CEO Insights Magazine

The dynamically changing finance industry is presenting a plethora of opportunities to all CFOs globally. Technology innovation has been a key factor for transformation in this regard. Modern-day CFOs are responsible for the complete digital transformation of the finance segment in a given organization. Especially in the case of MNCs, the responsibilities of CFOs have been some of the most challenging in recent times, given the situation caused by the sudden outbreak of the COVID-19 pandemic. The CFOs oversaw the restructuring of the entire finance of the organization, not only in terms of internal stake holding but also by collaborating evenly with external stakeholders as well.

However, the duty of a CFO does not end with fulfilling the entitled part of the job. It also involves being compassionate towards the common goals of the organization and motivating employees towards the same. Many individuals are not able to implement this idea at work and are unable to achieve professional goals on time. This is exactly where Danai Kuangparichat, Executive Director and CFO of the Thailand subsidiary of a Fortune 100 firm, differentiates himself as a finance professional. He is always looking to go beyond the given responsibilities, achieving better growth for the organization, and overcoming his professional hurdles in the process. CEO Insights Asia engaged in a conversation with him to gain more insights about his career and his passion for the profession he is in.

Tell us about your professional journey and the inspirations in life that motivated you to become who you are today.

When I started as a research undergraduate at the MIT Artificial Intelligence Lab, I thought I wanted to pursue a career in Computer Science. It was only after several positions at various labs that I realized that research might not be the best career for me, as I wanted more variety in what I was doing. After earning my master’s degree, I decided to join a Big Six consulting firm, and since then, the journey has been incredible. My time in consulting took me through an economic bubble, where everything was about launching and expanding business, to its collapse, where everything was about restructuring, streamlining, and M&A. I have been fortunate enough to gain experience across many facets of the business, from IT and operations to sales and direct marketing, and have enjoyed working in five countries, experiencing diverse cultures, work styles, and languages along the way. It has been 15 years since becoming a full-time finance professional, and over those years, my key focus has been on finance transformation, with a focus on optimizing operations, reporting, and analytics, and transforming finance teams into strategic business partners.

In my current role, my responsibilities include finance and strategic planning, but I also get involved in government relations and business development, as well as the general overall management of the business. I joined the Thailand organization right before the pandemic, and while it presented unique challenges, we found ways to maintain our profitability despite the contracted economy and made an active effort to maintain the morale and well-being of our staff. Since emerging from the pandemic, we have shown resilience with steady, consistent growth.

What is the Success Mantra of your life? In what ways do you align that with the overall growth of your current organization?

First off, I am not actually ready to consider my career a success. It is progressing, but I feel that there is still a long way to go. Anyway, there are two key tenets that I follow in my career: Never be content, and maintain a strong network. Whenever I take on a new role, I am never content with just fulfilling the job description; I always try to find ways to contribute beyond my formal role. I am the type of person who has a lifelong mindset for learning; not only will taking on additional responsibilities contribute to the organization, but it also helps me gain new experience and skills. But simply taking the opportunity to contribute is not enough I try to be self-critical to find ways to improve and often solicit suggestions, even from my own staff.

I try to maintain a network both inside and outside the organization. Having relationships across the organization helps get things done in the right way. In a complex multinational organization, knowing others across the globe can help gain momentum in getting things done. When it comes to Thailand, the goal is always to make informed decisions for the organization, and having strong relationships across the business can bring perspectives to light that would not otherwise come. Additionally, strong personal relationships can galvanize an organization to work toward a specific goal. I was once told that people will obey you for one of two reasons: fear or love. Generally, motivation through fear is not sustainable. While my relationships with colleagues have certainly not elevated to the level of true love, demonstrating a certain level of compassion through human relationships certainly helps bring everyone together as a team.

External relationships help me stay abreast of industry trends and can provide a sounding board for overcoming issues that we face internally. Working within the organization can only generate a finite set of ideas, and interactions with those outside the organization facing similar issues can sometimes spur new ideas.

Tell us about your leadership approach. How does your approach help in building employee motivation and driving them toward a common goal?

There are three principles I follow: Nurture the individual; Align to a common vision; and Work smarter, not harder. Nurturing an individual involves focusing on their development. This includes motivating them toward desired goals and giving them responsibilities that align with those goals. An organization’s sustained success depends on the success of its individuals.

Having a common vision for the direction of the organization helps unite the organization as a cohesive unit. Without an overarching vision, teams can become disjointed and misaligned on priorities. With this vision in place, not only is the organization aligned, but everyone can see how they fit into the bigger picture, driving more motivation and behaviors that contribute to the team’s overall success.

Increasing output is not always about adding or developing resources. Often, by eliminating unnecessary tasks, more time can be shifted to more value-added activities. Large organizations often have legacy processes and deliverables that are no longer relevant to the current business. They may also have redundant processes duplicated across multiple teams. New technologies and tools are continually emerging to improve efficiency. By instilling a culture to work smarter, not harder, team members become more aware of these opportunities and try to find ways to produce more by doing less.

What advice would you give to upcoming industry leaders?

Aside from the two tenets I mentioned earlier, I would just encourage one to focus on the long term. Focus on developing portable skills that can be used in future roles. Do not lock yourself into one line of career progression; more flexibility means more opportunities and more options when things don’t go as planned. When making career decisions, do not jump at short-term incentives like money or title. Will the role take you to where you want to go?

But one thing to remember is not to let your career ambitions overtake your personal priorities. I myself have turned down opportunities to explore other roles internally despite urging from my mentors. I have never second-guessed those decisions, despite how they may have impacted my career.

Danai Kuangparichat, CFO

Danai grew up in a small town in america and graduated from phillips academy in and over, massachusetts. Afterward, he earned two degrees from mit: a bachelor's degree in electrical engineering and computer science, and a master’s degree in computer science and engineering. After completing his education, he worked in europe and japan before moving to thailand only five years ago. Danai has been an avid triathlete for over ten years and enjoys traveling. Sushi is his favorite cuisine, and his favorite movie is 'a beautiful mind,' directed by ron howard.