Driving Financial Excellence Together
One can accomplish objectives alone, but combined efforts have the power to escalate business to achieve new goals. Mayank Khandelwal, Chief Financial Officer, NEC Corporation India, understands the importance of teamwork and follows the same in achieving objectives. As the leader of the finance team, he has worked closely with the business team to develop a mid-term business plan. Under his leadership and collaborative efforts, the company has achieved a notable 45 per cent year-on-year growth in orders.
Khandelwal’s introduction of a new commercial finance capability has proven instrumental in implementing effective pricing strategies, conducting risk assessments and establishing an efficient execution framework, all of which have significantly contributed to the overall success of the company.
Additionally, he has implemented several initiatives to enhance financial management and operational efficiency. By improving pricing processes, implementing cost control measures, and enforcing execution rigour, the company has witnessed a significant 60 per cent increase in operating profit.
The focus on cash flow management, payment term improvement, collection rigour, and cost control has led to an impressive 109 per cent year-on-year growth in cash flow and a 45 per cent increase in cash balance, positively impacting the company’s overall balance sheet.
Khandelwal is well aware that working in silos can create barriers and hinder the flow of information and ideas. Thus, developing regular communication around financial key performance indicators (KPIs) and providing real-time visibility into critical business metrics is part of his finance strategies.
Being digitally proficient is the need of the hour. By keeping digital in mind, Khandelwal led important initiatives to drive digital transformation within the company. By democratising data through the creation of real-time dashboards and trending indicators, cross-functional teams are aligned on key KPIs, enabling data-driven decision-making.
Furthermore, a robust risk assessment framework has been established, enhancing compliance and governance practices across the organisation. This proactive approach to risk management has resulted in zero audit observations during multiple audits.
Under his guidance, the company has achieved operational excellence through a robust operating rhythm, resulting in a resilient balance sheet and enhanced returns for shareholders.
His primary focus is on developing a strong finance team, which can be accomplished by providing timely training to foster the development of new skill.
