Welcome to the latest edition of the Finance and Accounting Technology Briefing, a biweekly newsletter from StrategicCFO360 and The CFO Leadership Council.
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Welcome to the latest edition of the Finance and Accounting Technology Briefing, a biweekly newsletter jointly produced by StrategicCFO360 and The CFO Leadership Council. Our goal is to help finance pros make confident technology choices and give software providers a better understanding of their customers' needs.
The inaugural Finance and Accounting Tech Expo at the Javits Convention Center in New York City is 11 days away! More than 2,000 executives have registered to attend the event from October 29-30. To avoid a case of FOMO, see the registration link in the "Upcoming Events" section at the bottom of this newsletter!
If you have feedback, ideas or product, people and company news for the Briefing, please email the editor at vince@CFOLC.com. We look forward to seeing you later this month!
Tech Expos: How To Earn A Higher ROTI
You've probably been to many tech conferences and shows. (My first was Comdex Las Vegas in 1991 when IBM unveiled their first consumer PC, the PS/1. It was also the year Windows 3.0 launched.) Not all expos prove productive, at least for me. To help you hone your tech expo attendance strategy, we've collected some tips on how to get the highest return on your time investment (ROTI).
Not coincidentally, our Finance & Accounting Technology Expo (FATE) is only 11 days away, and we want you to get the most out of it! But if you can't be there, you can apply these pointers to any tech expo you attend in the future.
- Prep beforehand. Attendees need an action plan and a stated goal. Bruce Lynn, managing partner of the Financial Executives Consulting Group, advises doing homework on vendors before stepping on the show floor. Then, develop a shortlist of must-see booths and sessions, says Mark Sue, CFO of Breathe Media Network and co-chair of The FENG technology group.
- Ask, "What problem am I trying to solve?" and keep the answer in mind to prioritize floor visits to exhibitors and session attendance, Lynn says. Janice Stucke, the CFO of CREW Network, envisions CFOs coming at an expo like FATE from two angles. The first is looking for a specific solution, like an AP system. In that case, visit the top vendors' booths and attend their thought leader sessions to ask more specific questions. The goal would be to leave the conference with two companies for further evaluation. The second approach would be to look for answers to specific challenges for which your company can't find solutions. For example, CREW has "many nuanced credit-card reconciliation procedures for different entities, and it's been challenging to automate that process," Stucke says.
- I'm going. "Share on social media that you will be attending the conference and let people know you are open to networking," says Paul Barnhurst, the FP&A Guy. "That could lead to some opportunities that are unexpected." If networking is your goal, try to connect with people beforehand, adds Barnhurst.
- Book before the conference. Mark Sue recommends booking meetings with key exhibitors in advance. (For FATE, this can be done through the Brella event app; a signup email was sent to attendees on Wednesday. If you haven't received it, check your spam folder for an email from noreply@brella.io. If you still can't find it, please contact support@brella.io.) "It guarantees you time to go deeper with them," Sue says. Barnhurst agrees: If your attendance is to "review software vendors for a certain type of tool, contact the vendors beforehand."
- Sessions vs. booth time. FATE has 70-plus exhibitors, more than 50 sessions given by sponsors and thought leaders, four keynotes and about 40 product demos. How much time should you spend at the exhibits versus attending sessions and keynotes? It depends on your objectives. Sue finds sessions well prepared, so he would spend 30% to 40% of his time there. If you've already narrowed your vendors-to-see list, says Lynn, you could up that to 60%. Lynn recommends attendees pace themselves and not visit every vendor. "Go for quality over quantity," he suggests.
- Have your questions ready. Have meaningful questions or talking points ready for exhibitors, says Matt Barnard, VP of Finance at Vertice. Focus on the vendor's products, services and collaboration opportunities. According to Sue, an example of the questions an attendee might want answered include: "What makes you different from the competition?" "How does your solution help me in my particular industry?" "Give me some success stories and tell me about implementation challenges for companies of our size." Don't forget to network with other attendees; you may find a finance exec who recently acquired or implemented the product or service you're evaluating, says Lynn.
- Demo decisions. FATE has two demo theaters with a full schedule of 15-minute product demos. At a booth, however, consider skipping a demo (unless the vendor is high on your priority list) because it can take too long. Additionally, Sue suggests, you can always schedule a demo with the vendor rep post-conference.
Lastly, don't be afraid to trust chance. Barnard recommends leaving parts of your schedule open for serendipitous encounters. "Don't book every minute. ... Stay open to shifting priorities," Barnard says. Adds Sue: "Some of the best moments at expos come from unexpected conversations or random sessions." And, in case you think we're too serious about all of this, there's always the option of not preparing at all. In that case, "just attend and let the excitement guide you," Stucke says.
