Digital Transformation
Digital Transformation
Digital Transformation
What is Digital Transformation?
Digital transformation is the collective term used to describe the adoption of digital technologies to improve existing efficiencies and outputs of current workflows, production processes, and communications in any organisation. This is often by replacing legacy non-digital methods with new automated or semi-automated digital solutions to streamline work. Digital transformation is thus re-imagining the business model to use the strengths of the digital medium or using digital technologies to create new business opportunities around existing competencies.
A Digital Transformation project could be both the forms- software solution and hardware solution. For example, the adoption of cloud computing to reduce a company’s owned physical IT infrastructure or to use new POS software in a retail store to streamline customer checkouts and improve customer relationship management post-sales are examples of digital transformation.
Digital transformation may be taken up for either a service or a product lead company. It can affect every level of business and interaction. There is no single standard digital transformation solution as it depends on how existing digital adoption levels and how a company does business.
How Does Digital Transformation Add Value?
Digital transformation aims to take a radical look at how a business delivers value to its customers and to define how the adoption of digital technologies can add more value to this. This value varies depending on the business operating model. It can translate into various parameters, including faster turnaround times to deliver a service or product to a customer, increase in sales, increase in customer retention, reduced resources used, and an increase in profitability. It could also mean providing company management with the right kind of data that matters so that they make better critical business decisions. Digital Transformation can provide an added impetus in delivering efficiencies to back-office operations for a product or service. Or even create new products and service offerings that reinvent the company’s core business. Digital transformation can help deliver product customisations and deliver unique and meaningful customer experiences.
What Businesses Benefit from Digital Transformation?
Digital Transformation can add value to any type or scale of business. Whether it is your corner café, shop, local hospital or bank, Digital Transformation has the potential to revolutionise any kind of business. Cafes through Digital Transformation can now offer online loyalty programs to repeat customers, encouraging them to spend more time and to push relevant merchandise. Shops can sell online and can now manage their inventory in a much more agile manner that matches demand. Ensuring shelves are stocked on time and that there is no unnecessary stockpiling of inventory. Hospitals can keep exhaustive holistic records of patients’ health over time and promptly share past ailments with consulting doctors and testing laboratories. Through digital transformation, banks can provide 24/7 banking services that are accessible online or through ATMs and free up their staff to focus on building new businesses.
Who is it Led By?
For digital transformation to be successful, it needs to be implemented from a top-down approach. This means everyone from the CEO, CIO, and other business leaders need to be actively involved in a digital transformation business. Digital transformation projects affect every aspect of the business. Therefore it is critical to ensure that all stakeholders have a say and buy-in to adopt these new technologies. Those people who directly interact with customers or straddle the gap between front-office and back-office operations need to understand the goal and processes of any Digital Transformation drive.
How is it Different from Digitisation?
Digitisation is converting physical analogue artifacts such as existing documents into digital versions quicker to index, search, and access. A digitisation exercise for a company is only one small element of a more massive digital transformation exercise that is undertaken.
How Can We Implement a Digital Transformation Project Successfully?
Just like no two businesses are identical, every digital transformation project is unique. A key component to succeeding in any digital transformation project is not the technology that is adopted but creating an organisational culture that is quick to adapt and change to new business ways. This is achieved through a clear plan that describes changes and impacts for each stakeholder and how standard operating procedures may evolve. Digital technology changes continuously, and people within an organisation must have the skills, aptitude, and attitude required to re-learn and adapt to new techniques.
Industries & Impact
My vision for Moglix is to change the face of industrial commerce: Rahul Garg
Now and Next in the Infrastructure Sector
Moglix enabled Agile MRO Procurement at Scale through Workflow Digitization of large EPC company
Contract Management
Contract Management
Contract Management
What is a digital contract?
A digital or online contract has gained extensive notoriety due to the advancement of the internet and e-commerce. A digital contract can be simply defined as an electronic contract that is modelled, signed, and executed electronically, with both the parties accessing it virtually. A digital contract is quite similar to a traditional paper-based contract, especially in the way it is conceptually drafted.
In the case of a digital contract, a seller who wishes to sell their products usually presents their products, prices and terms to prospective buyers. The buyers, on the other hand, who are interested in buying the products click on the ‘Click to Agree’ button, as it usually indicates the seller’s terms as presented by the seller.
Electronic signatures for digital contracts are usually done in a myriad of different ways such as typing the name of the signer while uploading the scanned version of the signature. Once all of your terms and conditions are accepted, the transaction within the digital contract is assumed to be completed.
