In your experience, what steps in the digital transformation roadmap are most important for CFOs to prioritise early on?

I once attended a round table where I heard people killing digital transformation projects because they didn't know what to do. This issue highlights the importance of addressing foundational problems before pursuing transformation.

‍

It's essential to start from the ground up; equipping analysts is vital before diving into data visualisation for senior management. There is still a misunderstanding that digital transformation only involves creating appealing dashboards for the C-suite without first ensuring that analysts have the right tools and data. The foundational database that analysts use must also be the base for the dashboards provided to leadership. Without this comprehensive view, efforts will fail.

‍

I can assure you my team doesn’t spend 10 to 12 hours during closing weeks. We maintain reasonable working hours, and last New Year's, several of my team members enjoyed a barbecue in the desert instead of working. We don't endure the usual chaos during month-end closings. This success is primarily due to six months of hard work refining our processes, which has made closing smoother.

‍

I’m also implementing a self-serve audit model, allowing auditors to access the necessary information directly rather than asking team members. This way, they can get whatever data they need faster without having to ask for it. 

‍

You mentioned in your article that finance teams sometimes resist using KPIs from non-financial systems. Could you explain that? What do you think is needed to overcome this resistance?

I could write a lot about the resistance finance teams sometimes have to use KPIs from non-financial systems. It all starts with creating a positive environment for discussion and understanding that different departments, like operations and HR, have their perspectives. We need to be creative enough to recognise these differences and bridge any gaps.

‍

For example, operational teams might focus on order dates, while finance looks at payment dates. If we don’t address these differences, it can lead to confusion. We must be flexible and build a data system that meets everyone’s needs. When team members feel a sense of ownership over the data, they’re more likely to work together. If they think finance only cares about its own reports, they won’t want to cooperate.

‍

A good sign of success is when other teams actively seek our data or ask for access to our databases. This means we’ve created a system that benefits everyone. 

‍

Your article* discusses the importance of digital transformation. How do you ensure that your finance team uses technology without feeling overwhelmed?

I believe certain roles are often filled based on experience and seniority rather than actual qualifications. The challenge I faced when I joined emaratech was that my team was worried about the workload and how to manage relationships during transitions. I told them not to worry about those aspects that are outside their realm. It's about leadership, which requires a softer touch. When I came in, I had one principle: I’m responsible for my team’s success and for managing any changes. I communicated to them that they need to give their best effort, and in return, my job is to help them manage the change so they don’t get overwhelmed.

‍

When there are doubts or worries about change, it’s important to lead by example and create a space where they feel comfortable and supported. They need to understand that challenges will arise, but we will adapt and find solutions together. If we can keep the lines of communication open and ensure everyone is involved in the process, they won’t feel overwhelmed by the technology or the transitions we’re implementing.

‍

[*Link to Tamer’s article: https://fpa-trends.com/article/digital-finance-transformation-skills-now]

‍

What do you think is going to be the future of finance in the Middle East?

The only aspect in which the Middle East is different from the rest of the world is the need for tax advisors/consultants and accountants, given that the GCC region is joining the rest of the world in implementing a tax system.

‍

For the rest of the aspects, the pressure is the same given how dynamic the business world is, and the world now is 100% connected. The challenge is high for finance professionals as the demand for a typical "finance controller" will continue to decline. At the same time, there is a need for a financial analyst with the right set of soft skills and data analytics /science & IT knowledge. This should respond to the organisational needs of meaningful reporting, financial KPIs that effectively communicate business results, and financial reports that conform to current standards and regulations.

‍

The future will favour professionals who can integrate IT and operations to connect financial and operational datasets, creating new datasets capable of simulating business scenarios instantly by adjusting key operational elements. Young professionals must prepare for a future that demands these skills and capabilities.

‍

How do you see AI and digital transformation impacting the future of the finance industry?

AI is a step that follows digital transformation. AI will not work unless you have the financial data ready in a way that AI can deal with it as data points. 

• In the next five years, AI/ML will eliminate the need for base accounting functions.
• AI will reduce the headcount required for FP&A and other functions.
• AI will add invaluable elements to a treasury function.

‍

All of this begins with leveraging digital transformation technologies, whether they are free or paid. I recommend upskilling the team with the necessary knowledge, as investing in expensive solutions often leads to short-term benefits that may be discarded with changes in senior management. Finance teams should build their capacity to use available free technologies to adapt to the business and internal customer needs.

