Kartik Somasundaram

The Data-Driven Maestro of Financial Innovation

Kartik Somasundaram

Head of Finance,

Midas Safety

What makes Kartik Somasundaram stand out among his peers as a great finance professional is his prowess in leveraging data science to make informed financial decisions. As the Head of Finance at Midas Safety and armed with a strong background in data science, Kartik possesses a unique set of skills that enable him to extract valuable information from complex financial datasets. His expertise lies not only in identifying and analysing Key Performance Indicators (KPIs) but also in leveraging Head of Finance, Midas Safety The Data-Driven Maestro of Financial Innovation 10 Best CFOs in India 2023 10 advanced statistical techniques, data visualisation tools, and predictive modelling to uncover patterns and trends that shape the financial landscape.
By integrating data science into financial decision-making processes, Kartik brings a new dimension of accuracy and precision. He guides decision-making processes, mitigates risks, and drives financial stability and profitability for his organisation. Kartik’s strong analytical skills and exceptional communication abilities make him an invaluable asset, ensuring that financial decisions align with long-term goals and drive sustainable growth.
In an interview with TradeFlock, Kartik delves deep into his financial journey, his strengths, and his plans.

What inspired you to be in finance, and what has been the most rewarding aspect of your role so far?

From a young age, I found fascination in numbers, spending countless hours delving into math problems and unravelling complex equations. As I matured, I realised that my love for numbers could translate into a fulfilling career in finance. Witnessing how financial decisions shape the trajectories of businesses and individuals further fuelled my passion for this field. The most rewarding aspect of my role thus far has been the opportunity to implement data analytics and automation strategies in financial processes. This not only enhanced my technical skills but also delivered tangible value to the organisations I worked with. Notably, I spearheaded several automation projects at WABCO India Limited. The sense of accomplishment I derive from knowing that I have contributed to their success is what drives my motivation and keeps my passion alive.

What are your biggest strengths and weaknesses?

One of my greatest strengths lies in my ability to analyse intricate financial data and translate it into actionable insights. With keen attention to detail, I can identify potential discrepancies and errors, guaranteeing the accuracy of financial information. Moreover, my expertise in financial modelling and forecasting empowers me to make wellinformed projections and guide strategic decision-making. However, like any professional, I have areas for improvement. At times, I can become deeply engrossed in the minutiae of a project, leading to spending more time than necessary on a task. Nevertheless, I am actively working on striking a balance between precision and efficiency. I am learning to trust my expertise and judgement, enabling me to provide accurate work more quickly. By continuously honing my skills, I strive to enhance my ability to analyse financial data effectively and deliver timely, accurate insights that contribute to informed decision-making.

What role do you see emerging technologies, such as artificial intelligence and machine learning, playing in the future of finance?

Artificial intelligence (AI) and machine learning (ML) are poised to have a transformative impact on the future of finance. These technologies enable us to better understand and predict patterns in financial data, leading to improved insights. With AI and ML, we can forecast market performance and identify customer behaviour patterns that drive sales growth. In risk management, AI and ML play a crucial role in identifying patterns and anomalies that may elude human detection. This enhanced capability empowers us to detect and mitigate potential risks, such as fraudulent activities and market fluctuations. Furthermore, the automation of routine tasks through AI-powered systems allows finance professionals to devote more time to strategic initiatives and deliver high-value services to clients. As a CA, I believe that while embracing these advancements, it is essential to maintain ethical standards and ensure the responsible use of AI and ML. Establishing robust governance frameworks, implementing adequate data privacy measures, and ongoing algorithm monitoring are vital safeguards. These measures uphold fairness, transparency, and accountability in leveraging these technologies.

As the head of finance with a background in data science, how do you leverage your analytical skills to make informed financial decisions for the organisation?

In my role as the Head of Finance with a background in data science, my analytical skills play a crucial role in making wellinformed financial decisions for the organisation. Leveraging my expertise, I extract meaningful insights from vast volumes of financial data. By employing advanced statistical techniques, utilising data visualisation tools, and implementing predictive modelling, I uncover trends, patterns, and anomalies that are often concealed beneath the surface. These insights provide valuable information regarding the financial health and performance of the organisation. Armed with this knowledge, I can offer proactive recommendations, optimise resource allocation, and mitigate risks. This approach ultimately enhances the organisation’s financial stability and profitability. By using data-driven decision-making, I ensure that our financial strategies are grounded in evidence and analysis. This enables us to adapt to changing market dynamics, identify growth opportunities, and allocate resources effectively. The application of advanced analytics empowers me to make informed choices that have a positive impact on the organisation’s financial performance and drive sustainable growth.

What are your plans for the next five years of your professional career? How do you see your role evolving?

In the next five years, I am committed to a path of continuous learning and adaptation to thrive in the dynamic fields of finance and data science. My goal is to become a recognised leader in seamlessly integrating these two disciplines, driving growth and efficiency within organisations. To contribute to the advancement of the finance industry, I will actively engage in thought leadership by writing articles, participating in conferences, and fostering professional networks. As my career unfolds, I envision my role evolving into that of a strategic advisor. I aspire to provide invaluable financial insights to support decision-making at the highest levels of an organisation. By leveraging my financial acumen and strategic mindset, I aim to propel organisational growth, enhance financial performance, and shape the future trajectory of the company. Throughout this journey, I have recognised that continuous learning and adaptability are paramount. I will stay attuned to the everchanging landscape of finance and embrace emerging technologies to remain at the forefront of industry standards. By embracing innovation and nurturing a passion for growth, I am determined to make a significant impact on the finance industry and contribute to the success of the organisations I serve.