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Topics
  • Barriers to Success
  • Key Themes for Scaling Finance Teams
  • Technology’s Role in Finance

INDUSTRY VOICES

The Future of Finance

Insights, Trends, and Opportunities Facing Tomorrow’s Finance Leaders

The role of CFO is evolving at an exponential rate. And with change comes challenges. To help navigate this new landscape, we’ve assembled a group of finance leaders to bring you “Industry Voices: The Future of Finance.” This forum features insights from today’s top finance experts covering trends, challenges, and opportunities facing today’s CFOs and finance professionals.

Industry Voices 1

Industry Voices 2

Jack McCullough
President, CFO Leadership Council
Industry Voices 3Industry Voices 4

Industry Voices

Industry Voices 5

Jack McCullough

President, CFO
Leadership Council

Industry Voices 6

Mark Brousseau

President,
Brousseau & Associates

Industry Voices 7

Seth David

Cheif Nerd,
Nerd Enterprises

Industry Voices 8

Alex Jimenez

Managing Principal,
EPAM Systems

Industry Voices 9

Meghan Biro

Managing Principal,
EPAM Systems

Industry Voices 10

R “Ray” Wang

Founder,
Constellation Research

Industry Voices 11

Chris Ortega

CEO,
Fresh FP&A

Industry Voices 12

Alex Cedro

VP of Finance,
Tipalti

Industry Voices 13

Chris Skinner

CEO,
The Finanser Ltd

Industry Voices 14
Industry Voices 15
Industry Voices 16

Barriers to Success

For years finance professionals have tried to change the perception of their roles within their organizations. A lot of progress has ensured finance team members not only have a seat at the table but are also respected as key stakeholders. Despite this evolution, many finance pros are still running their operations the way they did a decade ago. Let’s explore some of the most common barriers to success.

Industry Voices 17

Mark Brousseau
President, Brousseau & Associates
Industry Voices 3Industry Voices 4

Industry Voices 20

Seth David
Chief Nerd, Nerd Enterprises
Industry Voices 3Industry Voices 4

Poor Communication, Collaboration, and Coordination

“I think the biggest barrier to success when you have any team is comprised of three things that are often not done well: Communication, collaboration, and coordination. Everyone should have clearly defined roles. They do their part and, where applicable, hand it off to the next person so they can get their part done. Everyone works together and helps one another.

Industry Voices 23

Alex JimEnez
Managing Principal, EPAM Systems
Industry Voices 3Industry Voices 4

Antiquated Systems Hinder Growth

“I see a lot of finance teams still working the same way they have been working for twenty years or more. While tools like Excel and reporting platforms have improved, the quarterly crunch happens every quarter with little chance of changing. Also, basic accounting functions are labor-intensive even when platforms have been deployed to automate activities (e.g., expense reports, billing, etc.).”

Industry Voices 26

Meghan Biro
Managing Principal, EPAM Systems
Industry Voices 3Industry Voices 4

Finance Teams Need to Be Freed Up

“I see finance teams hampered by backward processes, still causing unnecessary errors. They’re held back by focusing on transactions and tasks rather than having the software to automate those processes. Additionally, they’re not getting the data and reporting they need to be predictive—using AI, for instance, to gain insights on risk. We need to free up our finance teams to really have value now beyond the confines of traditional tasks. 

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Key Themes for Scaling Finance Teams

Onboarding and scaling finance teams is a huge hurdle for many organizations. All too often, teams are siloed into their specific roles, which makes cross-collaboration virtually impossible. Coupled with antiquated processes and scalability begins to feel like an out-of-reach concept. Here are some insights on how to scale and grow finance teams for success.

Industry Voices 29

Ray “R” Wang
Founder, Chairman, and Principal Analyst, Constellation Research
Industry Voices 3Industry Voices 4

Industry Voices 23

Alex JimEnez
Managing Principal, EPAM Systems
Industry Voices 3Industry Voices 4

The Role of Automation and Machine Learning

“Deploying automation and machine learning should free up the finance team to be more proactive. Instead of merely reporting on results, they can pinpoint areas of concern or opportunities to help guide the organization as it happens. The quarterly or monthly crunch I mentioned earlier should go away as the team starts working with real-time results. Over time, financial analysts augmented by real-time platforms will be embedded with other functions to guide the organization instead of being a separate function.  

Industry Voices 20

Seth David
Chief Nerd, Nerd Enterprises
Industry Voices 3Industry Voices 4

Don’t Have Managers, Have Trainers

“The worst thing I encountered at every job before starting my own company (and is the reason WHY I started my own company) was the management. 
I believe that if managers act more like trainers and less like managers, then you will have grateful employees who feel like they are valued and never berated.

Industry Voices 26

Meghan Biro
Managing Principal, EPAM Systems
Industry Voices 3Industry Voices 4

Maximizing Efficiency is Key

“Scaling a finance team is essentially allowing people to grow and handle the increasing needs of your scaling business. What’s key is collaboration tools, processes that maximize efficiency across a broader playing field, and a way to continue capturing real-time data and conducting financial reporting and analysis at scale. Another key factor is workflows that accommodate the additional tasks and people involved but don’t add any additional complexity. 

Recommended Reading

Technology’s Role in Finance

When building out the finance team of the future, deploying the right technology for your team and organization is paramount. What technologies will help the team move faster, enable them to be more strategic, and address their everyday challenges? Continue working on getting the answers to these questions and more when it comes to leveraging finance technology for the success of your business and team.

Industry Voices 41

Chris Ortega
CEO, Fresh FP&A
Industry Voices 3Industry Voices 4

Industry Voices 44

Alex Cedro
VP of Finance, Tipalti
Industry Voices 4

Focus on Value-Added Strategies 

“Automation is often seen as a means of freeing employees from those mundane, time-consuming tasks. That much is true. And with the extra time, finance teams can shift their focus toward more value-added strategies. They can start thinking outside the box and offer innovative ways to protect companies from rising inflation. On top of that, however, digital finance and automation tools also offer teams access to real-time data, gaining greater visibility into your organization’s financial standing. If your company’s finance function is visible, more departments can be aware of the financial state and contribute to the overall strategy.

Industry Voices 46

Chris Skinner
CEO, The Finanser Ltd
Industry Voices 3Industry Voices 4

Opportunities to Integrate Technology Effectively

“The biggest technology gap I often see for finance teams is that they treat technology as something separate or as a function. Technology is no longer separated from the business but is an integral part of doing business effectively. Integrating technology effectively will be critical to the success of scaling finance teams.

Industry Voices 49

Meghan Biro
Managing Principal, EPAM Systems
Industry Voices 3Industry Voices 4

Be Strategic, Not Transactional

“It’s not just a digital shift in operations bringing finance teams into the future. It’s the ability to be strategic rather than transactional; to have a data-powered vision to move forward on an optimal path. We have super-smart automated processes that free us to be far more efficient and more of a strategic partner in terms of decision-making, reporting, analysis, and planning. With new technology, we can cover all the bases—and predict with confidence.

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