The steady advancement of new technologies, including artificial intelligence, is accelerating the evolution of the role of the finance chief. With the integration of automated tools into the finance function, CFOs are now acting as the CEO’s “copilot,” rather than simply as number crunchers—but in order to do so effectively as a finance leader, “you have to get your hands around data,” CHG-Meridian CFO Ulrich Bergmann said.

“Data is the key. Without data, you cannot steer,” Bergmann said. As such, a key focus of his is to “not only improve data quality, but to make sure that you have all the, I would say, the data structure and the data governance in place you need in order to steer the business,” he told CFO Dive in an interview.

Bringing data front and center

Establishing a data culture — or, in other words, creating a business-wide standard for data’s governance and structure — at CHG is “definitely a big, big challenge” Bergmann said. While the company is global, operating in over 32 countries, it’s also a family-oriented business and tends to approach its goals in an entrepreneurial style — where data processes and quality can come in third or fourth place on a priority list, he said.

Bergmann joined the Germany-based business, which helps clients develop, finance and manage their technology assets, in March 2019 as its chief representative, and took the top finance seat in March 2020, according to his LinkedIn profile. Prior to CHG-Meridian, he held a number of roles during a decades-long career at Big Four firm KPMG  — where CHG was a former client — including head of global captive finance for KPMG Deutschland.  

Shining a spotlight on data can be critical in today’s era when company leaders are steadily seeking better insights, quicker—often leaning on the CFO to provide them. As the CEO’s copilot, Bergmann and his finance team tap tools which enable rolling, rather than static forecasts: using Microsoft’s Fabric tool to bring in different data points to examine how profit has developed over the past decade, for example, with the tool then providing a “best case, real case, worst case scenario,” he said.

In tapping such tools, keeping focus on the governance aspect is crucial. It’s important that “in every country, you have data scientists, you have data experts who really look for the data quality,” Bergmann said. “You also understand the data models behind the different areas. And since we are a global company, you need, basically, at least 32 experts.”

Fostering a successful transformation

Putting a focus on data is also essential to successfully executing on long-term projects or initiatives, such as bringing new solutions into the business. CHG is currently in the process of rolling out a new ERP system across its global business, for example, a project which began three years ago.

After getting buy-in across its global entities and choosing a partner — CHG landed on SAP — the company moved into the design phase,, then into the build phase around eight months ago, and is now entering what Bergmann terms as the “marriage” phase, “where you connect the dots now between what is being designed and what is stored in our current legacy systems,” he said. The business plans to move to the rollout phase in the next nine months, which will likely span another three years.

While data is key, it’s important not to forget the human element: finding the right talent that can help to shepherd through such projects, or that have the skills to analyze and put that data to use, is another critical factor, Bergmann stressed. In assessing talent, Bergmann searches both for quality leaders, and quality managers.

Leaders are those who are open to change, “who also can transport clear messages to the team, provide stability and also trust and reliability to your team members, and so in other words, you get the buy in to the task,” he said.

Managers, meanwhile, focus on honing the individual strengths of their team members, improving processes and workflows, or in other words, ensuring that tasks can be properly executed and the tools put to successful use. Whether it’s an ERP transformation, AI or ML related, “you need to bring the two sides together in order to make the transformation and the change successful,” Bergmann said.