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In a dynamic conversation with Jason Widup, Andrey Mosilov, Director of Finance Transformation at Domtar, shared his insights into the evolving field of finance transformation. With over nine years at Domtar, Andrey brings a wealth of experience in financial planning and analysis, now applying his expertise to drive organizational transformation in a rapidly changing world.
In today’s fast-paced world, finance teams face unprecedented challenges. From technological disruptions to economic and geopolitical shifts, organizations must rethink their approach to financial management. This is where finance transformation comes in—a discipline that enables businesses to adapt, evolve, and thrive.
Andrey Mosilov, Director of Finance Transformation at Domtar, brings over nine years of experience to this emerging field. During his interview with Jason Widup, Andrey discussed how finance transformation is not just a project but an ongoing process. Unlike traditional restructuring efforts, it requires constant evaluation and adaptation to meet new challenges.
At its core, finance transformation is about making organizations more agile. By leveraging tools like generative AI and hyper-automation, companies can streamline processes, improve efficiency, and accelerate decision-making. However, achieving these outcomes requires breaking down silos and fostering collaboration across departments like IT, HR, and sales.
One of the biggest hurdles in finance transformation is resistance to change. “People don’t like changes,” Andrey notes, emphasizing the importance of leadership and communication in navigating this challenge. Moreover, balancing multiple projects while maintaining day-to-day operations demands meticulous planning and execution.
External consultants often play a vital role in finance transformation, providing expertise and additional resources. Tools and frameworks from organizations like Gartner also help streamline the process by identifying weaknesses and setting priorities.
Looking ahead, Andrey envisions a new breed of finance professionals—those who combine operational excellence with a broader, forward-thinking perspective. These leaders will not only understand the numbers but also embrace innovation and adapt to external influences.
In conclusion, finance transformation is an essential discipline for organizations looking to stay competitive in an ever-changing world. By fostering agility, embracing technology, and cultivating a culture of openness, businesses can turn challenges into opportunities and secure their place in the future.