With a digital contract, people can formulate and implement policies through commercial contracts within businesses all across the Internet. The digital contract is primarily modelled for sale, purchases, and supplies of products and services for both consumers as well as business associates.
They are categorised into various types of digital contracts, such as:
- Browsing or web wrapping contracts
- Shrink wrapping contracts
- Click wrapping contracts
- Employment contracts
- Contractor agreements
- Consultant agreements
- Sale and Resale agreements
- Distributor agreements
- Non-disclosure agreements
- Software development & licensing agreements
- Source code escrow agreements
What is a contract management system?
A contract management system is commonly known as the control lifecycle management. It primarily manages the production, management of contracts, service level agreements and procurement master agreements. A contract management system is fundamentally used for managing the creation, negotiation, signature, and renewal and data analysis of all legal contracts.
The contract management system can help business teams to self-serve for themselves, agree, and manage routine contracts from one single unified workspace.
What does a contract management system need to have?
A contract is a core necessity for any business’s procurement activities, and it is set for prices, service levels, terms and supplier relationships. The management system can easily facilitate and manage the drawing up and the execution of new contracts. You can easily ensure that your company is supplied with both direct as well as indirect supplies, as the company’s contract management will include:
- The storage of the company’s standardised contracts
- Flexibility for coping with a vendor relationship along with the interactions
- Calendars which include milestones with the vendor that they should meet
- Checking lists for managing information and activities within the contractual life cycle
- Monitoring compliance
- Alerts for indicating movements from expected behaviour
- Agreed delivery schedules, along with the ability to track them
- The prices and budgeting for product lines and vendors
- Document depositories for holding live and standard contracts
- Event management for problems.
- Claiming administration for coping with non-adherence to the contract.
It is imperative to request for proposal management which includes template-based creation. With the help of an interactive and dynamic workflow, there is a structured RFP management through its life cycle.
What are the stages of a contract?
Here are the various stages of a contract, which must be strictly followed through:
Creating: With the help of contract management software, users can also create templates for the most common contracts that the business requires. Whether the contract is meant for employment, an NDA or a sales contract, the template is just a set of rules that needs to be followed when creating a document and it can be customised for each contract.
Collaborating: The contract management software can let you do it in real-time, along with tracking the changes. It is really beneficial in successful collaboration in editing documents, printing, and scanning as well.
Signing: With the help of digital platforms that can help to replicate the binary, permanent character of the physical signature. Thus, signing is one of the best platforms for digital platforms.
Tracking: Monitoring data within the legal line can help with the modernisation of legal documents, mainly in-house for the field of legal operations. With the help of the contract management, you can easily track and monitor the progress within a few contracts.
Renewing: Renewing is one of the final steps in the contract management software lifecycle, which takes a holistic view of contracts. The signature does not represent the end of the contracting process without a multitude of obligations and milestones, which follows the process for all the people involved. Thus, a system which is in place can help you to track the progress through the lifecycle successfully. You can also feed amendments without the contract management software to ensure you get the best results possible.
Industries & Impact
My vision for Moglix is to change the face of industrial commerce: Rahul Garg
Now and Next in the Infrastructure Sector
Moglix enabled Agile MRO Procurement at Scale through Workflow Digitization of large EPC company
Category Management
Category Management
Category Management
What is procurement category management?
Procurement category management is a strategic pathway wherein companies can segregate their expenditure into sectors that consists of a particular category of products. Such an approach allows organisations to concentrate more on opportunities for efficiency and consolidation.
Category management might involve the separation of indirect and direct products and services. This separation can be built up from parameters such as volume, type, supplier, and value. Category management thus assists companies to analyze their expenditure in each of the categories and focus more on strategic initiatives.
What is the category management process?
An array of steps drives the category management process. These steps include the following:
- Initiate – You have to start by forming and defining each of the categories. This will assist you in further segregating your products and services.
- Prepare – Once you have defined the categories for your products and services, you need to establish a vision. This will assist the category managers to manage your inventory better and keep the progress of the company in line with your goals.
- Prioritize – You also need to set specific objectives that will be a part of your company’s vision. Objectives for a local can be to source products from suppliers from the same county or region within the next 2 years.
- Implement – Once the senior management approves the strategies which you have set in the firm, then you can move towards the implementation stage. The category manager now has to work in tandem with stakeholders to ensure the efficiency of processes. This is the very reason that the strategies set have to be supported by all members in the organization for high effectiveness.
