Many talented Indians have made breakthroughs, pushed borders, and held positions of power in the international business world. One such India-born leader disrupting the finance space in GCC is Mansi Shah, CFO at Merz Aesthetics. Mansi is the epitome of integrity; having a clear conviction about what is right & wrong and leading by example makes her a trusted advisor. Being authentic, even in difficult times, has made her the sounding board for the organization where she has created a space for individuals to talk openly about their challenges and opportunities.
Women Entrepreneur magazine engages in an exclusive conversation with Mansi to deduce more about her journey.
What are some important features of your expertise as a finance leader?
As a CFO, I am at the centre of strategic management - facilitating a unifying perspective on the organization’s objectives, risks, and opportunities, driving profitable growth, developing talents, and making decisions that facilitate sustainable value creation for the business. My job as an effective leader is to focus on the big picture and use all the information to build a roadmap for the future keeping in mind changing circumstances and environmental factors and trends.
With the transformations that companies are undergoing, it is important to stay ahead of the curve. I as a finance leader have been at the heart of change initiatives throughout my career such as restructuring, digitalization, regional expansion projects, and driver of internal controls and process improvements.
In the increasingly complex, cross-border environment that we operate in these days, the key to managing risk and solving problems is the ability to collaborate with customers and employees. The diverse nature of a CFOs role goes beyond finance and involves cross-functional collaboration with other functions such as supply chain, marketing, sales, and general management. I have strong communication skills which are required to convey the story behind the numbers and bring everyone together to work toward a shared vision.
Share about our early educational journey and prior industry experience that you bring to the table.
Born in India, raised in Dubai, and studied in England - I have a mixed identity with influences of different cultures culminating to make me the person I am today. Having completed my Masters’ in International Accounting and Finance from the United Kingdom enabled me to become a well-rounded and skilful finance professional.
I started my career at Tetra Pak, a privately owned Swedish-Swiss multinational food packaging and processing company – as the front runner for the SAP implementation project. I entered the pharmaceutical/life sciences sector 9 years ago when I joined Aspen, a listed South African pharmaceutical company. After the £700m drug acquisition deal between GSK and Aspen in 2013, I played a pivotal role in the legal set-up of 18 European companies, accounting functions, and financial reporting structure. During this time, I gained a deep understanding of financial planning and analysis and the ability to discern the operational issues and opportunities that drive results.
What drew you toward the field of finance?
Growing up I always aspired to be an entrepreneur and realized that having expertise in finance is key to being successful. It also probably stems from the fact that my father ran a contracting business and my mother worked in financial audit. As a result, I started to pursue a career in finance. Given my business acumen, a flair for numbers, and years of experience - I worked my way up into a finance leadership role. Finance is all about problem-solving and analyzing data that drives the decision-making in the organization. I enjoy it because of how challenging and fast-paced it is. But also realize that finance is not just about the numbers, it is about empowering and enabling people to achieve their potential.
Tell us about the various responsibilities you shoulder as the CFO of Merz Aesthetics. What are your current focus areas in your role at the organization?
In my role as the CFO of Merz MENA (the Middle East North Africa), I was presented and grabbed the opportunity to not only lead the finance function but also lead other key functions such as Human Resources, Supply Chain, and Compliance resulting in a quasi-COO role effectively being the second in command after the CEO. Leading the finance and other strategic functions not only provided me with a 360-degree view of the day-to-day running of the organization but also the interdependencies and correlation between the different functions.
As a CFO I oversee the company’s financial operations including internal and external financial reporting, accurate forecasting that guides decision-making, ownership of cash management, and drives business improvement initiatives such as improved cost reduction, procurement, pricing execution, and other process improvements that add value to the company.
In my role outside the finance function, I foster talent management and help build the right culture in the organization.
"I have delivered on my role as a CFO by exhibiting key values such as dependability, consistency, and resilience, and served as a strategic pillar in providing value to our customers and employees"
Throw some light on the most critical business challenges you face as a finance professional. What steps do you take to overcome the roadblocks that you faced?
Accurate forecasting during and post-COVID-19 and keeping abreast with the latest technological changes in a dynamic and ever-changing local and international environment are the two biggest challenges I face as a senior finance professional. Having an eye for detail especially around the financial results and close monitoring of the business through regular business reviews with the commercial team, analyzing market trends and competitor information, keeping up to date with regulatory updates, controlling costs efficiently, and managing global supply challenges – has given me a holistic view which has helped improve the accuracy of forecasting.
In terms of digitalization, I have invested in IT platforms and enterprise solutions necessary to ensure the company has the technology needed to stay competitive within the company’s cost envelope.
In your opinion what is the current state of women’s representation in the finance industry, especially in top leadership roles? What steps can be taken to support women to build lasting & fruitful careers in the field of finance?
I believe there is definitely a change in the mindset of the companies and boards to have equal participation of women in key leadership positions; however, the pace of the change is not as swift as most women leaders would like it to be and this is partially stemming from the fact that the change feels forced rather than a natural progression.
Equal opportunity at every step of the way during the careers of skilled and talented women finance professionals and ample technical training and mentorship at the grassroots/university level is the pivotal steps to help herald in the next generation of women leaders in finance.
Mansi Shah, CFO, Merz Aesthetics
Mansi Shah has played a significant role in building an entirely new Merz MENA business, headquartered in Dubai. As a start-up CFO, she went beyond establishing the core financial processes, reporting requirements, business intelligence dashboards, and positive cash flows. She developed key policies and recruited individuals ready to thrive with limited resources, turned strategy into operations, and build a sustainable roadmap. She is also in leading key positions such as Human Resources, Compliance, and Supply Chain supporting the company in its initial growth period.
