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Like many seasoned finance executives, Damon Fletcher saw Snowflake as a game-changer in cloud-based data management. While a senior finance executive at Tableau , he championed its adoption, recognizing its ability to scale analytics and streamline enterprise data operations. … The biggest mindset shift from CFO to CEO?
These folks create the bridge between Finance and IT with the expertise to give companies confidence that their cloud costs are well managed, and price/performance is fully optimized. They speak the language of both IT and Finance. Savings of 10% to 25% on cloud costs with no additional headcount is common.
She pivoted to banking, taking on a temporary role at California Bank & Trust, where she quickly discovered her passion for the intricacies of finance. Her journey through various roles in the bank—ranging from specialized asset analysis to risk management—shaped her understanding of the business and led her to the CFO office.
Effective cloud costmanagement ensures that every dollar aligns with your strategic goals, enabling better governance, greater accountability, and measurable results. Key Strategies for Optimizing Cloud Spend To master cloud costmanagement, C-level leaders must move beyond basic expense tracking.
Finance leaders now are faced with the task of identifying and mitigating ESG-related risks, allocating resources towards sustainability initiatives and communicating the organisation's ESG performance to stakeholders. One of the most persistent misconceptions about sustainability is that it comes at a high cost," Soh notes.
He discusses how Snowflakes billing model can lead to escalating costs and how Calipers analytics-driven approach helps businesses identify inefficiencies, optimize queries, and reduce cloud expenses. Fletcher highlights the importance of visibility and strategic costmanagement for companies leveraging cloud-based data solutions.
The rapid adoption of this technological advancement led to unexpected challenges in managing cloud costs, a concern finance leaders must handle properly for the organisation. As cloud spending continues to increase, many compaies face cost overruns and unexpected expenses.
Yet, many finance and IT leaders still treat Technology Expense Management (TEM) as an afterthought, a reactive function focused on invoice processing or software license tracking. They were the product of strategic analysis, cross-functional execution, and hands-on costmanagement. What does modern TEM look like?
Angeline Mesny Sanford , senior manager, channel marketing at Bottomline Technologies , says lessons on cost control that is back in fashion, not just in finance but across the business; digital processes and payments that need to be embraced, now more than ever; and transforming the way businesses pay suppliers must be properly looked into.
The finance operating model is shifting and the pressure on banks’ finance teams to do more with less has never been greater. Successful finance teams must operate as strategic business partners, using tools such as advanced analytics and predictive modelling to bring data-driven insights to the business. DOWNLOAD NOW.
This level of transparency helps decision-makers pinpoint redundancies, resources needing to be fully utilized, and opportunities for cost reduction. Our IT management services are designed to help companies navigate the complexities of technology expense management, offering tailored solutions to meet your unique needs.
Editor’s note: Automation can work wonders but it can also create challenges for the finance function. Sarita Singh, Regional Head & Managing Director, Southeast Asia, India, Greater China, Stripe FutureCFO: What are the major challenges facing CFOs and the finance function in 2024 in terms of automation?
As enterprises look to embrace these technologies, CFOs and finance organizations are uniquely positioned to take their current roles of stewards of data, algorithms of measurements, and validation of benefits, to bring about the next generation of business – that of the cognitive enterprise. Sanjay Patil.
Read More Going forward, a decision by White to specialize in finance, rather than following the traditional rotation between operational and financial roles, was initially met with skepticism inside the military. Early in his career, it was suggested that his focus on finance could limit his promotion prospects.
Historically, banks have faced high-cost pressures exacerbated by their legacy systems. According to S&P Global Ratings, operational costs for European banks increased by over 4% annually from 2021 to 2023 , emphasizing the need for effective costmanagement strategies.
Editor’s note: Wei Zheng (pictured), Finance Director, Hays Asia shed light on what matters when it comes to leadership, how you can progress to become a leader, and the biggest challenge facing finance leaders today. This interview is part of FutureCFO’s Female Leadership in Finance Series. What’s your career goal now?
The leaders of Outliers bring significant experience as CFOs of private equity portfolio companies and understand the complexities of upgrading finance and accounting functions post-transaction close,” said John Signa, founder and CEO of E78 Partners. ” More information about E78 can be found at E78partners.com.
From the ongoing global conflicts to the lingering effects of high inflation, corporate finance professionals are gearing up to navigate an environment marked by volatility and uncertainty. This trend is expected to persist into 2024, influencing strategic decisions and prompting a focus on costmanagement and expense reduction.
Many Finance teams continue to employ approaches to planning, reporting, and analysis that lack the speed, flexibility, and ability to provide insight necessary to support their companies’ growth goals. But many Finance and performance management systems used by companies aren’t set up to support growth.
A common trait of many of the finance leaders FutureCFO spoke to during the course of the FutureCFO Excellence Awards 2023 , is the quality of leading by example – by guiding through example, they inspire others to be the best at what they do. Inflation and supply chain disruptions resulted in higher cost of doing business.
When to Use Activity-Based Budgeting ABB works best for companies looking to improve costmanagement and efficiency, especially those that need a granular understanding of how resources are used across various activities.
