly focused on 'Building Businesses'. This business structure development and optimisation strategy enable

Digital First Magazine July 2022

First Magazine 64 Digital July 2022

SQUARE CONSULTING HAS SUCCESSFULLY CONSULTED PROJECTS ACROSS THE COUNTRY AND THE WORLD (REMOTELY) BY PROVIDING DIRECTIONAL CONSULTING AND SOFTWARE/SYSTEMS AND ADMINISTRATIVE PROTOCOLS DEVELOPMENT SERVICES FOR THE OPTIMISATION OF BUSINESS PROCESSES AND BUSINESS SYSTEMS THROUGH SIMPLE AND EFFECTIVE SOLUTIONS BY WAY OF THE UTILISATION OF THE EXISTING RESOURCES AT THE DISPOSAL OF THE COMPANIES

businesses to fare better operationally and get rewarded directly by the customers. Making better business sense first and getting popular later is the technique SQuare Consulting strongly believes in. Incepted in 2007, SQuare Consulting commands quite the market presence. The organisation has collectively consulted over 70 projects across industries and categories. So far, the team of experts has consulted a myriad of Hospitality projects ranging from Ultra Luxurious Fine Dine and Specialty Segment businesses that serve a fantastic variety of distinctive and varied dishes to simple cafés and fast food joints. The team extended its corporate strategy building and startup incubation services to businesses directly or indirectly linked to India's growth story. “The journey of SQuare Consulting has been through many ups and downs. However, each pitfall redefined the path for SQuare Consulting as a solutions provider for its clientele and helped us constantly evolve and stay on our toes while adapting and improving with the market dynamics,” opines Rohan. Ensuring Quality Customer Experience Continually endeavouring to provide its client base with effective and efficient solutions designed to solve issues, Rohan dives into the details of two recent customers whose business goals SQuare Consulting helped achieve. The company was approached by a Traditional

Bengali Sweets Shop business previously perceived as an everyday sweets maker. SQuare Consulting helped the business transform and be recognised as a high recognition and customer recall brand. This was achieved by segmenting the brand to a different customer type and targeting the brand and its positional matrix towards a business that serves traditional mithais with a modern contemporary twist. “This kind of different and out-ofthe-box thinking makes SQuare Consulting INDIA a trusted partner to transform business aspirations into reality in the most practical way,” adds Rohan. Another recent success story he shares with us is having worked with a Cafe famous for its Chai and a viral reel with thousands of Google mentions due to its viral content and concept. This same group visualised their latest business model of developing a Shakes and Juices brand. Rohan himself, headed by a team of professionals, helped conceptualise, develop and bring this idea to life. To summarise, SQuare Consulting has successfully consulted projects across the country and the world (remotely) by providing directional consulting and software/ systems and administrative protocols development services for the optimisation of business processes and business systems through simple and effective solutions by way of the utilisation of the existing resources at the disposal of the companies.

Digital First Magazine July 2022

Promising Novel and Deep Subject Matter Experience The company brings additional value to its customers across the globe by having created open consulting ecosystems. This is accomplished through partnerships with specialist service providers and subject-matter experts. Consulting freelancers are scouted, on-boarded, and guided as paid sub-contractors who directly work for SQuare Consulting with directional and business consulting add-ons. This provides the consultants with a business sense to develop and sustain their own business models along with the projects that are assigned to them from time to time by SQuare Consulting. This also helps retain the consultants' maximum involvement without the fear or insecurity of any attrition or shift from one job to another. Rohan theorises, “Innovation is the by-product of freedom while the opportunity is the only variable that becomes a constant with SQuare Consulting.” Driving Innovation despite Covid19 Continuously striving to innovate, SQuare Consulting was ahead of the curve even when the Coronavirus pandemic struck. The company assisted multiple struggling businesses to accomplish a seamless transition from offline and traditional businesses to online customercentric companies. This transition helped several overheads like rent, extra salaries, and maintenance expenses on infrastructure that was practically unusable for the lockdown months and the resurging waves during the pandemic. Additionally, SQuare Consulting helped a gamut of businesses establish new protocols in the F&B Industry to practically reinforce the standardised procedure for hygiene, food safety, material handling and inventory management on a practical level with on-ground personnel training and guidance provision as the post-pandemic job market was challenging and there was a renewed enthusiasm to learn things. “This willful participation of the employees who were either raw unskilled workers or semi-skilled workers made a huge impact and made a lot of difference to many of our clients' working practices and conditions,” says Rohan.

