The adoption of digital technologies in financial management is a complex problem that requires special skills. Anna Sheretova, an MBA program with the specialization "Financial Director" graduate in 2020, Chief Financial Officer, Borovichi Refractories Plant JSC, gives her insight on how to implement digitalization in the management of financial resources of a company and not be afraid to make unconventional decisions.

What has your company been up to?

It just so happens that all my work has been associated with one single employer, and that is JSC “Borovichi Refractories Plant”. After graduating from the St. Petersburg State University of Economics and Finance, I got employed as an economist in the finance department, and since 2012 I have been working as the head of this department.

Borovichi Refractories Plant JSC is a modern, continuously developing business with its own raw material base, highly qualified personnel that supplies products not only to the Russian, but to the foreign markets as well. Our main customers are PJSC Surgutneftegas, PJSC Novolipetsk Metallurgical Plant, PJSC Severstal, PJSC Gazpromneft, as well as manufacturers of the glass and cement industries. The range of output we produce includes molded refractories, unshaped refractory materials, as well as ceramic proppants needed to improve the efficiency of oil wells.

What was the topic of your final project? Is it related to what you are currently involved in?

The topic of my final project was “Digital Technologies in Financial Management”, and, of course, it is directly related to my current activities. In it, I described the experience of introducing digital technologies in the economy in general, and in the financial activities of businesses in particular. Using the example of JSC "BKO", I looked into the possibility of introducing digitalization in the financial resources management of a company and showed its positive effect. This mechanism has been debugged over several years, and while working on my thesis, I made a number of suggestions aimed at its improvement.

Today, the entire process of monitoring budget indicators, generating payment orders, and managing working capital has been fully digitized. It has been tuned up to such an extent that the control process over the funds spending for the most part happens online. They managed to cut the risks of cash shortages, which generally contributes to an increase in the stability of the company.

What brought you to the program? Why did you choose the MBA at MGIMO?

I made a decision to join the program when I realized that I lacked necessary knowledge in this new modern environment. I received my higher education 20 years ago and even though I regularly attended various advanced training courses in the field of budgeting and analysis, I felt that I lacked some kind of systematic approach. So, when my higher-ups suggested that I do an MBA program on the basis of any provider, I gladly agreed.

For me it was very important to improve my skills in the financial area. I ran through a number of training programs in many business schools and the structure of the “Financial Director” program, which was provided by the MGIMO Business School, seemed the most appealing to me. And I will say that I have never regretted my choice.

Now I can say that the program I chose allowed me not only to systematize knowledge in the field of management, finance and marketing, but also helped to develop my professional and personal skills. The knowledge I have received allows me today to feel more confident in solving specific issues related to the financial activities of the company and to clearly build its financial strategy. The study of monetary, budgetary and tax policies helps to understand the mechanisms, goals and principles of macroeconomic activities of monetary authorities and this in turn gives me an understanding of the future motions of the economy and the ability to predict some indicators necessary for planning the activities of a company.

While studying, was there anything that you perhaps wanted to change, something that maybe you felt the program was missing?

I can't say what I would like to change. The entire educational process has been very well organized. I got even more than I could expect. For instance, one nice bonus for us was the English language course. The classes were held exclusively in the style of MGIMO. They were very dynamic, intense and informative. Special thanks to our teacher Julia Znak. I did not have enough time to attend those events that took place on the so-called "Action Thursday". Unfortunately, I could not visit the Central Bank and the Moscow Exchange. And, surely, there was not enough real life communication in the last few months of the training, which fell on the period of the declared pandemic.

In your opinion what is the formula for success? What is a secret of a company’s success?

Today we live in an ever-changing reality that affects absolutely everyone, and businesses must make every effort possible to occupy their rightful place in this new reality. At the same time, we should not be preparing for something specific, but rather learn to live in a dynamically changing environment.

With regards to the company I work for, it has proven that it is a reliable entity with a large margin of safety. Yet, our management realizes that our today’s success rests on the work and efforts of all previous generations of workers of the refractory plant. We understand that it is our duty to preserve this well-being and to do everything possible to continue its sustainable development. This time is right now in our prime when we have all the necessary resources for this. Each person in his workplace should aim for continuous improvement, not being afraid of changes and making unconventional decisions. Only with this mindset will we be able to overcome all the hurdles in our way and problems that life sets before us. That is exactly where personnel training plays a very important role.

MBA is not just another studying course, it is also communication with highly professional people. What have you learned from your MBA colleagues?

To cut a long story short I have learnt not to be afraid. I was lucky enough to be in the same group with the finalists of the Leaders of Russia competition. Being around them not only gives you inspiration, it changes your world outlook. I shared studying rooms with representatives of various companies such as Aeroflot PJSC, Rosatom State Corporation, Rostelecom PJSC, Ural Mining and Metallurgical Company, Gazprombank JSC, Sberbank PJSC. Many of my groupmates own multiple higher education degrees, are fluent in foreign languages, have business contacts abroad. Like I said just being around them fills you up with energy, positive thinking, freedom of thought, and it seems that you can handle anything.

What would you wish to those who have yet to begin their MBA?

Well, again to be short I would tell them to focus on listening. Not just passively listen but capture the essence of subjects. Look for touch points with your current activities, get to know as many people as you can, communicate, establish connections, and even not necessarily business connections, but just friendships.  By doing that you will certainly be able to apply the acquired knowledge at your place of employment. You will be able to bring fresh ideas, improve your business, and the two years you spent at a business school will certainly leave a bright mark on your life.