With millions of lines of billing data to process and a complex array of cloud services to choose from, managing cloud costs effectively requires more than just internal expertise. A third-party perspective on cloud optimization can help bridge the gap between IT, finance, and operational performance.
Spotting payment challenges As with the impact of the said changes in the finance team of an organisation, Metzger thinks that real-time payments are a challenge, albeit this is not the main hurdle for corporates. “I He notes that what matters for finance leaders is that they can optimise their liquidity position using such avenues.
MicroTech , which provides information technology services to government entities, is partnering with costmanagement tool CostPerform , in order to boost functionality for IT payment processes, according to a press release. MicroTech was formed in 2004 and has worked to help customers get the best value for financing their assets.
With millions of lines of billing data to process and a complex array of cloud services to choose from, managing cloud costs effectively requires more than just internal expertise. A third-party perspective on cloud optimization can help bridge the gap between IT, finance, and operational performance.
Effective cloud costmanagement ensures that every dollar aligns with your strategic goals, enabling better governance, greater accountability, and measurable results. Key Strategies for Optimizing Cloud Spend To master cloud costmanagement, C-level leaders must move beyond basic expense tracking.
Cost reduction initiatives can yield significant benefits for organisations and their employees when approached strategically and executed effectively. It should be noted, however, that cost cutting should not be approached as a reactionary, short-term measure, but as a strategic investment in the future of the company.
Traditionally, CFOs come from accounting, and they’re known as people who can handle financing strategy, costmanagement, reporting needs and standards of accounting. After the 2002 Sarbanes-Oxley Act, companies would pick chief accounting officers as finance chiefs.
The release stated the partnership will let companies pay costs via a credit card, while accessing on-demand liquidity alongside costmanagement tools. Nets will provide the full-scale solution with a corporate credit and debit solution using digital services, enterprise card management and security tools, the release stated.
In the world of business finance, the terms “Cost of Sales” (COS) and “Cost of Goods Sold” (COGS) are often confused. Though they may sound similar, understanding their distinct meanings is beneficial for any business owner or manager.
That, Adelson noted, is another massive obstacle for SMEs that don’t always have the right banking and FinServ relationships to manage accounts receivable across platforms, both online and off. But automation in accounts receivable — including invoice generation and payment acceptance — is key to costmanagement, research says.
When 2023 drew to a close, it is an imperative for all finance leaders to reflect on the various trends in the market such as the digitisation of processes and operations. This will serve as a guide for CFOs to embrace change, prioritise cost efficiency, and stay attuned to the ever-changing technological landscape.
A Gartner survey of 317 CFOs and finance leaders on March 30, 2020, revealed that due to COVID-19 62% of respondents are planning some cuts to selling, general and administrative (SG&A) budgets in their organizations in 2020. Gartner recommends four costmanagement tactics: Think big. Source: Gartner (April, 2020).
One might say that it has been more than four years since, but it is an undeniable fact that shifts within the Finance function and the organisations as a whole are still ongoing here and there. Finance heads also must learn how to ensure seamless integration of disparate systems and technologies while maintaining data integrity.
Capacity reduction is a prudent form of costmanagement and brings immediate cash savings. Costmanagement can be self-defeating when expense reductions create quality issues like long wait times, lower product quality, or slower processing. When should I reduce operating costs? Avoid the Downward Spiral.
A Gartner survey of 145 CFOs and senior finance leaders on April 12, 2020 revealed 51% of respondents said they were preparing for a revenue contraction of up to 30% this year due to the coronavirus pandemic. . In fact, recent data from another Gartner poll showed CFOs warming to the idea of remote working as a costmanagement tactic.”
Editor’s note: What is it like to work with finance leaders in driving growth against the backdrop of the ever-changing business landscape and macroeconomic environment? Juvanus Tjandra (JT): At KPMG, I lead finance and corporate services transformation in the firm, with a focus on strengthening the performance of business functions.
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CFOs surveyed agreed that technology could help with strategic spend management: 60 percent told researchers that they agreed process or technology improvement was key to improving costmanagement. Earlier research from Runzheimer, for instance, found that managers lack visibility into the spend of their mobile employees.
They use data provided by accountants and accounting software to advise businesses in areas including costmanagement, planning, analysis, accounting, controlling, productivity management, and more. An online CFO can also perform special financial functions like managing investor relations and performing audits.
“Growing economic optimism in advanced economies obscures an inconvenient truth: favourable conditions that have powered growth in the last decade are no longer present,” said Randeep Rathindran, distinguished vice president, research, in the Gartner Finance practice.
"CFOs and CEOs are both focused firstly on profitable growth with nearly two-thirds of respondents in both groups putting this in their top three strategic business priorities," says Alexander Bant , chief of Research in the Gartner Finance Practice.
Among the key findings of the survey include: Managing risks: Regionally, 51% of CFOs prioritise technology automation to manage risks, 38% focus on enhancing operational procedure monitoring, and 33% emphasise more aggressive costmanagement.
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