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How to Use Technology to Solve Business Problems - Practice

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The founder of Practus comes from a middle-income family where a sense of “value” is built into everything we do. This attribute played a key role in formulating Practus’ core value proposition, “his actual, measurable, and tangible ROI on his client’s consulting costs.”

Deepak’s experimentation with entrepreneurship began in 2007, before it ever got “cool.” A qualified CPA, Deepak laid the groundwork for AF Ferguson (now part of Deloitte) and Ernst & Young advising large companies.

Deepak realized that there were obvious gaps in business consulting practices, that the risks lay primarily with the customer, and that consulting firms could get away with dressing simply as offering advice without “game irony.” . , SVenkat launches a business that will change the way consulting firms operate. In fact, before they got to the ‘why’, Deepak and Svenkat dabbled in different businesses for several years, helping hundreds of global mid-sized companies that wanted to set up operations in India. . Feasibility studies, business plan development, leadership/key talent recruitment, location feasibility conduct on manufacturing business launches, joint ventures/technical between overseas clients and potential Indian investors Such as leading the conversation of cooperation.

S Venkat was the one who identified this gap during his two stints as CFO of two large US MNCs in India. The opportunity was attractive enough for Deepak to join him.Deepak said he is also an active volunteer for the Isha Foundation, an avid cricketer, practices yoga regularly and has a voracious appetite. I am an avid reader and love spending time with people.

For the past 25 years, S Venkat has been at the heart of business and financial transformation for over 500 clients around the world. A Certified Public Accountant, Cost & Management Accountant, and Practical Risk His Manager, he started his career at PWC, where he worked for eight years.

As a 28-year-old professional, Venkat was appointed CFO of Aon’s Indian subsidiary. He actively partners with PE/VC funds, start-ups, family-owned companies, and corporate clients to develop practical, implementable solutions to improve corporate performance and accelerate their transformation journey. provided solutions.

While leading his team and pursuing his passion for solving business challenges, Venkat is also an avid traveler, a lover of Indian philosophy, and a delight in filter coffee, the teachings of Swami Chinmayananda, and his family. I’m finding In his spare time he also works on quizzes, chess and gardening.

For what mission or purpose was Practus launched? What is Practus’ USP?

The purpose of Practus is to disrupt the “consulting” space and challenge the status quo. Consultants have long served clients using a time and materials (T&M) or fixed fee model, without delivering tangible business results. Practus is committed to changing that paradigm by committing to deliver her ROI expressed as a multiple of fees.

Technology is used as an enabler to solve business problems with highly skilled teams. Over the past decade, Practus (previously known as his MyCFO) has helped nearly 1,000 companies (from funded startups to Fortune 500 companies) in nine countries, providing financial, supply chain , operations, manufacturing, sales and marketing. Features that significantly improve revenue, cash flow, profits, and efficiency. Practus serves clients worldwide from offices in India, New York and Dubai.

Practus’ unique differentiator is its commitment to deliver tangible ROI to its customers, and has grown over the past decade alone through (a) the CFO office, (b) improved performance, and (c) business transformation. Realized savings of nearly $200 million.

Do you want to enable technology as a major variant in Practus?

Practus has become synonymous with using technology as an enabler to solve clients’ complex business problems. Today’s technology is a commodity and widely available. The differentiator lies in merging this with skills (people) and we have successfully implemented this for 1000’s of clients over the last decade or so.

Practus has used over 150 products over the past decade to solve specific client problems. Her realized ROI ranged from 3x to 30x the cost of the transformation. Areas where Practus has worked include Business Intelligence, where tools like Power BI (Microsoft), Qlik View, and Tableau have been implemented; ERP, such as SAP, Microsoft, and Netsuite; there is. With UI Path or Automation Anywhere, or Procurement to Payment (SAP Ariba, Expenzing), Financial Statement Integration (Blackline), Budgeting, Planning, Integration (Quarkcube, GIDE) and more.