- Maintain – To ensure that company objectives are achieved via implemented strategies, category managers can employ service level agreements (SLA) and key performance indicators (KPI). These SLAs and KPIs can then be monitored continuously to evaluate the performance of employed strategies. The SLAs and KPIs have to be scrutinized and ensured that they carry value before their employment.
- Improve – The categories formulated need to be evaluated at regular intervals. Many organizations have defined time intervals for inspection of categories. Procurement is known to be an evolving function, and hence a category that was relevant at the beginning of the process might turn out to be obsolete later on. The process of evaluation is thus extremely important to ensure that categories stay relevant to the organization, and are in line with the company’s vision.
The category management process is not a hard-and-fast depiction of steps. These steps can be altered as different category managers will have different requirements. The structure of the category management process provides managers with a starting point and guidance to formulate a comprehensive process for procurement.
What is the importance of category management?
Category management has become vital for organizations in today’s hyper-competitive environment. This process empowers procurement professionals to divert their times and resources towards analyzing the market. Such an approach assists category managers to leverage their negotiations and appropriately manage their suppliers. Category management thus assists the managers and team members to organize resources and enhance their supplier relationships. The process also assists to gain an in-depth understanding of all the categories in the organization, and how each of them can assist in risk management.
What are the 4 Ps of category management?
- Product – Each category should have an appropriate stock-keeping unit (SKU) which reflects the mission of the retailer. The role of the category for a particular store is dependent on the variety of a certain product. This can reflect necessity, diversity, or quality, among others.
- Price – The price of a product or service is a crucial aspect and should be placed appropriately to attract shoppers.
- Placement – The placement of products is another important aspect and needs to be carried out efficiently. A well-merchandised product can be assembled in a showcase or a shoppable fashion.
- Promotions – To make the most of categories, a firm or a store needs to carry out periodic promotions. The promotions should depict the nature of the product and its importance, whilst urging shoppers to give it a try.
Category management can vary as per the specific requirements of a company. Depending on the person, your approach, category management can be described, approached, and accomplished in different ways. This suggests that you can create a strategy that befits your needs and requirements. Category management will assist you to focus on promotions, inventory management, product pricing, visual merchandising, assortment, and purchasing. So, if you wish to take your business to new heights, start your category management process today.
Industries & Impact
My vision for Moglix is to change the face of industrial commerce: Rahul Garg
Now and Next in the Infrastructure Sector
Moglix enabled Agile MRO Procurement at Scale through Workflow Digitization of large EPC company
Blister packaging
Blister packaging
Blister packaging
What is blister packaging used for?
Blister packaging is employed for packaging products such as medication, hardware, toys, etc. Blister packaging is usually plastic based and consists of a backing card with some form of artwork. It also consists of a plastic pocket that is clear,this is the part that’s known as a blister. Blister packaging includes two primary elements viz, a cavity made from either aluminum foil or plastic, and a lid made from aluminum, plastic, paper, or paperboard. The cavity’s function is to hold the product, while that of the lid is to seal the product to safeguard it from external impurities.
Blister packaging is used extensively in the pharmaceutical industry to package lozenges, granules, capsules, pills, and tablets, among others. Blister packaging is also employed for products such as pencils, pens, and other stationery. The name of blister packaging is derived from the fact that the products are packed in a small plastic blister or bubble. This packaging is also commonly known as push-through or bubble packaging.
Common Applications of Blister Packaging
-
Unit-dose packaging of pharmaceuticals
Blister packaging provides barrier protection for products and tamper protection, enabling them to have a high shelf-life. Hence, they are employed in unit-dose packaging of pharmaceuticals. -
Consumer goods
Consumer goods is another area wherein blister packs are used. Goods such as electrical items, hardware, and toys are packed by containing them between clear pre-formed plastic and a paperboard card. -
Clamshell
A blister that is hinged is called a clamshell. This is used extensively for the packaging of an array of products. It can be utilized as a secure packaging for small and high-value items, for instance, consumer electronics. This kind of packaging consists of one sheet folded onto the product, which is also fused at times. -
Medical blister trays
Medical blister trays aren’t push-through packs. Hence, they are hence slightly different as compared to blister packs. The base web of medical blister trays is made up of thick sheets of plastic. Their thickness lies in the range of 500 to 1000 µg.
Blister Packaging Process
Thermoforming
Blister packaging via thermoforming includes a sheet of plastic film that is unwound from its reel and sent to a pre-heating chamber. The temperature of the pre-heating chamber and its plates is such that it makes the plastic soft and pliable. This warm and soft plastic is then sent to the forming station under a pressure of 4 to 8 bar, where the blister cavities are formed.
