Ten Minutes Talking Tech with a CFO!

Embracing innovation > Karina Kouroutzoglou, Award Winning CFO

In today’s rapidly evolving finance landscape, technology plays an increasingly pivotal role in driving efficiency, streamlining operations, and unlocking new opportunities. To gain insights into the latest trends and their impact, we sat down with Karina Kouroutzoglou, a seasoned finance leader and award winning CFO, with a keen eye for leveraging technology to drive strategic growth!

Recent Impactful Tech Advances & Adopting New Finance Tools

Karina emphasised the growing influence of cloud computing in the finance industry. “We’ve adopted Oracle NetSuite, which has provided us with timely data and reduced our reliance on spreadsheets,” she noted. She also highlighted the implementation of Prospend for expense management, leveraging artificial intelligence (AI) to streamline operations, reduce costs, and improve efficiency. “These advancements have allowed our finance team to focus on value-added activities,” Karina added.

Karina pointed to the importance of continuous learning and knowledge-sharing in the rapidly evolving tech landscape. Recognising the fast pace of technological advancements, she suggested that weekly five-minute videos could effectively keep IT knowledge up-to-date. Nurturing a culture of innovation and learning is essential, as feedback promotes growth and continuous improvement.

Outlook on AI, Blockchain and RPA

While AI technologies hold immense potential, Karina believes there is still much work to be done. She expressed optimism about the future impact of AI, blockchain, and robotic process automation (RPA) on finance. “These advancements are creating exciting opportunities for finance leaders,” she said. “By automating repetitive tasks and leveraging advanced analytics, we can focus on strategic decision-making and driving business growth.”

Advice for peers on implementing new technologies and process

Karina stressed the need to align solutions with strategic objectives and ensure they support the organisation’s long-term vision when integrating new technologies. A well-planned implementation strategy, including training and change management efforts, is crucial for a smooth transition and maximum adoption.

She stressed the importance of getting the financial and operational processes right before accommodating IT systems. “It’s crucial first to establish a solid foundation for your processes and then align your technology solutions accordingly,” she advised.

Current Economic Sentiment

As the CFO, Karina faces multiple pressures and market challenges. The housing boom coincides with an acute shortage of contractors due to COVID-19 lockdowns impacting migration, and the price of construction materials has risen significantly. Despite these challenges, Karina remains focused on maintaining service level agreements and driving profitability through process improvements and data-driven decision-making.

Key CFO Takeaways >

Lead by Example: As CFOs, it’s essential to demonstrate the standards expected from teams. Actions speak louder than words.

Embrace Continuous Learning: Continuous learning and knowledge-sharing are crucial in the fast-paced tech landscape. Consider innovative approaches like weekly video lessons to stay updated.

Align Technology with Strategy: When adopting new technologies, ensure they align with overall business goals and support the long-term vision. A well-planned implementation strategy is critical.

Optimise Cash Flow with Technology: Leverage technology to review client agreements, reduce payment terms, and resolve aged debts efficiently, ultimately improving cash flow.

Karina’s tech stack tips

Industry: Construction/Engineering
Size: Medium

General Ledger & ERP: Oracle Netsuite

Reporting & Analysis: Hyperion / Jedox

Budget/Forecasting: Modano

Payroll: iChris/Micropay

HRIS: ELMO

CRM: Salesforce

Statutory Accounts: Accuri

Automation Tools: Concur / Lightyear

Month End: Blackline

Other: Prospend / Weel