Rohan Bhatt

First Magazine 66 Digital July 2022

Moving Forward While these may be uncertain times, we know that this segment displays untapped potential. The world has indeed become connected in the information age with lightning-fast business and information exchange at the speed of thought. Still, genuine opportunities are yet to be explored. The free-flowing ideas and plans need on-ground implementation with a disciplined approach and practical experience in solving problems

Yash Bhatt

at the grassroots levels. There is a huge gap that needs to be addressed here. The ever-changing mindset of the customers and the buyers present a unique opportunity for businesses to grow and capture the market, being the gap filler. SQuare Consulting helps bridge this gap. The company has only just begun flexing its muscles toward building a national solutions network. There will be specific divisions independently consulting different businesses worldwide with various aspects of services ranging from Media Management, Lead Generation, Lead Development, Business Expansion Outsourcing, Company Valuation and Financial Structuring, and the Core Business Consulting services. As we step into the future, SQuare Consulting is set to enter the next level of the business consulting pyramid. The organisation is slowly and steadily moving onto online platforms from being traditional business consultants

and strategy experts. These platforms are equipped with business consultations and one-on-one sessions for business owners, entrepreneurs, and startup enthusiasts to build a robust and inclusive ecosystem of the SQuare Consulting Universe. Here, any business problems are evaluated, analysed, sorted, and eventually solved with utmost care and consideration. Rohan adds, “We are all set to launch our digital consulting packages and online services by FY 2022-23. Right now, we are in the process of decentralising the business consulting services portfolio.” SQuare Consulting has also decided to get into strategic partnerships with a few clients hailing from the Retail and Hospitality segments. The organisation envisions launching a full-scale operational and management-based association for a long-term collaborative alliance where the organisation will provide complete operational assistance, control, and management.

Digital First Magazine July 2022

IN MY

VIEW

The Dynamic role of CFO in a Digital Ecosystem Tapan Jindal, Head - Finance, Legal & Compliance, SugarBox Networks

FOs are the financial experts, who manage responsibilities like overseeing the financial statements, data interpretation, compliance, regulations, financial report analysis, and much more. Traditionally, the finance teams worked in isolation causing delays in operations, due to lack of communication and visibility on key aspects, across the organization. Their tasks would be time-consuming and often prone to human errors. However, the global pandemic saw unprecedented levels of digitization as businesses were forced to move their operations online. Decades ago, if someone indicated that a day in future we would order food online, indulge in e-commerce or that decisions in cricket would be impacted due to technology – we would have heartily dismissed all of these because we never imagined (or expected) them to be digitized. But with the advent of technology, everything has changed in our life. For instance, today the world of cricket has changed with the use of modern technologies including hawkeye, hotspot, DRS, powerboats, and speed guns. I, personally, don’t remember when was the last time that I went to a mall to buy clothes or groceries – since delivery at home is now an option. In modern times when we do almost everything digitally including shopping, ordering food,

First Magazine 68 Digital July 2022

Today, the role of a CFO is under far greater scrutiny, internally and externally, with the never-ending pressure to cut costs, grow revenue, and ensure control

TAPAN JINDAL

Even though Tapan calls himself a corporate strategist, entrepreneurial thinker and result-oriented problem solver, the one thing that keeps him going is unearthing ways to add value to his work. He also firmly believes that the financial department of an organisation plays a pivotal role in operational excellence and impacting the company’s bottom line. In his career span of close to 16 years, Tapan has worked as an Investment Banker, Corporate Finance Executive, and Chief Financial Officer, with various brands. His previous stints have been with commendable growth brands like Baazi Games, Car Dekho, Den Networks, Fidelity International and Moody’s Analytics Knowledge Service. In his current role at SugarBox Networks, he is responsible for building a tech-based financial and legal & compliance infrastructure, building business partnerships, and overall planning and budgeting to enable business growth. Tapan is a Chartered Accountant by qualification and also holds a bachelor’s in commerce from Panjab University.