Cold-forming
Blister packaging via cold-forming is made by pressing a laminate film which is aluminum-based into a mold. The pressure on this laminate is applied using a stamp. This process elongates the aluminum-based laminate film and helps it retain its shape. Blisters formed by this process are known as cold form foil (CFF) blisters. The main benefit of CFF blister is that the aluminum-based laminate film offers a strong barrier to oxygen and water, which thus extends the shelf-life of the product.
Blister Packaging Materials
PVC
The most common material employed for blister packaging is polyvinyl chloride (PVC). The main benefits of PVC are ease of thermoforming and low cost.
PVDC
Polyvinylidene chloride (PVDC), when employed via a coat on a PVC film, assists in attaining high oxygen and moisture barrier. The level of protection can differ as per the amount of PVDC used in the coating.
PCTFE
Polychlorotrifluoroethylene (PCTFE) is another material that can be coated onto a PVC film to obtain an excellent moisture barrier. PCTFE coated blister packages are employed widely in the pharmaceutical industry.
COC
Blister packaging via cyclic olefin copolymers (COC) or polymers (COP) can provide a high moisture barrier to blister packages. COC is usually employed in multilayered combinations with or glycol-modified polyethylene terephthalate (PETg), polyethylene (PE), or polypropylene (PP).
What is Strip Packaging?
The distinction between a blister pack and a strip pack is that a strip pack does not have cold-formed or thermoformed cavities. When lowered into the sealing area between sealing molds, the strip pack is built around the tablet or capsule. Strip packaging has the same properties as that of the blister packaging formed via cold forming or thermoforming. It offers protection to products from oxygen, light, and moisture.
Blister packaging is used widely in many industries, such as pharmaceuticals, consumer goods, and electronics. The perfect choice of blister packaging for you depends entirely on your company’s requirements and the products you are offering. It is advisable to conduct thorough research before choosing a particular packaging so that you get the best possible returns.
Industries & Impact
My vision for Moglix is to change the face of industrial commerce: Rahul Garg
Now and Next in the Infrastructure Sector
Moglix enabled Agile MRO Procurement at Scale through Workflow Digitization of large EPC company
The PLI scheme will facilitate bulk order generation for MSMEs
The PLI scheme will facilitate bulk order generation for MSMEs
The manufacturing supply chain in India is witnessing a rebound within a year of the announcement of the Productivity Linked Incentive scheme for 13 sub-sectors. Envisaged at an outlay of Rs 145,000 crores, the scheme is expected to recharge job growth and manufacturing output. It has already attracted investment proposals worth Rs 5100 crores in pharmaceuticals and another Rs 11000 crores in large-scale electronics manufacturing. These numbers reflect a robust takeoff for the scheme despite a very challenging business climate due to the pandemic.
Indian MSMEs have an array of opportunities to look forward to over the next five to seven years. The PLI scheme has an anchor-led model that will enable OEMs to adopt an import-substitution approach and thus shift towards greater collaboration with Indian MSMEs to plug them into the global manufacturing supply chain ecosystem.
Backward Linkages Will Pass-Through Incentives to MSMEs
The PLI scheme envisages an annual increment in sales of goods made in India and minimum capital investment caps as the two factors for identifying the beneficiaries. The uniqueness of the PLI scheme’s systemic design will nudge large OEMs towards local sourcing for greater “Made in India” capacity utilization of Indian MSMEs and foster strong OEM-MSME partnerships. The supply chain collaboration will ensure a pass-through of the 4-6 percent cost cushion to MSMEs in the short-term, helping them develop cost competitiveness in the long run.
Artificial Intelligence
Artificial Intelligence
Artificial Intelligence
What is Artificial Intelligence?
The term ‘Artificial Intelligence’ was first coined in 1956 at a computer science conference in Dartmouth. Put simply, it is the branch of computer science concerned with simulating human-like intelligence in machines. Whenever a computer performs a set of tasks based on some preset rules or conditions known as algorithms, the emergent behavior is called artificial intelligence (AI). For example, AI-enabled machines can detect hand movements, manipulate objects spatially, recognize facial features, and more. It is an endeavor to develop intelligent systems that can closely mimic human intellectual processes, like the ability to reason, learn from past experiences, generalize, and find hidden meanings.
