Joydeep Mookerjee: Translating Business Plans Into Reality
Joydeep Mookerjee
Chief Financial Officer
He has also strengthened areas related to Corporate Governance and Risk Mitigation, successfully addressed financial automation and transformational challenges and determined cost-effectiveness. At, Vision Rx Lab Joydeep has been diligently coordinating as a Business Partner by sharing Plans of Action to ensure that the group remains well-capitalized, has healthy top-line growth, and has strong margins. Let’s hear it from him.
Define Vision RxLab as an organization. What are the best technology trends that you integrate into strategic decisions for longterm growth?
Vision Rx Lab is one of the largest manufacturers of ophthalmic products in Asia, offering complete eyewear solutions to customers worldwide.The internationally renowned company, a part of Essilor luxottica Group, runs a legacy of more than 62 years of providing highquality eyewear products globally. With innovation as its key focus, the company offers a vast
portfolio of innovative eye-care products under its international flagship brand Nova Eyewear, ranging from advanced digital lenses, fashionable frames, Rx sunglasses, and safety glasses to swimming goggles.
I am associated as a CFO with Vision Rx Lab in Kolkata, where I have been focusing on adopting RPA to reduce the FTI time, resulting in 60 percent of time/delivery efficiency and vendor satisfaction.
What are the key elements required for successful financial planning? Also, what are the measures you take to assess an organization's financial performance?
Business houses these days are overloaded with several repetitive tasks that are quite time-consuming and require several resources and yet don’t meet the efficiency level. Robotic Process Automation can help these organizations to automate this process & increase productivity. A successful RPA implementation automates repetitive tasks, helping organizations to increase efficiency. The use of RPA in the financial sector allows for the saving of time and is the most valuable resource. Every level of the organization, from the C-suite to sales, relies on accurate and timely financial information, but finance departments are under intense time and resource pressure. Increased operational efficiency, decreased costs, increased accuracy, and adherence to regulatory standards are all possible, thanks to the use of sophisticated RPA software to automate manual operations and reduce the likelihood of mistakes.
Comment on the role of a CFO while implementing RPA and building a successful financial team.
There has been a shift in finance robotics from the automation of isolated tasks to the automation of whole processes, which can enhance the precision of financial analysis and projections. To fully
I am associated as a CFO with Vision Rx Lab in Kolkata, where I have been focusing on adopting RPA to reduce the FTI time, resulting in 60 percent of time/delivery efficiency and vendor satisfaction.
I have been focusing on adopting RPA to reduce the FTI time, resulting in 60 percent of time/ delivery efficiency and vendor satisfaction
What are the key elements required for successful financial planning? Also, what are the measures you take to assess an organization's financial performance?
Business houses these days are overloaded with several repetitive tasks that are quite time-consuming and require several resources and yet don’t meet the efficiency level. Robotic Process Automation can help these organizations to automate this process & increase productivity. A successful RPA implementation automates repetitive tasks, helping organizations to increase efficiency. The use of RPA in the financial sector allows for the saving of time and is the most valuable resource. Every level of the organization, from the C-suite to sales, relies on accurate and timely financial information, but finance departments are under intense time and resource pressure. Increased operational efficiency, decreased costs, increased accuracy, and adherence to regulatory standards are all possible, thanks to the use of sophisticated RPA software to automate manual operations and reduce the likelihood of mistakes.
Comment on the role of a CFO while implementing RPA and building a successful financial team.
There has been a shift in finance robotics from the automation of isolated tasks to the automation of whole processes, which can enhance the precision of financial analysis and projections. To fully
automate the financial sector, it is necessary to integrate finance robots with other forms of intelligent automation. To make the most of the widespread transition, it will be necessary to enhance digital proficiency in the financial sector, but existing training is insufficient. The role of the CFO in guiding a company towards digitally enabled development is more important, with 94 percent of CFOs aiming to accelerate digital technology by 2022.
In your opinion, what is the most serious obstacle to implementing RPA in finance? What steps should be taken to mitigate those obstacles?
The most serious obstacle to implementing RPA in finance is the absence of appropriate resources, solutions, and organizational unease when leaving critical duties in the hands of robots. Since RPA is designed to evaluate and process each task separately, it significantly reduces the room for human mistakes. While the purpose of RPA implementation is to transfer certain processes from humans to robots, it must also not be overlooked that human capital is pivotal to a successful transition. Each step of the RPA process needs to be well communicated with the team so that the execution would be flawless and deliberate. If all the employees understood each step of the implementation it would be well identified that the execution team would be able to limit the margin of error as much as possible.
As human capital remains a valuable asset post implementation of RPA as well, the IT department needs to be provided with adequate documentation, which is crucial to understand the new technology to maintain the RPA, educate others, and continue to update the technology as the RPA module evolves finally; there is a need to draw projections or analyse scenarios based on the accumulated data using ML and other visualization tools.
Joydeep Mookerjee, CFO, Vision Rx Lab
Joydeep is a Chartered Accountant and also a Cost Accountant. He has been relentless; a lifelong student enrolled in ICFIA Jharkhand as a Doctoral Scholar focusing on adopting disruptive innovations in the unstructured retail industry.
In your opinion, what is the most serious obstacle to implementing RPA in finance? What steps should be taken to mitigate those obstacles?
The most serious obstacle to implementing RPA in finance is the absence of appropriate resources, solutions, and organizational unease when leaving critical duties in the hands of robots. Since RPA is designed to evaluate and process each task separately, it significantly reduces the room for human mistakes. While the purpose of RPA implementation is to transfer certain processes from humans to robots, it must also not be overlooked that human capital is pivotal to a successful transition. Each step of the RPA process needs to be well communicated with the team so that the execution would be flawless and deliberate. If all the employees understood each step of the implementation it would be well identified that the execution team would be able to limit the margin of error as much as possible.
As human capital remains a valuable asset post implementation of RPA as well, the IT department needs to be provided with adequate documentation, which is crucial to understand the new technology to maintain the RPA, educate others, and continue to update the technology as the RPA module evolves finally; there is a need to draw projections or analyse scenarios based on the accumulated data using ML and other visualization tools.
Joydeep Mookerjee, CFO, Vision Rx Lab
Joydeep is a Chartered Accountant and also a Cost Accountant. He has been relentless; a lifelong student enrolled in ICFIA Jharkhand as a Doctoral Scholar focusing on adopting disruptive innovations in the unstructured retail industry.