Digital First Magazine July 2022

As the finance function is ultimately about the allocation of resources (Capex and Opex), CFOs are inadvertently establishing a clear organizational culture for digital transformation without even realizing it

booking cabs, attending court hearings, it is important for CFOs to transform themselves into ‘Digital CFOs’. A digital CFO is now a strategic partner to the CEO, with a longterm vision, focusing on minimizing the risk and accurately forecasting cash flow. The role of a coach is important in cricket and for decades coaches have been those silent motivators of the game. Their role came under scrutiny with the evolution of technology and are no longer back-officers of the game. A batsman or a bowler is digitally tracked by a coach if his batting speed or bowling action needs improvement. His (coach) role has shaped from just monitoring & training the team to someone (strategist) who can drive the team. Similarly, in the modern era of the corporate world, the finance function cannot survive as a back-office function, spending time on operating manually intensive transactional processes, rather than focusing on driving strategic objectives. Today, the role of a CFO is under far greater scrutiny, internally and externally, with the never-ending pressure to cut costs, grow revenue, and ensure control. Economic uncertainties (including the current scenario due to the pandemic), increased regulatory requirements, and heightened investor scrutiny has shifted the role of a finance team from an ordinary accountant to a strategist. In the present fast-paced business landscape, CFOs need to make informed strategic decisions to deliver better business outcomes. This requires their functional (finance) strategies to be aligned with the overall organizational objectives. Modern CFOs are privy to oceans of data at their

First Magazine 70 Digital July 2022

fingertips and with the use of technology, CFOs are now able to translate data into meaningful information (insights), to support eventual business decisions. Going forward, the Finance domain might find itself at crossroads, pushing for the need to reinvent itself and yet stay relevant. IDC, in one of its latest reports, has predicted that companies will invest about US$7 trillion in digital transformation by 2023. Thus, if (we, as) CFOs invest a small portion of that in digitizing our functions, we could be real propellers of growth. Revenue management, cash collection, payables management, employee reimbursements, treasury, tax management, legal contracts management, statutory compliances and periodic MIS reports – almost all functions can be partially or fully automated, using available digital tools. In business, the responsibility for executing digital transformation possibly falls on the chief marketing officer, the chief business officer or even the chief innovation officer. However, the role of the CFO within an organization’s digital transformation is very important and should not be underestimated. The question is not whether; in fact, it is where and how much their company should spend to compete in an increasingly complex digitalized marketplace. We often relate technology deployment to new revenue and cost savings and if CFOs can show their colleagues the money saved (cost savings) and money generated (revenue) with the implementation of new technologies, the partnership of finance and non-finance teams will strengthen further. In fact, through on-demand dashboards and live cost analytics, finance departments are participating in this (digital transformation). As the finance function is ultimately about the allocation of resources (Capex and Opex), CFOs are inadvertently establishing a clear organizational culture for digital transformation without even realizing it. It’s important to understand that digital transformations (however important) have complicated the decisionmaking process, especially when it comes to selecting the technology your company uses. When an entire organization is digitally connected, the technology selected by one department has a wide-reaching impact, which is why cross-functional teams should be organized to help make those decisions (seamless). Finance teams must look for collaborative management platforms that can collect data from all sources – enterprise resource planning systems, client relationship management tools, general ledgers, operations, customer care, marketing tools – in real-time. Today, the key to success is to strategize with the assistance of technology, so as to create an impact. By driving digital transformation, finance teams could stop looking back at history to measure and predict the future, and instead, look forward to building future growth pillars.

Digital First Magazine Higher Education Digest July 2020 2022 October

Higher Education Digest

First Magazine October 72 Digital July 20222020