Category Archives: CFO

The Sage CFO 3.0 Research Launch

Knowing that CFO transformation is one of my favorite subjects (having run a planning company for six years) the folks at Sage invited me to moderate a set of panels at their San Francisco and New York media events this week.  Sage is launching the results of a research study where they surveyed over 500 CFOs of primarily medium-size businesses about the ongoing transformation of the CFO role, and their outlook on topics ranging from the evolution of finance to advanced automation (robotic process automation, or RPA), artificial intelligence (AI), and machine-learning.

In addition to a fine selection of customers for each panel, I was pleased to have two thought leaders joining me as well: Rob Kugel from Ventana Research, and Jack McCullough, president of the CFO leadership council and author of Secrets of Rockstar CFOs.  Sage CTO Aaron Harris even helped out with a few questions after giving his presentation that helped tee-up the panel.

Among the more interesting findings:

  • 98% of CFOs say their job has changed in the past 5 years.  Fortunately, none of our panelists were in the other 2%.
  • 94% believe that financial management tools success increase productivity in the department.
  • 46% of finance professionals reported an increasing demand for business counsel beyond just basic reporting and analytics.  Finding more time to offer such counsel is an ongoing theme in CFO transformation.
  • 92% are hopeful that AI/ML can further increase automation in finance and help create more such time for strategic matters.
  • Yet 83% say that their organizations may be yet be culturally ready to adopt more automation technology.
  • While only 25% saw themselves as change agents, nearly 75% reported that they were leading digital transformation efforts at their organizations.  Humble people, those CFOs.

In addition to a  great joke (question:  “how do you know when you’re talking to an extroverted accountant?”  answer:  “they’re the one looking at your shoes when they’re talking.”) we heard a few colorful stories as well, my favorite from Jack who at age 19 was hauled into the CFO’s office for questioning as to why Jack referred to him as the “CFNo.”  Expecting to be fired from his first job, Jack was instead thanked, “that’s quite a compliment,” said the CFO 1.0, “I’m pleased to hear you’ve been calling me the CFKnow.”  Jack dodged a bullet on that one, for sure.

Thanks to Sage for inviting me and best of luck on the continuing journey to transform finance.  You can get a copy of the full Sage CFO 3.0 study here.

Video of my Host Analytics World 2015 Keynote Presentantion

Thanks to the 700+ folks who attended my keynote address at last week’s Host Analytics World 2015 conference in San Francisco.  We were thrilled with the event and thank everyone — customers, partners, and staff — who made it all possible.

Below is a 76-minute video of the keynote presentation I gave at the event. Enjoy!  And please mark your calendars now for next year’s Host Analytics World — May 9 through May 12, 2016 — in San Francisco.

CFOs: More Strategic Than Ever

I was digging through my reading pile and found this about nine-month-old report by Accenture and Oracle entitled The CFO as Corporate Strategist by Donniel Schulman and David Axson of Accenture.  Those who follow Host Analytics might remember David Axson as he’s spoken at several of our user conferences.  (Note:  the 2015 conference is May 18-21 — save the date!)

The overall theme of the paper is that the traditional “bean counter” positioning of CFOs is as outdated as the hula hoop, with CFOs becoming more strategic over time, and partnering with the CEO to run the company.

Here’s one chart from the report that shows just that:

cfo influence

We definitely seeing this trend with our customers at Host Analytics.

As I’ve always said, “CEOs live in the future,” so if CFOs want to partner with them, they are going to de-emphasize a lot of their backwards-looking role and join their CEOs in the future.  This means automating and delegating backwards-looking functions like consolidations and reporting.  And it means getting more involved with both financial planning & analysis (FP&A) and their cousins in the various “ops” teams springing up around the organization — e.g., salesops — who also do lot of planning, modeling, and scenario building.