This year has thrown numerous curveballs at the finance team. Now is the time to focus on your competitive advantage.
In this insightful CFO interview, we speak with Mark Jenkins CFO of tech giant MHR. Mark shares his lessons and takeaways from the pandemic so far and how the finance team has played a strategic role in gaining a competitive advantage during the crisis. This is a good news story that provides an inspiration to us all.
1 minute summary
List of topics covered:
- Why you should forget the competition
- The role of the finance department
- Internal processes and controls – make them fit for purpose
- Scenario planning and forecasting
- Support key stakeholders
There was a focus in the early stages on stability, liquidity and profitability and “remaining true to core principals” as Mark described it. It was key to ensure finance was “proactive and front of house”, with an emphasis on working alongside the organisation. Planning was critical to this.
Whilst this was going on, internal processes were reviewed and transformed where necessary to improve productivity and reduce wastage. However, “any automation must have a robust manual process to be effective” Mark added.
What proved to be key was the connected planning model (underpinned by enterprise technology) that integrated P&L, balance sheet and cash flow.
With these foundations in place, MHR were able to support the key stakeholders; staff, customers and suppliers.
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