Budget Battles, Politics, and AI: CFO Anna Tiomina
Nov 5, 2024
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Join finance leader Anna Tiomina, a former CFO of Sandoz and founder of Blend to Balance, as she shares her journey through FP&A challenges. She discusses the politics involved in budgeting and the differences between large and small companies. Discover her insights on agile budgeting methods and the safe integration of AI in finance. Anna also shares personal anecdotes about work-life balance and the importance of team connections through fun activities like karaoke.
AI integration is essential in finance roles, enhancing decision-making and operational efficiency while encouraging a shift from risk aversion to innovation.
The transition from traditional finance roles to fractional CFO services illustrates the importance of adaptability and continuous learning in dynamic environments.
Budgeting processes are evolving towards more agile methodologies, requiring faster cycles and greater analytical depth to address the complexities of modern finance.
Deep dives
The Impact of AI on Finance Roles
AI integration is transforming the finance landscape, particularly in FP&A roles. Many finance professionals are inherently risk-averse, making the adoption of AI seem daunting; however, it offers substantial potential benefits. As finance leaders embrace AI, they can enhance their decision-making processes and improve operational efficiency. AI facilitates the automation of routine tasks and provides actionable insights, which can empower finance teams to focus on value-added activities rather than simply managing numbers.
Career Journey and Entrepreneurial Ventures
The speaker shares a personal career trajectory that transitioned from traditional finance roles to entrepreneurial endeavors as a fractional CFO and AI consultant. After significant corporate experience in diverse environments, including a large pharmaceutical company, the speaker was laid off during a restructuring but leveraged this change to offer fractional CFO services. This entrepreneurial shift also ignited a passion for AI, prompting the speaker to experiment with AI tools and share insights through workshops and webinars. This journey underscores the importance of adaptability and continuous learning in an evolving business landscape.
Navigating Budgeting Challenges
The complexities of budgeting within different corporate structures are highlighted through comparative experiences in large and small organizations. The speaker emphasizes the challenges of managing distributed teams and coordinating budgeting processes under time constraints. Cultural differences among team members from various countries also affect budgeting dynamics, underscoring the need for effective communication and adaptability. Experiences like submitting reports while on vacation demonstrate the demanding nature of budgeting cycles, often leading to stressful situations for finance professionals.
Evolution of Budgeting Processes
The budgeting processes have evolved significantly over recent years, particularly with the shift towards more agile methodologies. Companies are increasingly adopting quarterly or even monthly budgeting cycles to respond to rapidly changing business environments. The speaker notes that the rigor of the budgeting process has intensified, requiring deeper analyses of departmental needs and financial forecasts. Furthermore, integrating AI tools into budget forecasting introduces an objective data-driven approach that can mitigate the risks associated with traditional power dynamics in budget discussions.
Embracing Change in FP&A
Finance professionals are advised to embrace the changes brought by AI and other technologies, as their proficiency in traditional finance tools may soon become inadequate. Continuous learning and experimentation with AI applications are essential for today's finance professionals to maintain relevancy. By starting with small, manageable projects, teams can incrementally integrate AI into everyday processes, showcasing its potential benefits. This approach promotes a culture of innovation and encourages the finance team to adapt rather than resist the transformations occurring within the industry.
Anna Tiomina has faced multiple FP&A challenges in a 15-year finance career. This has included budget nightmares, all-nighters, and the stark realization that “politics” is central to any FP&A or finance role.
The former CFO of Sandoz, a huge pharmaceutical company, describes her move to finance chief at Softeq, a smaller IT and consulting firm. Most recently she has pivoted to become a fractional CFO with a passion to help finance professionals bridge the gap between “curiosity and confident AI adoption”. In this honest and frank interview, Anna describes
The challenges for anyone in a full time finance role when you don’t have enough time to look at new things
Structuring FP&A in a big company vs a smaller one
Comparing and contrasting FP&A at a large and big companies
Budget war stories
When your key accounting person… is not an accountant