Digital transformation and optimization of business processes at Torm
Sølyst, Den Kongelige Skydebane
Emiliekildevej 2, 2930 Klampenborg
Apr 15th, 2021 from:
12:00 - 15:00
Group CFO at TORM
12:00 – 12:45 Lunch
12:50 – 13:50: Kim Balle, Group CFO at TORM, will present how TORM is currently developing a groupwide CFO Area Strategy, focusing on process optimization, performance, data and organizational design.
Kim Balle has been CFO in TORM for a year – a special year due to COVID-19, Navision upgrade (gone-bad) and a CFO Area which has been very fragmented. TORM is well advanced in terms of BI/BA, business partnering, reporting, governance/control framework, etc., but a clear and coherent strategy on process optimization, performance, data or organizational design is needed where the approach is to:
1. Create a clear priority plan
2. Make the organization see the need to work together
3. Create a clear DNA for CFO Area
Digital development – RPA and AI.
“Most CFOs or financial functions may have been through the same, but the big difference from the past lies in digital development and in how we as finance managers develop innovative solutions that both simplify and improve business processes while at the same time serving as a reliable value-added partner to the company”.
TORM has dug deep into the digital toolbox and now uses RPA and AI, among others.
• RPA (in a non-high transactional company) which they started with 5 months ago and have 9 running today.
• algorithms (AI toolbox) as value creation, reporting-on-demand – that is, how they are embedding those tools and new tools most sensibly.
13:55 – 14:45: Group discussion:
Digital Transformation – better decisions, new business opportunities, cost reduction and process optimization
Following Kim’s presentation, we continue with a group discussion introduced by FortressIQ, where we hope that all participants will share their experiences with the Digital Transformation in relation to:
1. Making data-driven decisions
2. Finding innovative ways to uncover business opportunities
3. Reducing OPEX
4. Optimizing processes
14:45 – 15:00: Thank you and wrap up by twoHundred