Pictured (L–R): Seana Leech, Chief Financial Officer at Cpl, Gina Laverty, Chief Financial Officer at Viatel Technology Group, David Cass, Partner at Sia Partners, Sarah Freeman, Managing Editor, Business & Finance, and Lawrence Vesey, Partner, UK & Ireland at Sia Partners
The launch of the 2023 Business & Finance CFO 100 Index in association with Sia Partners was marked by a thought leadership webinar featuring some of Ireland’s top Financial Leaders.
The shifting role of the CFO from scorekeeper to business partner, and sometimes devil’s advocate, has put them front and centre in driving strategy and enabling firms to benefit from new opportunities — David Cass, Partner, Sia Partners UK & Ireland
CFO 100 webinar
The title for the discussion was CFOs leading the strategic cost challenge. It featured contributions from Lawrence Vesey, Partner, Sia Partners UK & Ireland; David Manifold, Chief Financial Officer, eShopWorld; Gina Laverty, Chief Financial Officer, Viatel Technology Group and Seána Leech, Chief Financial Officer, Cpl. Sarah Freeman, Managing Editor, Business & Finance, moderated the event.
Business & Finance, part of Catalyst Media, is Ireland’s C-suite media platform, and the organisation behind some of Ireland’s most prestigious business awards and event programmes. One such event is our annual CFO 100 event, which encompasses the publication of an index of the top 100 chief Financial Leaders combined with a CFO-level virtual panel discussion.
“Sia Partners are delighted to continue our partnership with Business & Finance magazine on the CFO 100 Index for 2023,” said David Cass, partner, Sia Partners UK & Ireland in an opening address.
“The shifting role of the CFO from scorekeeper to business partner, and sometimes devil’s advocate, has put them front and centre in driving strategy and enabling firms to benefit from new opportunities.”
Panel discussion
The Irish business landscape has experienced a tumultuous period with rising costs and inflation. CFOs were tasked with finding solutions to these issues whilst maintaining standards and meeting targets.
The CFO100 launch event featured an interactive discussion on CFOs leading the strategic cost challenge, where panellists discussed:
- Challenges and opportunities
- Futureproofing
- Strategies and solution
The webinar featured a thought-provoking discussion which explored the advent of new technologies such as AI and the metaverse, the increasing importance of ESG and DE&I along with how CFOs can identify and exploit opportunities presented by the fluctuating business landscape. You can re-watch the webinar here.
The importance of teamwork
Our staff and employees are at the forefront of everything that we do. We wouldn’t have been able to overcome the challenges of the last three or four years of managing that growth without the dedication, hard work and the commitment of all the teams in the business — David Manifold, CFO, eShopWorld
World events in the last number of years have redefined how businesses conduct their activities and the behaviour of consumers. This was one of the topics up for discussion on the panel.
David Manifold gave an insight into how eShopWorld coped with the massive growth they experienced as result of the COVID-19 pandemic and a greater pivot to digital retail:
“Our staff and employees are at the forefront of everything that we do. We wouldn’t have been able to overcome the challenges of the last three or four years of managing that growth without the dedication, hard work and the commitment of all the teams in the business.”
Exploiting opportunities presented by crises
People are gravitating more towards Irish-owned independent tech businesses and thinking about long-term career opportunities rather than jumping around for salary — Gina Laverty, CFO, Viatel Technology Group
In his opening address, David Cass mentioned that companies are redefining and rethinking business models. Also up for discussion was the developing attitudes of employees towards work and the workplace.
Gina Laverty spoke about how Viatel Technology Group identified an opportunity amongst the peril in the tech contraction:
“We’ve probably benefited from some of the uncertainty in the tech sector for employment. People are gravitating more towards Irish-owned independent tech businesses and thinking about long-term career opportunities rather than jumping around for salary.”
Reacting appropriately to pressure
It’s very easy to look at the soft costs and to cut them in a time of crisis or pressure. I think we need to be careful, particularly in a new environment of ESG and DE&I. It’s really important to not cut too fast — Seána Leech, CFO, Cpl
The webinar broached the issue of the rising costs challenge and how CFOs must work to navigate to solutions. Balanced alongside this traditional business concern is the emergence of DE&I and ESG which have become KPIs for businesses.
Seána Leech highlighted the importance of patience and calm in a time of crisis when it may be tempting to take radical action to combat extreme pressure:
“It’s very easy to look at the soft costs and to cut them in a time of crisis or pressure. I think we need to be careful, particularly in a new environment of ESG and DE&I. It’s really important to not cut too fast.”
Data-driven approach
Get the data, understand the data, challenge the data, act on the data and get help if you need to — Lawrence Vesey, Managing Director, Sia Partners UK & Ireland
The emerging prevalence of blockchain, cryptocurrency, AI and virtual workspaces such as the metaverse are redefining how businesses operate. Financial functions are changing and it is vital that financial leaders are part of this change.
Lawrence Vesey offered his advice with regards to how CFOs and financial leaders can move with change and still help their business to grow as it adapts:
“Get the data, understand the data, challenge the data, act on the data and get help if you need to.”
READ MORE
CFO 100 2023, in association with Sia Partners: Meet the panellists
Takeaways from the CFO Index 2021 in association with Sia Partners
CFO 100 Index 2021 in association with Sia Partners – Part 1