Tech Impacts All Business Areas; CFOs Must Ensure Value Retention

Technology is impacting every aspect of business, and CFOs must be equipped to integrate it into their operations successfully without compromising company values, according to experts attending the Financial Transformation Summit 2024. Technology integration streamlines processes and enhances organizational financial performance, but it is crucial not to overlook the human factor.

AI has been one of the main trends that CFOs were encouraged to prepare for, and the opening remarks were complemented by AI avatar John. When prompted, he provided his projections for Mexico's economy, forecasting that by the end of 2024, the Mexican peso could stabilize at MX$20.5 to the US dollar, though he cautioned that fluctuations could occur due to various economic and political factors.

“The goal of this year's summit was to challenge CFOs to become better leaders,” said Victor Medrano, President, The 1% of Financial Leaders. “Last year, the focus was on promoting technology, while this year it shifted to a fundamental question of true leadership: engaging with people and truly being a business partner.”

The agenda was divided into two parts: a technical view of the most pressing matters for CFOs, such as cybersecurity and corporate governance, and a more human perspective on mental health and work-life balance. “These are areas where many financial professionals, including myself, face significant challenges,” Medrano noted.

The community was created to unite CFOs in a space where they could connect without consultants or salespeople present. It provided a forum for individuals to openly express their mistakes and uncertainties, acknowledging that we are all human and sometimes feel pressured when making decisions. The community also aims to change the perception of finance professionals, foster better leaders, and reduce the gap of foreign professionals in Mexico while ensuring meaningful connections.

“We are no longer just managing innovation; we are business partners focused on what lies ahead,” said Carmen Chica, CFO for Latam North and the Caribbean, Ericsson. Her team is preparing for future challenges by integrating AI-powered forecasting tools that enable predictive monthly or yearly results, enhancing both internal operations and client services. “CFOs must be proactive business partners, anticipating future needs and harnessing AI and cloud solutions to drive strategic decisions,” she added.

Automation, particularly through robotic process automation (RPA), has allowed companies like Fortacero to streamline tasks such as report generation and financial planning, according to Arturo Gasca, CFO of Fortacero. “Predictive analytics helped reduce overdue accounts receivable by 25%,” he noted.

Experts agreed that AI will continue to play a pivotal role in financial transformation. As companies integrate more AI-powered tools, CFOs and CIOs must stay ahead of technological advancements.

Next year, Medrano plans to address mistakes—what they mean and how we can learn from them—during the Financial Transformation Summit of 2025.