By Caroline Nassuuna
Communications Officer
Institute of Certified Public Accountants of Uganda
Finance Managers received insights on fostering organisational performance through data stewardship and technological advancements. This was during the CFO Leadership Academy class held on Thursday, 20 February 2025 at Fairway Hotel in Kampala. The class was themed, technology, reshaping finance with technology.
According to Francis Otim, a Finance and Data Consultant, data stewardship for CFOs is total business data collection which involves modern data warehousing and modern business intelligence and analytics platforms to analyse, visualise and distribute actionable insights to the organisation.
He adds that having collected all the necessary data without any blind spots across all business functions, there is need to process and store it, currently using the modern and automated tools and finally interpreting it to enable informed decision-making.
“The CFO is increasingly regarded as a chief data steward in organisations mainly because they integrate financial data with operational data from various departments to ensure a holistic view of the organisation, not to forget their role of ensuring adherence and compliance with governance policies,” remarked Otim.
Modern businesses rely heavily on data for financial decision-making. This ensures efficiency and cost management, facilitates strategic planning and promotes technological advancements. It is therefore imperative to leverage modern AI tools such as Zebra AI, Bigadata.com, Rydoo.com, Trullion, Puzzle among others to make way for accurate and comprehensive data reporting.
Additionally, CPA Mustapha Bernabas Mugisa, Managing Director Summit Consulting Limited gave highlights on how finance can be reshaped with technology. He addressed the risks and threats involved with technological advancements, as well as the various crisis management plans.
He noted that by employing the Enterprise Risk Management Framework, some of the threats can be mitigated through introducing password policies, upgrading organisational software, providing regular training to employees and most importantly providing quick response to the crisis once it occurs.
“You need to understand the most critical departments within an organisation and the degree to which some employees because of the nature of their work, may be more vulnerable to attacks than others, in other words the need to create a budget for risk management” noted CPA Mugisa.
On the other hand, Michael Niyitegeka, Executive Director – Refactory, emphasised the role played by technology in the economy. According to Niyitegeka, digital platforms match and facilitate interactions to create and transfer value economically, socially and emotionally.
“Digital platforms have created a shared economy system that is gradually changing how people consume goods. Platforms such as Uber, Booking.com, Faras, among others easily connect consumers to the goods and services that they need in real time,” remarked Niyitegeka.
He noted that the more the dynamics offered by a particular platform, the higher the demand, thus creating business opportunities. He advise finance managers to be on the look out for opportunities within the digital space, which are readily available to enhance efficiency, effectiveness and revenue mobilisation.
The CFO Leadership Academy is a programme organised by MAT ABACUS Business School in partnership with the Institute of Certified Public Accountants of Uganda (ICPAU). It was designed to equip CFOs with the requisite leadership skills to enable them adapt to strategic shifts in the environment.
It is a one-year programme, split into 4 quarters with 3 classes in each quarter. The 20 February class was the first session in the fourth and final quarter of the 2024/25 edition of the programme. The 2024/25 programme ends on 17 April 2025.
The 2025/26 programme begins on 22 May 2025. Enrolment is in progress via https://matabacus.ac.ug/cfo-leadership-academy/