Understanding the role and challenges of the CFO at a macro level

The CFO’s role has moved from accounting to accountability. Expectations for CFO are now long-term business partners. A McKinsey study found that an average of five non-financial functions now report to the CFO, ranging from risk and regulatory compliance to he IT and cybersecurity. In his survey of CFOs conducted by Ernst and Young, nearly 70% said they were more interested in providing analytics and insights to help leaders and decision makers make better decisions. He says he is wasting his time.

Let’s see what’s causing the confusion. Factors such as external economic uncertainty, increased regulation, data availability, the rapid pace of digitization, and the acquisition and retention of top finance talent are top concerns for CFOs. His CFO today recognizes that disruption often comes with opportunity. CFOs who can position their business and prepare effectively for these changes will gain a competitive edge. The CFO has clear expectations of driving and realizing her ROI on digital or other projects.

The softer side of CFO leadership has come to the fore, with CFOs becoming more like generalist executives. It’s becoming very clear that that’s what the business he leader expects. Her CFO who can tell a compelling story and have data points along the way can clearly set her apart from other her CFOs.

It also means that finance departments need to focus their implementation on KPIs. [key performance indicators] And metrics that talk about long-term value creation. One of the challenges of the CFO of the future is to become a valuable architect in the long term. This is one very important aspect of how his CFO will be measured in the future.

The CFO’s Role for the Company and Stakeholders

CFOs have clear expectations of driving and realizing ROI on digital or other projects. The softer side of CFO leadership has come to the fore, with CFOs becoming more like generalist executives.

It’s becoming very clear that that’s what business leaders expect. A CFO who can tell a compelling story and have data points along the way can clearly differentiate her from other CFOs. It also means that the finance department needs to focus and deploy on his KPIs. [key performance indicators] And metrics that talk about long-term value creation. Being a valuable architect in the long term is one of the CFO’s responsibilities.

The CFO’s responsibilities go beyond just managing the team and making sure the CFO delivers what he expects.Expected to work with stakeholders such as functional leaders, customers, vendors and the board to improve performance

Emphasize the CFO’s sector-by-sector approach and Practus expertise where appropriate

As mentioned earlier, Practus works with organizations ranging from funded start-ups to Fortune 500 companies across multiple industries. Practus is industry agnostic, but our focus areas are Healthcare, Pharmaceuticals, Biotech, Technology/IT, FMCG/Consumer Goods, Automotive & Logistics, Financial Services, Manufacturing, Professional Services, Private Equity, Education, media and games. Practus focuses on sectors that are not cyclical, have high capex spending or are highly dependent on government.

Unlocking Client Value

Practus focuses on four key parameters of our clients’ businesses: (a) optimizing revenue (b) improving profitability (c) improving working capital/cash flow (d) improving valuation ” We unlock value for our clients through our ROI framework. The problem statement that Practus proposes to solve is tied to affecting at least one of his four parameters above.

In most cases, the area, the amount of ROI, and the timeline for when this will be achieved by the client are communicated upfront before Practices begins implementation on that client. Not just what was agreed as part of the Scope.

What is the growth trajectory of Practus?

We believe the market size and opportunities ahead of us are huge. The need for businesses to reinvent, grow organically or inorganically, maintain improvement and efficiency, and solve existing problems never becomes obsolete. The pace and quality of Practus’ growth will be determined by how we continue to seek ways to deliver ‘tangible, clearly measurable’ results to our clients in every service and country in which we operate now or in the future. .

More importantly, the need to recruit, train and develop quality people and provide an environment in which they can express themselves without fear or pressure will probably be the primary focus. Our growth over the past decade has reached nearly 40% of his CAGR, which has improved further in the last two years since the pandemic, and should grow sixfold if we continue to grow at our current pace. We are now in the next five years.

A word about Techiexpert

Technology is what we advocate for, so we are constantly reading and researching various blogs about technology to further strengthen our technical capabilities, and TechiExpert is a good vehicle and one-stop for emerging I believe it is a shop. Technology and gadget enthusiasts can stay in touch with relevant news and perspectives on today’s technology topics and developments.