Episode #13: AI answers: Time is our greatest asset. Finance department is the core of any business.
Updated: Oct 10
Me: Time is our greatest asset, and the Finance department is the core of any business. If more time were made available to the finance staff, what would you have them do to add value to the business?
The above question was 1 of 5 to which I was invited to discuss around the Roundtable on Thursday, the 21st of September by Roger Laird, BizEdocs https://bizedocs.ie/wp/ together with:
1. Akhil Jain CTO Wayleadr
2. Anees ur-Rehman CEO and Founder
3. Angie Mezzetti CEO Ocarina Productions
4. Augusto Bernardo CEO Myndware
5. Cormac O'Neill CEO & Chief Tempo Officer Webio Ltd
6. Jan Filipowiak Founder Virtualist
7. Katarzyna Haśnik CEO Hasnik Limited, myself
8. Michael McGuinness Founder & Product Manager Tachyon Tech
9. Norbert Narbut Founder ExtendedMedia
10. Paul McCabe Chief Operating Officer VLE Therapeutics
11. Philbert Nshimiyimana Process Support Specialist PSC Biotech Corporation
12. Rusty Weise Chief Technology Officer & Sr. Architect Trakwell.ai
13. Tony Duddy COO, Board Member Memjet Technology
14. Yang Tong, Founder and CEO OrderIT Ltd
15. Zohaib Jabbar CTO Fund Recs
It is always inspiring to learn from like-minded business, Founders, CEO, CTO, COO people.
Thank you Andrea Ryan https://www.linkedin.com/in/andrea-ryan-sales/ and Angelica Ganados for organising it.
Now, let's ask OpenAI: https://openai.com/. What does AI think about it? (P.S.: To gather all the information below, took OpenAI-ChatGPT, 56 seconds...🤔 This leads us to follow questions in upcoming days, which were as well discussed at the Roundtable.)
ChatGPT: Time is indeed a valuable resource, and optimizing the use of time in the Finance department can significantly benefit a business. Here are several ways finance staff can add value to the business if they have more time available:
Strategic Financial Planning: Finance professionals can dedicate more time to long-term financial planning and analysis. They can work on creating and updating financial models, conducting scenario analysis, and helping the business set strategic financial goals.
Cost Analysis and Reduction: With extra time, finance staff can thoroughly analyze the company's expenses and identify cost-saving opportunities. They can also work on cost control strategies and negotiate better deals with suppliers.
Investment Evaluation: Finance professionals can spend more time evaluating potential investments and opportunities for business growth. This includes assessing the feasibility of new projects, acquisitions, or partnerships and conducting thorough due diligence.
Risk Management: Finance teams can enhance their risk management efforts. They can identify, assess, and mitigate financial risks more effectively, which is crucial for ensuring the company's stability and resilience.
Financial Reporting and Transparency: Finance staff can improve the quality and timeliness of financial reporting. They can provide management with more detailed and insightful reports, helping leaders make informed decisions.
Cash Flow Management: Focusing on cash flow management can be vital for business sustainability. Finance professionals can develop strategies to optimize cash flow, manage working capital, and ensure the company has sufficient liquidity.
Tax Planning: With more time, finance departments can explore tax planning opportunities to minimize tax liabilities legally. This includes staying up-to-date with tax regulations and leveraging available incentives and credits.
Compliance and Regulatory Affairs: Finance teams can dedicate additional resources to ensure the company complies with all financial regulations and reporting requirements. Staying compliant helps avoid legal issues and penalties.
Automation and Process Improvement: Finance professionals can use their time to automate repetitive tasks and streamline financial processes. This not only saves time but also reduces the risk of errors and enhances efficiency.
Employee Development: Investing in the professional development of finance staff can be beneficial. Training and upskilling can improve their ability to add value in various financial aspects.
Business Analysis: Finance teams can engage in more in-depth analysis of various aspects of the business, such as customer profitability, product/service profitability, and market trends. This can lead to better-informed strategic decisions.
Sustainability Initiatives: Finance staff can work on financial strategies that promote sustainability and corporate responsibility. This may involve allocating resources to environmentally friendly projects and reporting on sustainability efforts.
Supplier and Vendor Relationships: Building and maintaining strong relationships with suppliers and vendors can lead to cost savings and better terms. Finance can play a role in negotiation and contract management.
In summary, if more time is made available to the Finance department, they can shift their focus from routine tasks to more strategic and value-added activities. This can ultimately contribute to the financial health and success of the business.