The role of a woman leader in a corporate setting, especially as a Chief Financial Officer (CFO), encompasses a multitude of responsibilities that extend beyond traditional financial oversight. As a CFO, the responsibilities involve overseeing financial planning, managing budgets, optimizing capital structure, ensuring compliance with regulations, and providing insights to drive growth and profitability. Moreover, a CFO plays a crucial role in strategic decision-making, offering valuable input on investments, mergers, and acquisitions to steer the company toward success. One such exemplary woman leader in the finance domain is Geeta Karnik, the CFO at Servier India.

Geeta embarked on her professional journey in 1994, commencing her career with Articleship for Chartered Accountancy. Her determination and dedication led her to diversify her expertise across various industries, including manufacturing, textiles, chemicals, media entertainment, animation, oil, and currently in the pharmaceutical sector.

With her extensive experience and multifaceted skill set, Geeta has navigated through diverse financial functions, including accounting, budgeting, credit control, treasury management, financial planning, taxation, transfer pricing, legal and company secretarial duties, procurement, production planning, and supply chain management. Throughout her career, she has actively contributed to change management initiatives, overseeing mergers, business transfers, restructuring, process streamlining, and the transition of finance operations to shared services.

Geeta Karnik's passion for digital transformation is evident in her belief that robust digital strategies are indispensable for an organization's relevance and sustainability. Her advocacy for embracing digital initiatives reflects her forward-thinking approach in adapting to evolving business landscapes and leveraging technological advancements for operational efficiency and competitive advantage. Her multifaceted expertise and unwavering dedication make her an inspirational figure in the realm of finance and leadership, leaving an indelible mark on the organizations she serves. Let’s hear more from her.

Could you share insights into your professional journey as a Chartered Accountant and your expertise in digital transformation? What pivotal moments have shaped your career path?

Throughout my tenure as a Chartered Accountant, I've traversed diverse industries and worked across various departments. While digital transformation has been a prevalent term for over a decade, it has remained a driving force for me. Alongside my routine responsibilities and business partnering in each organization, I've consistently undertaken system implementations, garnering appreciation and recognition for these achievements. I firmly believe that accurate data serves as the lifeblood of any organization. Establishing a singular version of truth empowers informed decision-making and facilitates strategic business planning, creating a sturdy foundation across the entire organizational spectrum.

A CFO's role is integral to a company's growth trajectory. They oversee financial operations, manage risks, and make pivotal strategic financial decisions. Collaboration with other executives to align financial strategies with overarching business objectives is paramount in this capacity.

I've always advocated that when a CFO takes ownership of digital transformation, businesses reap the benefits of optimal solutions. This approach tends to be cost-effective and reliable, primarily because financial ownership ensures the credibility and integrity of the data.

Share with us the expertise you offer as a business leader overseeing finance and spearheading digital transformation initiatives.

Presently, our focus lies on leveraging robotic process automation and Artificial Intelligence to automate processes, handle unstructured data, and integrate it seamlessly with structured data. In this context, the Data, Digital, and Information Systems (DDIS) and the finance function play a pivotal role in guaranteeing the reliability, timeliness, and relevance of the data. It's crucial that individuals involved have unwavering confidence in the data's accuracy and credibility.

Introduce us to Servier India. Tell us about the responsibilities you shoulder as the firm’s CFO.

Servier India, part of the SERVIER GROUP, is dedicated to advancing therapies to meet patient needs. The group, governed by a foundation, allocates over 20 percent of brand-name medicine revenue annually to research and development, facilitating the discovery of new treatments. Originally established as Serdia Pharmaceuticals India in 1986, the company rebranded to Servier India two years ago to align with the group's identity. Over 15 years, Servier India has achieved consistent double-digit growth in turnover and operating profits. Initially joining in 2009 as Head Financial Services & Company Secretary responsible for finance, procurement, production planning, Legal & Company Secretarial matters, the CFO, Geeta Karnik, currently oversees finance, procurement, production planning, supply chain, and data, digital, and information systems since her promotion three years ago.

What do you perceive as the primary challenges faced by a CFO in today's business landscape? How do you navigate these obstacles effectively?

Balancing profitable growth amidst intensified emphasis on digital transformation and preparing the organization for future ESG (Environmental, Social, and Governance) considerations presents a significant challenge. As a CFO experiencing rapid growth, the demands to achieve financial targets, manage budgets, and make strategic decisions can become daunting. Amid these pressures, it's essential to not only focus on steering the company toward success but also prioritize personal well-being. I firmly believe that setting priorities and making welltimed, resourceful decisions are paramount in surmounting these hurdles. Our strategy involves following the STEP approach {State the Problem, Think of Solutions, Explore Options, Pick the best solution} for all initiatives. Postimplementation, the effective utilization of systems, monitored through defined Key Performance Objectives (KPOs), remains critical in ensuring the purpose of each initiative is met.

What is your take on women’s current representation in top leadership roles in the Indian business world?

The representation of women in top leadership roles within India's business landscape remains notably inadequate. Globally, women occupy just 25 percent of senior positions. The gender imbalance is pronounced, especially in India's healthcare management, where despite having 29 percent female doctors and 80 percent in nursing roles, there is a glaring under-representation at executive and board levels, as highlighted in the ‘An Unbalanced Scale: Exploring the Female Leadership Gap in India’s Healthcare Sector’ report by Dasra (Mint, 06 Dec 2023, 03:25 PM IST).

This disparity isn't unique to India but is a global concern. There have been isolated improvements, yet achieving widespread gender parity remains a critical goal. I think the start should be from the basics. Equity in terms of getting the right to survival, right to education, right to be heard, right to work, right to equal pay for equal work, right for financial inclusion. Ultimately, personal empowerment through self-belief becomes paramount in this pursuit for equitable representation.

Geeta Karnik, CFO, Servier India

Geeta Karnik is a seasoned CFO at Servier India, with a diverse career spanning various industries. Her expertise encompasses finance, digital transformation, change management, and a passion for ensuring robust digital strategies for organizational relevance