AI has a wide variety of applications across various industries – e-commerce, automotive, healthcare, B2B software, and more. But perhaps the biggest paradigm shift brought about by AI is in the manufacturing and sourcing industry. Let us take a deeper look:
Artificial intelligence sourcing
A typical sourcing process contains the following variables – supplier selection, supply chain, customs navigation, government regulation, vendor management, payments tracking, and more. Needless to say, these processes are extremely cumbersome and time-consuming, requiring enormous amounts of human coordination. Any slip-ups in these mechanical routines can mean hours of redundant rework. If material is sourced from overseas, the complexity goes up by another order of magnitude.
AI solutions can simplify these processes manifold, leveraging big data and analytics to breeze through the above mundane functions. AI-driven data analytics can be categorized as follows:
Descriptive: Gives a comprehensive description of business fundamentals, whereby sourcing professionals can access a goldmine of information related to spending profiles, at a fraction of the cost and effort.
Diagnostic: Provides tremendous insight into the root causes of any fluctuations in the total cost of ownership, saving costs considerably.
Predictive: AI can be leveraged to forecast raw material requirements per geography based on customer order volumes. Prescriptive: AI can prescribe a set of options and best-case scenarios during vendor selection, price negotiation, bidding strategies, and more, thus easing the decision-making process significantly.
How AI can help in procurement
Here are the ways AI advances can revolutionize the procurement process:
1. Adding a layer of smartness: According to a study by Ivalua, AI smarts can alert businesses to supply chain breakdowns, identifying and flagging compliance issues, and fraud detection. Gartner reports that AI is also being leveraged in spend and contract analytics, minimizing costs, increasing savings, and boosting efficiency.
2. Automation: Processing invoices and purchases approval are two menial tasks where AI is proposed to have a sizable impact. Such softwares can streamline the management of thousands of invoices by comparing them with PO’s, vendor contracts, or accounting plans and auto-inserting them correctly into the database.
3. Supercharged Profits: The Market Mogul claims that AI technology can slash procurement costs by 15-25% on addressable spend. And the greater the savings, the higher the bottom-line impact.
4. Detecting anomalies: AI can detect and notify businesses about market anomalies like sudden or unexpected swings in the price of a commodity or from a specific supplier. Other applications of AI in procurement are vendor matching, spend categorization, building supplier data profiles, and more.
What are the 3 types of artificial intelligence?
AI is classified along the following parameters – ability to imitate human characteristics, the technology used, real-world applications, and the theory of mind. Based on these parameters, there are 3 types of artificial intelligence:
1. Artificial Narrow Intelligence (ANI): Also referred to as weak AI, this is the only type of AI we have achieved till date. Possessing a narrow range of abilities, it is designed to focus on a single specific task. Examples of ANI include Google Rankbrain, NLP voice assistants (Siri, Google Assistant, Alexa, Cortana), IBM Watson supercomputer, autonomous cars, disease mapping, NSFW content filtering, content recommendation engines (Netflix, Spotify, Amazon), and more.
2. Artificial General Intelligence (AGI): Also known as strong/deep AI, it is a conceptual machine that is indistinguishable from the human brain and its cognitive abilities. It uses the theory of mind framework, to understand complex emotions, desires, beliefs, and thought processes of humans.
3. Artificial Super Intelligence (ASI): A hypothetical AI that is multi-faceted and self-aware. Not only is it better than humans at objective disciplines like maths, science, and logic; it also surpasses humans in arts, decision-making, and emotional relationships. Think Skynet or the hosts from Westworld.
Procurement AI software
Here are some AI software solutions that can automate procurement:
1. Supplier Risk Management: Risk Methods helps you proactively identify, monitor, and mitigate supply chain management risk.
2. Purchasing: Trade shift lets you swiftly screen and sanction purchase orders, using AI.
3. Accounts Payable: Stampli automates invoicing and payment workflows and also detects monetary fraud.
4. Supplier Discovery: Tealbook leverages machine learning to identify, organize, and use supplier data, acquired and enriched from various sources on the Internet.
5. Contracts: Seal Software (acquired by DocuSign) automatically scans and analyzes dense legal contracts to identify prospective loopholes and savings opportunities.
Industries & Impact
My vision for Moglix is to change the face of industrial commerce: Rahul Garg
Now and Next in the Infrastructure Sector
Moglix enabled Agile MRO Procurement at Scale through Workflow Digitization of large EPC company
Moglix amongst Deloitte’s 2020 Technology Fast 50 India list for the 3rd time in a row
Moglix amongst Deloitte’s 2020 Technology Fast 50 India list for the 3rd time in a row
Moglix has again secured a spot in Deloitte’s 2020 Technology Fast 50 India list for the 3rd time in a row. Securing the 1st spot in 2018 with a winning growth rate of 11,836%, our growth record has remained unbeatable in the last 3 years.
