CFOs call for more investment in technology

In Summary
  • Monitoring the team became easy and quick
  • he used to walk to people’ s desks for feedback or requirements
UAP Old Mutual Chief Financial Officer John Ggooloba Ngobi
Image: Courtesy Photo

''Investing in digital channels and equipment plays a key role in improving the accountability chain,'' says UAP Old Mutual Chief Financial Officer John Ggooloba Ngobi.

Ggolooba notes that the biggest challenge he encountered in the office was the change in the accountability chain where he used to walk to people’s desks for feedback or requirements.

He however explains that after investing in technologies, monitoring his team became easy and quick, though the advancement adaptation wasn’t easy (virtual meetings, expensive tech, serving clients remotely). 

Since his appointment was during the onset of the COVID-19 pandemic, he explained that the adaptation was new and scary. ‘‘It was the test of agility in the changing world that had so many uncertainties including personal lives and lives of our loved ones, the safety of our jobs and businesses’’. Ggooloba narrated.

‘‘The keys to successfully execute during this time were; investing in the digital channels and equipment as advised by our ICT team, financial support for our teams there (for example; we facilitated the team with new computer equipment, data fees, airtime provision, and other staff welfare drives)’’.

Besides improving the accountability chain in the company, the use of digital platforms also opens up unlimited possibilities in terms of revenue streams in the financial sector.

In this, he explained how the company adjusts to continue coping with the new technology.  Implementing a comprehensive digital transformation strategy to enhance operational efficiency, customer experience, and overall agility in adapting to changing market dynamics. Mr. Ggooloba explained.

He added that the company strengthens cybersecurity measures to ensure the protection of customer data and financial transactions in the digital space and also collaborates with fintech companies to leverage innovative technologies and solutions among other factors.

Mr. Ggolooba also advised on how CFOs in several companies can improve their accounting mandates as well as incorporate Environmental, Social & Governance aspects for sustainability.

He said that the role of a Chief Financial Officer (CFO) has indeed evolved significantly over the years, moving beyond traditional financial responsibilities to incorporate a broader set of non-financial metrics, including Environmental, Social, and Governance (ESG) considerations.

‘‘CFOs (Chief Financial Officers) play a critical role in shaping the financial health and strategic direction of their organizations. So I would advise them to Develop a deep understanding of the overall business operations. This knowledge is crucial for aligning financial strategies with broader organizational goals and contributing to informed decision-making’’. Ggooloba said.

He advised CFOs to stay abreast of technological advancements, especially those related to finance and data analytics. Embracing technology can enhance efficiency, provide better insights, and support strategic decision-making.

The modern CFO is not only responsible for financial stewardship but also plays a critical role in ensuring the overall sustainability, ethical conduct, and positive societal impact of the organization.  So, integration of ESG considerations into financial decision-making reflects a broader understanding of business success that goes beyond traditional financial metrics, he summarised