—Vince Ryan, editor, The CFO Leadership Council. vince@CFOLC.com
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We asked Reed Anders, CFO and COO of Third Road Management, what software his fractional financial services company uses while guiding small and midmarket companies.
We're fully committed to the Microsoft ecosystem, which has significantly evolved in terms of functionality and capabilities. While we continue to rely on familiar tools like Excel and PowerPoint, we've taken it a step further by leveraging PowerTools to build workflows that transform the Microsoft stack into a fully integrated solution. Thanks to the intuitive user interface of PowerAutomate [Microsoft's SaaS workflow and process platform], we can manage and maintain the system efficiently without needing a large, specialized development team.
What's your joy, and what's your headache?
Both my joy and headaches originate from the ever-changing technology landscape. The rapid pace of technological evolution is exhilarating and offers nearly endless opportunities for innovation. Exploring new tools and strategies that can drive the organization forward is incredibly rewarding. However, this constant evolution also presents a challenge. There's an ongoing struggle to thread the needle between maintaining the day-to-day operations and driving the necessary innovation to stay ahead of the game. That balancing act is generally where the headaches arise.
If you could wave a magic wand, what would you make software companies do for you?
I'd love to see the development of AI capabilities that allow us to update, integrate and maintain our systems using simple, natural language commands. Imagine being able to add a new user, revise a workflow, build an integration or update a project plan just by describing what you need—no technical expertise required. I believe this kind of functionality isn't too far down the road. While I'm not eager to hand everything over to the robots, there are moments when I'd appreciate their help!
What's your best piece of tech advice for others in your job?
Develop a clear vision for how technology can serve your organization and establish the core pillars that define what you hope to achieve with it. Revisit this vision annually to ensure it aligns with your organization's overarching goals. Having this vision as your North Star is crucial in a world where technology options and capabilities evolve at breakneck speed. It will help you stay focused on your ultimate objectives and prevent you from getting sidetracked by every shiny new tool or trend.
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Have news to share? Drop me a line at vince@CFOLC.com — Vince Ryan, editor
HubSpot agreed to acquire Cacheflow, a B2B platform for subscription billing management and configure, price, quote (CPQ) activities, for an undisclosed amount. Cacheflow's solution will extend HubSpot's Commerce Hub capabilities to automate purchasing so deals close faster.
AI accounting software startup Numeric raised a $28 million Series A round led by Meno Ventures, including IVP, Socii Capital and existing investors. Numeric's platform helps finance teams spot data errors and automate month-end workflows.
ISS-Corporate, a provider of governance and compensation programs, acquired SustainaBase, a West Palm Beach, FL-based provider of carbon accounting and data management software for corporate sustainability reporting.
KPMG LLP made a $4 million minority equity investment in Wokelo, a Seattle startup with large language model (LLM)-based technology and agentic workflows that accelerate the research and synthesis of large data sets for due diligence reports.
Corporate card platform Brex and travel services firm Navan announced the joint launch of an integrated enterprise travel solution for global enterprises. BrexPay for Navan streamlines travel payments into one workflow for Navan travel management system users.
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Have news to share? Drop me a line at vince@CFOLC.com — Vince Ryan, editor
Smartsheet appointed Helen Masters as managing director of the work management company's Asia-Pacific region. Masters is a former executive vice president and GM of international sales for Ivanti and previously worked at Infor, Cisco Systems and SAP.
Board hired David Marmer as senior vice president of product. The appointment of Marmer, a former IBM and Cognos executive, is "part of a broader leadership initiative aligning product innovation with customer-centric strategies," the company said.
Uruguay-based cross-border payments company dLocal appointed Carlos Menendez as chief operating officer. Menendez previously worked in payments and banking at Mastercard and Citibank, and in consumer products at Procter & Gamble.
Business continuity software provider Fusion Risk Management announced that Lisa Schreiber would join the company and its leadership team as chief customer officer. Schreiber has held a similar position at BlackLine and at the cybersecurity firm Forcepoint.
Coupa announced that former SAP executive Salvatore Lombardo has joined the company as chief product and technology officer. Lombardo comes to Coupa after 20 years at SAP, where he led the global product team for SAP Ariba and was head of development for SAP S/4HANA source to pay and order to cash.
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Stock performance is as of the market close on October 16, 2024
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Plan to join us at the Finance and Accounting Technology Expo, the country’s largest annual trade show for buyers and vendors of corporate finance and accounting software. This year’s event will occur at New York’s Javits Convention Center on October 29-30, 2024. This is an excellent opportunity to network with industry peers, learn from experts and discover new products and services. Register online at StrategicCFO360.com/FATE/register/
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If you enjoyed this e-newsletter, please subscribe to receive future issues in your inbox. You can also share it with your colleagues and friends who might be interested in finance and accounting software. To subscribe or share, please visit StrategicCFO360.com/FATE/ and fill out the form at the bottom of the page.
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