‍

I'm proud of two use cases. In the first one, I turned 80 hours of manual work into 30 minutes of data model updates and generated $80 million in savings. In the second, I transformed all base reports, making detailed reports, management reports, and ad-hoc analyses easy and usually just a click away. This even enabled a self-service audit relationship.

‍

Bio

Tamer Abomosalam is the Group CFO at emaratech. He is a seasoned global finance professional with over 20 years of experience in financial leadership roles, specialising in transformation, treasury, controlling, and the development of world-class finance functions. He has successfully driven highly visible commercial realignment projects in multinational enterprises, focusing on accelerating growth, reducing costs, and positioning companies to achieve above-trend commercial outcomes.

‍

Tamer is adept at building and leading strong teams, creating a thriving collaborative environment, and simplifying complex situations to deliver consistent, innovative, and effective solutions. In recent roles, he has been pivotal in designing best-practice operating and service delivery models and optimising financial performance by architecting digital and business transformation solutions in multinational and large enterprises.

‍

According to you, what makes a successful CFO?

I believe that a successful CFO is a "business CFO." This role involves more than just crunching numbers; it requires a deep understanding of every aspect of the business.

A business CFO thoroughly explores the different nuances of a company. For example, in manufacturing, he doesn't take on the role of a production manager; in retail, he doesn't simply chase after sales orders. Instead, he examines all these functions from a financial and commercial perspective. By doing this, he can visit a manufacturing shop floor not to interfere with the production process but to better understand how it operates. 

This multidimensional approach enhances the CFO's effectiveness and ensures that the entire organisation benefits from a more comprehensive view of its operations. This, in turn, leads to smarter, more strategic decision-making across the board.

‍

What does working with family groups entail, and could you elaborate on that?

I'll be specific to the UAE context. Here, family groups could include a combination of family members like parents, siblings and children. Families operate in their ways; sometimes, their decisions can be eccentric and change unexpectedly.
‍

I describe family groups as exciting, challenging, rewarding, and innovative. They are primarily focused on results rather than elaborate presentations or optics. Now, as simple as it sounds, it is not that simple.
‍

In family groups, each member may have contributed to the business, and as a CFO, I must respect that. I'm a technocrat at the end of the day. They are the owners. They have every right to decide where they want to take the business, which presents a challenge for every CFO. The key is to find the right solutions while listening to their perspectives. The most important challenge is to how do you influence them. How do you convince them?  How do you get the job done? And that needs a lot of skill set.

How do you deal effectively with board ownership and decisive wins?

Here's what I will suggest to all who want to deal with the board and make their point successful. First, you must recognise that they are the family owners. They are the owners because they deserve this, and you have to respect what they have earned so far.
‍

One challenge we face as CFOs is believing that our professional perspective is the only one that matters, leading to a mindset of "my way or the highway." However, my focus is on finding solutions. At the end of the day, it's not just about you or me; it's about the journey and achieving the best results. There is simply no room for ego. You have to adjust your communication style to that of a listener. 
‍

For instance, I have never worked in sales before but have dealt with sales teams on multiple occasions and learned the importance of adapting my communication style. Instead of talking to people in my way, I needed to speak in a way they understood—essentially, to speak their language. If I didn’t do that, my message wouldn’t get through, and my point would not even go across. For that to happen, one of the things you have to do is keep

your ego out of the window. If one can imbibe these things, half the battle is won. 

‍

What is your view as a CFO on the recent trends of technology, digital transformation, and AI in finance?

Since COVID, digital transformation in finance has become more important, but I’m a bit cautious about it compared to the current excitement. 
‍

I focus on cash flow and profitability rather than jumping into full digital changes. I've been part of three ERP implementations—two worked well, and one didn’t. These experiences showed me that transformations need careful planning and significant investment. It’s not just about new software but a complete strategy involving everyone. You need clear goals, strong support from leadership, and teamwork. Ultimately, success in digital transformation hinges on aligning new technology with core business goals.

Bio
Anand Soni is a seasoned CFO with three decades of experience in finance, primarily in family-owned businesses across the UAE and the Middle East. As a certified CPA and CA, he has managed finance functions in diverse industries, including real estate, construction, logistics, services, retail, manufacturing, and contracting, with a strong focus on cash flow management and profitability. He is known for his collaborative approach and excellent stakeholder management.
‍

He is the Group CFO of Gulf Land Property Developers and is based in Dubai. Outside his CFO role, Anand shares his knowledge and experience through writing and speaking at industry events. He enjoys mentoring finance professionals and addressing the challenges CFOs face in family businesses in the UAE and the Middle East.

