{"id":140473,"date":"2020-04-03T07:37:49","date_gmt":"2020-04-03T07:37:49","guid":{"rendered":"https:\/\/news.sap.com\/africa\/?p=140473"},"modified":"2023-09-27T20:09:26","modified_gmt":"2023-09-27T20:09:26","slug":"cfo-south-africas-first-online-summit-reveals-finance-executives-are-learning-rapidly","status":"publish","type":"post","link":"https:\/\/news.sap.com\/africa\/2020\/04\/cfo-south-africas-first-online-summit-reveals-finance-executives-are-learning-rapidly\/","title":{"rendered":"CFO South Africa\u2019s First Online Summit Reveals Finance Executives are Learning Rapidly"},"content":{"rendered":"<p>On Thursday, 2 April,\u00a0CFO South Africa\u00a0hosted its first ever online summit with more than 40 finance executives in attendance. The summit was originally scheduled to be held in Cape Town, but since\u00a0President Cyril Ramaphosa\u00a0announced a 21-day lockdown because of the spread of Covid-19, CFO South Africa has been exploring new ways of bringing the CFO community together.<\/p>\n<p>CFO South Africa MD\u00a0Jo\u00ebl Roerig\u00a0welcomed the finance executives in attendance, noting that the occasion was historic. \u201cNever before have we come together in an online setting like this.\u201d<\/p>\n<p>He went on to thank the CFO South Africa\u2019s partners who are committed to supporting the CFO community. This event was supported by principal partners\u00a0Deloitte\u00a0and\u00a0Standard Bank, executive partners\u00a051风流Concur\u00a0and\u00a0Workday, and associate partners\u00a0Clarkhouse Human Capital,\u00a0Jaguar Land Rover,\u00a0Coupa\u00a0and\u00a0Transparent.<\/p>\n<p>Jo\u00ebl then introduced Deloitte chief digital and innovation officer\u00a0Valter Ad\u00e3o, who kicked off conversations around how Covid-19 has accelerated global business into what has become the new normal.<\/p>\n<p>Valter discussed three steps leaders will have to go through in this time of drastic change: respond, recover and thrive. \u201cThe response speaks to what we had to do in the days leading up to lockdown, as well as when we come out of lockdown. Then we have to move rapidly into a recover and a thrive mode in order sustain ourselves into the future.\u201d<\/p>\n<p>He also referred to\u00a0Youtube,\u00a0Dropbox,\u00a0Whatsapp,\u00a0Tinder\u00a0and\u00a0Skype\u00a0\u2013 companies that are increasingly outperforming others, saying these businesses are already fit for the kind of environment we are currently operating in. \u201cThese businesses operate 24\/7 and without geographic constraints. So it certainly challenges the traditional business paradigm.\u201d<\/p>\n<p>However, Valter says that it\u2019s not necessarily technology that are making these businesses phenomenal, it\u2019s what leaders are doing with their technology that is allowing them to unlock this value. As a result, a lot of the disruption or change that is allowing companies to thrive in these difficult environments are businesses that have:<\/p>\n<ul>\n<li>Dematerialised: They\u2019ve reduced their reliance on infrastructure.<\/li>\n<li>Demonetised: They\u2019ve changed their business model.<\/li>\n<li>Democratised: They use data to develop hypotheses for running their businesses as opposed to the other way around where businesses develop hypotheses and input data to make key decisions.<\/li>\n<\/ul>\n<p>\u201cThe other side of the digital economy and technology is that we\u2019re getting a rapid learning in this regard,\u201d Valter adds.<\/p>\n<p style=\"color: #222222;text-transform: none;text-indent: 0px;letter-spacing: normal;font-family: Roboto, 'Helvetica Neue', sans-serif;font-size: 18px;font-style: italic;font-weight: 300;background-color: #ffffff\">\u201cDigital is more than just technology, it\u2019s changing our physical, biological and chemical world. It\u2019s changed how we live, work and communicate with each other and having a tremendous impact on our businesses, industries and economies. It\u2019s also created awareness around the social change that we have to drive in our environment and it\u2019s empowered us as individuals in organisation to participate in that social change.