FinCos Need Subject Matter Experts to Decode Real Opportunities
Vasudevan Ramaswami, Managing Partner, Verts Management Consulting, 0
Banking giants worldwide have already harnessed the power of big data analytics and machine learning, especially in transforming their risk management approach. They identify subtle patterns of fraudulent activities from bulk data that would be impossible for human analysts to detect. Data is definitely the new oil. However, it takes subject matter experts to read, refine, and interpret data in the right context to produce potent, actionable information that will help companies transform digitally and optimize operations. Vasudevan Ramaswami, managing partner at Verts Management Consulting, navigates the challenges and opportunities in the consulting industry through an exclusive interview with CEO Insights.
You have worked in finance for around 40 years. What is your motto when it comes to facing crises?
Every leader, during his/her corporate journey, experiences a variety of challenges and opportunities. Challenges could be due to a rapidly changing competitive environment, the introduction of newer technologies, changes in regulations and laws, internal audit findings, as well as talent-related issues, amongst many others. The fundamental approach that has helped me is to first have a system or process to be cognizant of potential internal and external changes and the related impacts as far as possible. One will still get surprises, but it is important to always objectively recognize them, adapt, and then implement preventive and corrective measures to deal with the changes. In all this, what has also helped is to quickly put together appropriate teams and leaders who will systematically drive the solution and implementation of the changes. A couple of examples are as follows.
During corporate business downsizing projects, staff headcount is the first expense head to be targeted normally. In one instance, we saw almost 65 percent to 70 percent of staff downsizing. The same was handled in a mature and empathic manner by ensuring a transparent communication process, providing suitable time for them to look at alternative opportunities as well as facilitating outplacements.
Post-COVID, many small businesses were tremendously affected. Their cash flows dried up, making debt repayment impossible. Some organizations took an approach to help them by giving small secured gold loans to rebuild their businesses or start new ones. This resulted in many of them being able to do so and subsequently repaying their earlier debt successfully.
What are the most significant and the latest financial challenges the organizations come to you with?
Over the past two years, I have engaged in consulting opportunities that encompass a broad spectrum of strategic and operational initiatives. My work has involved assisting organizations in redefining their overall
business strategies or optimizing specific business lines, with a particular focus on identifying the capabilities necessary to support these strategies. Additionally, I have facilitated the integration of cross-selling strategies across multiple businesses within a parent company, evaluated existing businesses to attract potential investors, and strengthened governance structures and processes to enhance organizational effectiveness. My experience also includes leading efforts in organizational restructuring and redefining success metrics to ensure sustainable growth. Furthermore, I have provided guidance to smaller fintech firms and startups in business planning and overall strategy development while driving productivity and process improvements to maximize efficiency and long-term impact.
The digital transformation trends, talent market, and marketing are all undergoing radical changes. How do you help organizations find the right balance amid such changing dynamics?
Digital transformation and the use of AI are clearly emerging as important capabilities in managing customer needs, customer segmentation and acquisition, planning new products, efficient customer service, sharper analytic trends and interventions, and driving efficient resource use and productivity optimization.
It is important to convey these benefits objectively and help organizations adopt them in a systematic and time-bound manner. This cannot be a one-paint-brush approach. Implementation of these initiatives needs to be specifically tailored based on the organization's priorities, stage of evolution and ability to manage change in a sustainable and financially effective manner.
What are your thoughts on the integration of Gen Z into finance teams?
Gen Z has grown up with the internet and social media right from the beginning. They bring new perspectives and ideas to their workplace and are comfortable in adapting to the emerging digital innovations and trends.
Also Read: The Leadership of PM Modi and Indian Supremacy in Modern Warfare
I have seen some Gen Z professionals become key members of business startup teams and innovation hubs, drive key digital and analytics initiatives and successfully navigate them.
What is the future of the business consulting industry in India?
India’s consulting industry is projected to reach $24 billion by 2025. Though the big consulting firms will continue to hold a large share of the same, there will be opportunities for smaller firms and individuals, especially as subject matter experts in financial services, digital transformation, artificial intelligence and data analytics. I also think clients are going to be increasingly demanding of the outputs and will not only look at advisory services but also at the implementation of specific capabilities.
The consulting business is inherently a long gestation business and takes time to reach a particular scale, especially for smaller players. It would be important for consulting organizations to keep pace with the rapidly evolving digital trends and regulatory and business environment.
It would be important for consulting organizations to keep pace with the rapidly evolving digital trends and regulatory and business environment.
The digital transformation trends, talent market, and marketing are all undergoing radical changes. How do you help organizations find the right balance amid such changing dynamics?
Digital transformation and the use of AI are clearly emerging as important capabilities in managing customer needs, customer segmentation and acquisition, planning new products, efficient customer service, sharper analytic trends and interventions, and driving efficient resource use and productivity optimization.
It is important to convey these benefits objectively and help organizations adopt them in a systematic and time-bound manner. This cannot be a one-paint-brush approach. Implementation of these initiatives needs to be specifically tailored based on the organization's priorities, stage of evolution and ability to manage change in a sustainable and financially effective manner.
What are your thoughts on the integration of Gen Z into finance teams?
Gen Z has grown up with the internet and social media right from the beginning. They bring new perspectives and ideas to their workplace and are comfortable in adapting to the emerging digital innovations and trends.
Also Read: The Leadership of PM Modi and Indian Supremacy in Modern Warfare
I have seen some Gen Z professionals become key members of business startup teams and innovation hubs, drive key digital and analytics initiatives and successfully navigate them.
What is the future of the business consulting industry in India?
India’s consulting industry is projected to reach $24 billion by 2025. Though the big consulting firms will continue to hold a large share of the same, there will be opportunities for smaller firms and individuals, especially as subject matter experts in financial services, digital transformation, artificial intelligence and data analytics. I also think clients are going to be increasingly demanding of the outputs and will not only look at advisory services but also at the implementation of specific capabilities.
The consulting business is inherently a long gestation business and takes time to reach a particular scale, especially for smaller players. It would be important for consulting organizations to keep pace with the rapidly evolving digital trends and regulatory and business environment.