What do you think is going to be the future of finance in the Middle East in the next five to ten years? What trends do you see emerging?
In the next five to ten years, finance in the Middle East will likely become more strategic and integrated with corporate strategy. We’ll see increased adoption of technology and digital transformation, enhancing decision-making and efficiency. Routine financial functions may be outsourced to low-cost locations, allowing local teams to focus on strategic roles. 
‍

With improved compliance and governance practices, such as corporate tax, the region is set to become more transparent and attractive to international investors. Overall, the finance sector’s future looks promising as it adapts to global standards.

‍

How have you been using AI and tech in your team? 

Primarily, we have been using AI to bring more automation in finance. We deal with thousands of transactions and data points daily, and BI tools really help us make sense of it all through real-time analytics and trends. 

On the accounting side, we use Microsoft Dynamics, which introduces automation in accounting tasks. It automates a lot of tedious tasks, like accounts payable, and even generates general ledger entries automatically. As a result, our team can complete the month's closing faster, saving significant time and allowing more in-depth analysis. Overall, these advancements improve efficiency and enable us to focus more on strategic tasks.

My personal favourite is using AI to review legal contracts and documentation. It has easily reduced my reviewing time by 70-80%.

‍

Given the availability of AI now, what challenges do you think the finance function will face?

With AI becoming more integrated into finance, we're actually seeing more opportunities than challenges. However, one main challenge is ensuring our teams are upskilled to use these new tools effectively.


Adapting to AI also means shifting our mindset from traditional processes to more innovative, data-driven approaches. While some might worry about job displacement, I think it's more about evolving roles. 

Service providers might also face challenges, as businesses might rely less on external consultants for things AI can handle in-house. Therefore, everyone needs to adapt and find ways to add value to this new landscape. It's key for us to stay ahead by understanding AI's capabilities and using them to help drive the business forward.

Bio

Sameer Bagul brings over 20 years of leadership experience in online travel and e-commerce, having played a central role in building and expanding Cleartrip and Traveazy across India and the Middle East. 

Sameer has been instrumental in the management buyout of a Middle Eastern business from Flipkart and has extensive experience leading digital and AI-driven transformations within financial operations. Under his leadership, the Middle East business grew to over $650 million in sales by the end of 2019. 

Prior to his role in Dubai as the CFO of Cleartrip, Sameer led corporate strategy, finance, accounting, business planning, and development. His expertise extends to restructuring organisations for compliance with taxation and regulatory requirements in India and the GCC markets.

How do you manage the financial challenges of a fast-growing business such as Holo, particularly those related to cash flow, budgeting, and expense management?

It's been a remarkable year with our business growing each month. While this excites everyone in the company, it presents unique challenges for the finance function. The rapid growth means traditional annual or even quarterly budgets aren't practical for us at this stage.

Our primary challenge is maintaining financial flexibility. We need to constantly review and reassess our spending, identifying areas that are working well and where we need to increase investment. The speed of decision-making and execution is crucial for us in this environment. It also means we have to be highly adaptable and continuously evaluate our financial strategies to keep pace with our growth rate. 

‍

How do you see AI and digital transformation impacting the future of the finance industry?

I'm not overly bullish on AI in its current state, viewing it more as infrastructure with potential for the future. It can sometimes be overused as a buzzword in pitch decks. However, I see value in specific, targeted AI applications rather than broad-spectrum AI like ChatGPT.

AI is still in its infancy, and globally, we're figuring out its best uses. There's fear about job displacement, but AI will improve day-to-day work, allowing people to focus on more valuable tasks. I've seen this in auditing, where AI hasn't replaced jobs but has made work more enjoyable and allowed auditors to provide more value to clients.

I'm selective about which AI tools we use, but I'm always open to solutions that can save my team time. We use some AI-powered tools for tasks like OCR and spend management, which have proven effective.

‍

Talking about tools, are there any tools you’ve currently implemented in the finance function that you are particularly happy with?

In our finance function, we've implemented several tools that I'm particularly pleased with. One standout is our utilisation of an OCR (Optical Character Recognition) tool for expense recognition, which has greatly improved our spending efficiency. Additionally, our internal development of an AI tool for automating portions of our mortgage application process has also significantly helped, allowing us to process applications more quickly and accurately. 