Deloitte Technology Fast 50 India programme that started in 2005 has now become a pre-eminent event that recognises excellence in technology in India. The programme recognises, honours, and encourages businesses and entrepreneurs who have achieved remarkable revenue growth rates by harnessing technology, innovations, and skilled human resources.
Moglix is proud to share this achievement with fellow tech disruptors like Urban Company, Rupeek, RateGain, DataBeat, Razorpay, Vedantu, and many others for being the fastest tech-enablers in the country.
How Technology is Accelerating Value Creation in the Manufacturing Sector
How Technology is Accelerating Value Creation in the Manufacturing Sector
Sandeep Goel, SVP- Technology shares his thoughts on how technology will pave the way for a futuristic manufacturing sector, at the Future Of Work Summit organized by YourStory.
He talks about the impact of COVID-19 and how it transformed the manufacturing sector in India. The pandemic accelerated the shift that Make in India has enabled in the sector, bringing about transformations, both physical and digital, boosting the self-reliance of India’s manufacturing sector.
Sandeep outlined key challenges that continue to persist in the sector, highlighting the need for streamlining order processing, and transaction data integration, and lack of intuitiveness when it comes to the application ecosystem.
He highlighted the role of technology in altering the future of manufacturing. How rapid advancements in digital technologies are revolutionizing business supply chains, and are poised to transform how the procurement function delivers value and enables swift decision-making in the ecosystem. He also talked about the need for constant connectivity as the norm, and how sensors are bringing devices and machines to life in the Internet of Things.
Read MoreMoglix Welcomes Neelam Dhawan as Board Advisor
Moglix Welcomes Neelam Dhawan as Board Advisor
Neelam Dhawan, tech pioneer, joins Moglix as board advisor. Neelam has previously worked at Hewlett Packard (HP) Enterprise and Microsoft, IBM and HCl, among other companies.
Currently, she is a supervisory board member at Royal Philips, Netherlands, and non-executive director at ICICI Bank India, Skylo Technologies, Capita PLC, and Yatra Online. Moglix said it plans to start a new phase of global expansion.
“I am excited about my new role as a board advisor at Moglix. Moglix is pioneering supply chain digital transformation in the country and overseas. I look forward to contributing to Moglix’s endeavors to grow and deliver impact globally at scale.”
Neelam has been instrumental in shaping the IT industry in India. Throughout her career, she has repeatedly demonstrated leadership, innovation, and fearlessness, values that we hold in high esteem at Moglix. The scale of operations and innovation that she has successfully implemented, and her vision resonate strongly with the mission of Moglix to reimagine B2B commerce and supply chain at scale globally. We are delighted to have her as the board advisor at Moglix.
Moglix CFO: The role of a CFO goes beyond finance when it comes to startups
Moglix CFO: The role of a CFO goes beyond finance when it comes to startups
Rahul Goel, Vice President- Finance, talks about the challenges and success factors of new-age CFOs. Having worked with both startups and MNC’s, Rahul believes that the role of a CFO goes beyond finance when it comes to startups. He dissects various challenges that CFOs face in the startup world especially in the tech space, followed by the successes that lead around for CFOs.
A finance professional for over two decades, the Moglix CFO believes that two major factors that are often ignored by most financial heads at companies are growth and governance which play an important role in the journey. He stated that Indian companies have yet to understand the business model and efficiency of tech startups so that they can be evaluated correctly.
Given that tech startups ought to have cross-functional leaders, the biggest challenge for a CFO is balancing the speed and agility of the finance operations with the other parts of the business from product to marketing. “In the early stage of that product, the resources might be limited but the speed at which the company wants to run might be very fast,” Rahul added, highlighting the need for CFOs to learn about other domains to react in a quick manner.
One of the most crucial tasks for a CFO is fundraising. A new-age CFO needs to assume responsibility for the complete fundraising cycle — from the timing of the fundraise to creating a healthy financial picture to meeting with advisors to identifying the right strategic partners and attracting the right set of investors.
Rahul states that it is crucial for any company to hire a CFO from the start itself in order to be successful. One needs to be more agile, fast, and innovative in order to reach the business requirements and when it comes to tech startups, CFOs need to be dynamic. He explains how important it is in a tech startup, such as Moglix, to focus on key performance indicators.
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