Insights from CFOs: How our Australian CFOs have Maintained their Focus on Financial Transformation in the Last 12 Months
Insights from CFOs: How our Australian CFOs have Maintained their Focus on Financial Transformation in the Last 12 Months
Nov 27, 2023 | 2 minsIn the past 12 months, the financial landscape has undergone significant transformations against the backdrop of global economic changes. The role of CFOs has evolved, with increased emphasis on managing risks, especially cyber risks associated with technology debt. The ability to leverage real-time, high-quality data has become crucial for CFOs to navigate economic challenges and steer their businesses toward sustainable growth. In this panel discussion chaired by Clodagh Farrell – CFO & COO Asia Pacific, Middle East and Africa at DXC Technology, Jon Blackburn – Executive Director Corporate Services & CFO at Sydney Opera House and David Pollock – Chief Financial Officer at AAM Investment Group share their experiences in financial system transformations.
Jon, having spent over five years at the opera house, initiated a transformation journey to move from legacy systems to the cloud. Focused on financial data, he emphasised the importance of breaking down the transformation into manageable chunks. By putting the data into a data cube and implementing Oracle Budgeting and Forecasting with the help of DXC, Jon achieved real-time insights. His success was attributed to empowering his team, adopting a manageable approach, and maintaining a strong focus on data as a critical asset for decision-making.
David, on the other hand, describes how his organisation, a startup five years ago, underwent a transformation due to the aggregation of various immature businesses. Dealing with disparate systems, David’s journey involved integrating core accounting, data management, and budgeting/forecasting systems. He stressed the need to manage expectations during the transformation, cautioning against the allure of “shiny bits of paper” that can distract from fundamental goals. Change management, especially in dealing with key users, was identified as a critical aspect often overlooked in the process.
Both stories highlight the significance of managing change, empowering teams, and leveraging technology to gain timely insights crucial for strategic decision-making in today’s dynamic financial landscape.
Key Takeaways:
- Data plays a critical role in financial transformation. Access to real-time, accurate, and reliable data is key for CFOs to make informed decisions, especially in the face of economic challenges and evolving business landscapes.
- Break down the transformation into manageable chunks backed by a well-planned strategy, strong project management, and empowerment of the team. The experience of transitioning from legacy systems to cloud-based solutions illustrates the importance of having a clear vision and the ability to adapt to change.
- Manage expectations during the transformation journey. While it is essential to sell the benefits of the transformation, it is equally crucial to manage expectations both upward, with boards and executives, and internally with the team. Balancing the enthusiasm for shiny new features with the need for a steady, well-managed implementation is key to success. The importance of effective change management, particularly with key users, is also essential.
Jon joined in the role of Chief Financial Officer in November 2017 and was appointed Executive Director Corporate Services in September 2018. He is responsible for the finance, technology, legal, and enterprise risk and program management teams delivering corporate services across the Opera House.
Jon has over 30 years global experience in the financial, property and professional services sectors. After starting his career at Price Waterhouse he moved into financial services with senior roles at Macquarie Bank and later CFO for Lloyds Bank businesses in Asia. Most recently he was the global CFO at Unispace, a family owned global design and build services business.
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Contributor
David Pollock
Chief Financial Officer at AAM Investment Group
David joined the AAM team in 2020 and has over 25 years experience in finance across various industries and organisations from ASX and LSE (FTSE 500) listed businesses and international consultancies to startups working within fund and asset management, agriculture, mining & energy resources, urban growth, infrastructure, technology, tourism and government.
As CFO for AAM Managed Assets David has overseen the transformation of the businesses finance function during a time of considerable growth that seen assets under management grow to in excess of $1bn across diverse agricultural assets including large cattle, sheep and cropping properties across NT, Qld and NSW, poultry farms in SA and softwood plantation timber mills in SA, NSW and Qld.
Starting his career in the audit division of PwC before moving into an urban growth and resources consultancy that expanded rapidly to a national presence before being acquired by RPS, David then moved to Business Aspect as part of the Data#3 Group undertaking many projects encompassing business transformation driven by technology. Then followed the opportunity to lead a merger of several Consulting Engineering, Environmental and Agribusiness consultancies creating the Premise Group following which he moved to the Gold Coast to assist the Homecorp Group with its integration into Misawa Homes (Japan’s largest homebuilder jointly owned by Toyota and Panasonic’s Prime Life Technology).
David has been part of successful startups from initial concept, business model creation, commercialisation, capital raising and scaling of operations including Datafarming utilising agri-data to deliver precision agriculture products and 3DB as a 3D Construction Print service provider operating within the residential construction sector.
David has considerable experience in aspects of multi-faceted, international businesses and project delivery. He has held executive leadership roles, been a Partner/Shareholder and a trusted advisor on key projects for national and international clients.
David has delivered growth and key organisational change to businesses which resulted in substantial increase in shareholder value in the businesses he has run and been an executive of. This includes leading and managing substantial mergers and acquisitions nationally through to business integration and the realisation of long-term synergy benefits and has been an integral strategic driver of his organisation’s direction and resulting success.
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Over the last 20 years I have built a career partnering at all levels, driving the creation and execution of the key financial strategies to ensure sustained results.
I have demonstrable experience in reshaping business models, by streamlining and driving out cost and working on the commercialisation of new business ideas to drive growth.
As a leader with a coaching style, I have shaped high performing finance teams by provide my team with both challenge and support to exceed their own and their stakeholders expectations.
I have learnt that a simplified message delivered with clarity and a disciplined management approach to achieving that goal, has brought great success for my team, stakeholders and the business.
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