\u201d<\/p>\n<p>He unpacked some of the principles and philosophies leaderships need to tap into in this time of change:<\/p>\n<ul>\n<li>Unprecedented metabolic rate of change: This is the challenge that, as a CFO, you need to lead your business into the unknown. It also describes the adoption of these new solutions by customers. \u201cThat\u2019s when disruption starts happening.\u201d<\/li>\n<li>Lawson effect: This is when companies are innovating vigorously in the wrong direction or becoming so comfortable with something that they break it. \u201cYou have to identify these Lawson moments in your organisation and stop them. Make sure your efforts around innovation are focused on something that will make your business stronger and is relevant to the market.\u201d<\/li>\n<li>Resource allocation: You have to distinguish what the right things are to invest into and what the wrong things are. You have to look for evidence of where the capex of a new digital solution is lower than the opex of how things were done before. You also have to ensure that you can unlock exponential growth, improved productivity and improved experience from these solutions.<\/li>\n<li>New age of the ecosystem: \u201cWe\u2019ve now been thrust into that. In the last seven days, all our companies that are working remotely are all becoming platforms.\u201d In order to adjust to this new workforce ecosystem, leaders have to bring in experts and expertise into your business. \u201cIf we create the right ecosystems of expertise, we can progress.\u201d Overnight, everyone is now in a symbiotic relationship, competitors, different industries and companies are working together to move into a new ecosystem.<\/li>\n<\/ul>\n<p>Others revealed that the situation is pushing them to start thinking about the future of work \u2013 and whether they really need all that floorspace, while others said they were trying to identify new, pandemic-proof income streams.<\/p>\n<p>The participants even took the opportunity to share their frustrations at having to manage their children&#8217;s distance learning, in addition to working from home themselves \u2013 adding that sharing these frustrations with others on their teams helped to reduce the stress.<\/p>\n<p>When attendees were brought back into the main session, Valter said he felt incredibly proud to listen to a group of South African CFOs responding so aggressively and positively to a very challenging environment, and playing such a critical role in driving change.<\/p>\n<p>He left CFOs inspired, saying this year is going to be the greatest leadership challenge ever. \u201cWe have to become very open-minded to new ways of doing things. People work best under pressure. We get far more creative in finding solutions to progress. And the last week is evidence of that. Use the crisis to make significant jumps forward.\u201d<\/p>\n<p>This article first appeared on <a href=\"https:\/\/cfo.co.za\/article\/cfo-south-africas-first-online-summit-reveals-finance-executives-are-learning-rapidly-\">www.cfo.co.za<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Thursday, 2 April,\u00a0CFO South Africa\u00a0hosted its first ever online summit with more than 40 finance executives in attendance. The summit was originally scheduled to&#8230;<\/p>\n","protected":false},"author":29,"featured_media":140474,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"related_posts":[],"footnotes":"","_links_to":"","_links_to_target":""},"categories":[294,7737],"tags":[23223,509457],"series":[],"sapn-display":[279685],"sapn-type":[45018],"class_list":["post-140473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-events","category-solutions","tag-cfo","tag-sap-concur","sapn-display-hero","sapn-type-feature"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CFO South Africa\u2019s First Online Summit Reveals Finance Executives are Learning Rapidly - 51风流Africa News Center<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.sap.com\/africa\/2020\/04\/cfo-south-africas-first-online-summit-reveals-finance-executives-are-learning-rapidly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CFO South Africa\u2019s First Online Summit Reveals Finance Executives are Learning Rapidly\" \/>\n<meta property=\"og:description\" content=\"On Thursday, 2 April,\u00a0CFO South Africa\u00a0hosted its first ever online summit with more than 40 finance executives in attendance. 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