‍

Are there any podcasts and resources you learn from to stay updated?

There's a lot of good stuff out there. Personally, 'Zero to One' is a favourite for insights into startup journeys, while 'Couch Economics with Arjun’ offers a regional perspective on Middle East economics. 

‍

‍
Bio

James Evans is an experienced financial leader with a background in consulting at PwC and strategic roles in high-growth startups such as Tarabut and Holo. He eccles at making finance plans that work well for different types of businesses. His primary focus is maximising gross margins and optimising working capital for businesses. 

As a CFO, James prioritises collaboration over the traditional gatekeeper role. He likes using new tools to make boring jobs easier, so his team can do more important work. When hiring people, he looks for those with a good attitude and the ability to learn, especially in new companies that change quickly. He's excited about the future of fintech in the Middle East. 

James holds a bachelor's and master’s degree in finance and an ACCA qualification.

Where do you see the future of finance headed in the Middle East in the next 5 years?

In the next five years, finance in the Middle East is likely to see a lot more automation and use of sophisticated ERP modules. There is a big push toward making our processes more digital, especially after how we had to adapt to COVID. The goal is to manage things effectively, even if we're not all in the office. This shift means we're getting ready for a future where being physically present isn't as crucial as it used to be.

‍

Ever since AI has been introduced to the finance function, how do you think it has impacted finance professionals? 

AI has really changed things for the better. Before, we spent a lot of time on Excel and PowerPoint, making things look right and crunching numbers. Now, with AI and automation, we can get things done faster and present them better. It lets us focus more on the important stuff, like making decisions and planning strategies, rather than just dealing with numbers all day.

‍

With AI and digital transformation in the picture, what challenges are likely to emerge in the finance function in the Middle East?

The biggest challenge with AI and digital transformation is adapting to the change. Moving from the old ways of doing things to more automated systems is a big shift for everyone. It's not just about new skills—it's about changing our mindset. If we don't adapt, we will fall behind because everything around us is moving forward fast. Companies that don't keep up with these changes might not make it in the next ten years.

‍

Bio:
Vinay is a seasoned Finance and Treasury professional with 12 years of experience in the UAE and India. He currently serves as the Group Treasurer at Hira Industries. 

His expertise covers various financial operations, including fundraising, debt restructuring, financial modelling, and cash flow management. Vinay has led significant digital transformations, implementing systems like Oracle Fusion and Kyriba Treasury Management, and has a working knowledge of SAP. He has successfully managed teams of financial analysts, directed cost reduction initiatives in banking services, and maintained robust banking relationships, consistently delivering positive impacts on profitability and strategic financial planning.

What excites you the most about being a CFO?

As a CFO, one of the paramount things that gets me excited every day is the opportunity to pass on knowledge and mentor the next generation of accountants and finance professionals. I see it as a key responsibility to ensure high-quality services are delivered to the business.

Additionally, I am motivated by the pivotal role I play in business strategy, partnering with the CEO and senior executives to drive the organization's goals and performance. The ability to influence and enable both the development of future professionals and the achievement of business milestones truly excites me.

A lot of people fear that AI will replace humans and take jobs. What is your take on it?‍

Absolutely not! AI is an amplifier for improving the quality of deliverables in finance. While technologies like OCR have existed for years, they've only managed to handle a portion of transactional volumes. AI can significantly enhance efficiency but can't replace the need for human understanding of business context and objectives. 

What innovations or transformations have you implemented in the finance department?

I have always been a transformation ambassador, passionate about leveraging technology to achieve efficiencies. Throughout my career, I've influenced management to invest in transformational projects supporting future growth without increasing headcount.

For example, I've successfully implemented cloud-based solutions to streamline working capital processes and financial reporting, reducing manual effort and enhancing decision-making. The key is identifying where technology can provide scalability and foresight to meet the business's needs, ensuring our approach is proactive rather than reactive.

Among the various innovations you've implemented, is there one that stands out as the most successful?

One of the most successful technology implementations I've been involved in was managing the working capital process for a UK-listed organization.

The process initially involved around 25 to 30 people across different countries, and consolidating cash flow data took two to three days. We automated this process by using a cloud-based solution integrated with SAP and SharePoint, reducing it to just a few hours. This allowed us to quickly make informed decisions on inter-group lending and borrowing, streamlining our operations significantly. Another success was implementing a comprehensive FP&A project to consolidate and report business unit and group performance, greatly improving efficiency.