Interview with Diren Dorai Raj, Group Chief Financial Officer, Towell Group
Muscat – In this interview, Diren Dorai Raj, the Group Chief Financial Officer of Towell Group, shared his insights on the evolving role of CFOs in today’s fast-changing business landscape. As companies across various industries face growing challenges and opportunities, he discussed the importance of strategic leadership, the integration of emerging technologies such as AI into finance function, and the essential qualities that define effective financial leadership.
As Oman’s business landscape evolves, how do you envision the role of CFOs transforming, particularly in terms of strategic leadership and value creation?
The role of the Chief Financial Officer is continuously evolving. To remain effective, we must constantly re-evaluate ourselves and stay relevant. Leadership is vital to ensure we bring our teams along on the journey, while also managing shareholder expectations to create genuine value.
What major trends are currently influencing the finance function across various industries? How can CFOs proactively adapt to these changes to drive success?
When it comes to the finance function, having the right processes, systems, and controls in place is essential. No one wants to stifle growth – we need to cultivate a mindset that supports the operating divisions.
In what ways do diversified companies like Towell Group harness emerging technologies, such as AI, to enhance their finance functions and facilitate business transformation?
The focus has always been, and now even more so with AI, on spending time on analysis rather than mundane and routine tasks. AI can take this further by performing more in-depth analysis. I don’t foresee finance staff losing their roles by embracing AI, but I do believe they risk losing relevance if they don’t engage with it. Our message to finance teams should focus on this perspective.
What key qualities do you believe are essential for effective leadership in finance today? What advice would you offer to aspiring CFOs in Oman?
The key qualities remain grounded in the same principles we were trained on – ethics, accuracy, prudence, trust, reliability, and timeliness. A 12-month forecast for all three financial statements is crucial to ensure that the board of directors and shareholders are never caught off guard.
Aspiring CFOs should ensure they stay up-to-date with IFRS changes, advancements in technology, and seize opportunities for continuous professional development.
How do finance-focused events, such as the Business Today Oman CFO Forum held in September, play a role in fostering collaboration among finance leaders?
Oman CFO Forum provided an excellent platform for growth, the exchange of ideas, and addressing common challenges faced by finance leaders. Events like these help establish a strong foundation for growth, both nationally and internationally. Apex Media deserves commendation for their efforts in organising this event.
© 2021 Apex Press and Publishing. All Rights Reserved. Powered by Mesdac