Singapore, October 25, 2024 – As businesses across Asia navigate the challenges of financial consolidation amidst a rapidly globalising economy, finance leaders gathered on October 17, 2024, at the Grand Hyatt, Singapore, for DigitalCFO Asia’s exclusive roundtable. Sponsored by Wolters Kluwer, the event focused on Strategic Financial Consolidation in a globalised Asia, bringing to the forefront the critical role of technology and automation in enabling faster, more accurate financial processes.
Opening Remarks by DigitalCFO Asia
DigitalCFO Asia’s Consulting Editor, Shalini Shukla, kicked off the session with the increasingly complex regulatory environment faced by finance teams. As companies expand their operations across borders, managing financial consolidation has become more challenging, requiring an integrated, forward-thinking approach.
“Businesses today are not just looking for compliance; they are seeking ways to turn financial consolidation into a strategic advantage. It’s no longer just about closing the books—it’s about driving value and making data-driven decisions that support growth,” said Shukla.
Keynote by Wolters Kluwer’s Mahadevan Natarajan: The Future of Financial Consolidation
Taking the stage, Mahadevan Natarajan, Wolters Kluwer’s APAC Senior Director for Financial Applications, delved into how cutting-edge technology is reshaping financial consolidation. Natarajan’s presentation focused on how CFOs and finance leaders can leverage automation and AI to streamline the financial close process and meet the demands of global operations.
“With increasing regulatory scrutiny and the need for real-time data, businesses must shift away from traditional financial tools,” explained Natarajan. “Advanced platforms such as Wolters Kluwer’s CCH® Tagetik are designed to provide a unified solution that enhances both speed and accuracy in consolidation, ensuring companies can remain agile in the face of complexity.”
Natarajan discussed how CCH® Tagetik offers real-time insights into financial data, helping companies to not only comply with regulatory requirements but also strategically plan for future growth. The platform’s ability to handle diverse data sources, automate routine tasks, and incorporate AI-driven analytics was presented as a game-changer for finance teams aiming to reduce manual processes and increase efficiency.
Industry Challenges and Insights: Polls and Discussions
Throughout the event, attendees participated in live polling and interactive discussions that provided valuable insights into current financial consolidation practices. A key poll revealed that nearly half of the attendees’ subsidiaries use different ERP systems, while 43% still rely on Excel for consolidation, underscoring the need for more advanced and integrated solutions.
The discussions, moderated by Shukla, explored the pain points associated with these disparate systems and the reliance on manual processes. Attendees voiced concerns about data integration in a real-time manner across different time zones, the increasing complexity of global compliance requirements, and the time-consuming nature of manual consolidation.
Natarajan shared examples from Wolters Kluwer’s extensive client base, demonstrating how companies from industries such as renewable energy and manufacturing have successfully modernised their consolidation processes. He emphasised the need for finance leaders to invest in AI-powered solutions to accelerate the close process and enhance decision-making.
Future Focus: AI and Automation in Financial Consolidation
One of the key themes of the roundtable was the growing role of AI in financial consolidation. In the final poll, 75% of attendees agreed that AI and machine learning (ML) technologies could significantly reduce errors, improve confidence in financial data, and provide better insights into their organisation’s performance. Many people acknowledged that cost issues and a lack of in-house expertise were obstacles to the adoption of such technologies, though.
Natarajan provided real-world case studies showcasing how companies using Wolters Kluwer’s CCH® Tagetik platform have reaped the benefits of AI-driven automation. He highlighted how these businesses achieved faster financial close times, improved accuracy, and a deeper understanding of their financial data, enabling them to make more informed strategic decisions.
Closing Remarks and Key Takeaways
In his closing remarks, Natarajan summarised three key takeaways for finance leaders:
- Invest in Integrated Platforms: To manage increasing complexity, finance teams need scalable, integrated platforms that can handle financial consolidation across multiple regions and regulatory frameworks.
- Embrace AI and Automation: Automation is no longer a “nice-to-have” but a necessity in today’s fast-paced business environment. AI-driven solutions can reduce manual tasks and increase the speed and accuracy of financial reporting.
- Ensure Real-Time Data Visibility: Finance teams need real-time access to financial data to stay ahead of regulatory changes and make proactive, informed decisions.
As the event drew to a close, attendees left with a clearer understanding of how technology can transform their financial consolidation processes and the steps they can take to future-proof their organisations.
Looking Ahead
The next DigitalCFO Asia’s executive roundtable is slated for Q1 2025. Finance leaders will once again have the opportunity to explore cutting-edge financial strategies and emerging technologies.
Stay tuned for more insights from DigitalCFO Asia, and connect with Wolters Kluwer reps to explore the latest advancements in financial consolidation.
