At CFO Rising East this March, finance leaders will gather to discuss strategy, investment, security, relationships, and more. The following offers a sneak peak of what to expect at the Boston event.
Resource Reallocation and Strategic Frameworks
New technologies offer flexibility in areas where there previously was little, or none at all. Planning and budgeting have especially been affected. Whereas these two processes were conducted at specific times throughout the year, they are now expected to be continuous. This is known as the “rolling forecast.” Another type of change that leaders must adjust to is the reallocation of resources, which, similar to rolling forecasts, requires agility.
Dave O’Malley, information technology executive at GE Digital, understands this, and so does his team. In O’Malley’s experience, “companies currently lack transparency on where to place limited financial resources.” His team focuses on developing strategic frameworks — a process that requires agility. If a framework has no measurable or tangible outcome, the resources allocated to it are moved elsewhere. In Boston, O’Malley will share how this approach has increased the value of GE software products.
These complex financial instruments can be tricky. Even Warren Buffet once claimed to Berkshire shareholders that “derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.” Some finance leaders may be reluctant to embrace derivatives after hearing such strong language. But not Charlie Herche, who says derivatives can help manage financial risks and, at the same time, bring an organization definite economic benefits.
Herche, the treasury and capital markets director at Expedia, says utilizing derivatives can also enhance a corporate treasury’s ability to be a strategic finance partner within the business. Come to Boston to hear his unique perspective on derivatives.
Security & IT Transformation
The aforementioned advancements in technology, unfortunately (though unsurprisingly), beget vulnerability. The malleable processes that go hand-in-hand with agility leave businesses open to cyber-security breaches. IT departments of all industries, like their cousins in finance, must adapt to new circumstances. And these two departments grow more familiar with one another as technology develops.
Cyber-security cannot be overlooked. In fact, it cannot go unseen. Neglecting its dangers can prove hazardous to businesses and consumers alike. Jeanette Wade, CFO of the executive office of technology services & security for the commonwealth of Massachusetts, understands that “technology illustrates rapid-pace advancement with corresponding costs and security vulnerabilities.”
In Boston, Wade will demonstrate how every technological choice creates the possibility of a cyber-security threat, and how businesses can transform IT to mitigate this potentiality.
HR as An Asset
CFO reviewed a book not long ago that advocated for a strong relationship between the human resources department and finance. Building rapport with individuals and departments outside of finance is part and parcel to the evolving CFO role. As it is true with any department within any organization, it is also true with finance: acquiring, developing, and retaining talented individuals is a priority.
Jon Kanter, CFO of law firm Goodwin Proctor, will be in Boston to discuss the importance of a relationship between HR and finance. In Kanter’s own words, “So much of a CFO’s time and effort can be taken up addressing critical issues regarding talent management strategies, team performance, morale, and motivation. Doing this without a true business partner from HR, who understands the business, the roles that finance plays, and the people who fill them, would be even more overwhelming.”
Join Us in Boston
Solving problems, staying current on trends, building networks and relationships, and enjoying a productive two days out of the office is what CFO and Innovation Enterprise offer with every one of their summits. If you want to hear more from O’Malley, Herche, Wade, Kanter, and a roster of other finance innovators, register for CFO Rising East. Click here for more details.