On-demand Webcast | Trendspotting in Finance: Insights for Today's Finance Leaders

Trendspotting is a critical skill for today's finance leaders who must navigate a rapidly changing business landscape. By keeping an eye on emerging trends and technological advancements, finance leaders can stay ahead of the curve and make informed decisions that drive business success.

In SAP Concur’s latest webcast titled, Trendspotting in Finance: Insights for Today's Finance Leaders, Sara Hurst, Senior Director of Client Sales at SAP Concur Canada, dug into the challenges facing finance leaders in 2023 and explored actionable strategies to proactively stay ahead. Sara was joined by experts Marc-André Paquette, Principal, Corporate Oversight and Governance at CPA Canada, Kevin Smith, Vice President, Corporate Finance at IMP Group International and Bobby Hodges, Sr. Product & Solution GTM Strategy Manager at SAP Concur.

Top Challenges Faced by Finance Leaders:

The conversation kicked off by exploring several challenges finance leaders are encountering in 2023. These challenges include staffing and labor shortages, cybersecurity threats, environmental, social and governance (ESG), reporting requirements, rising interest rates and costs, inflation, and upcoming custom changes in Canada. The panelists also highlighted the increasing disruptions to business caused by climate change and natural disasters, such as hurricanes and wildfires.

Greenhouse gases (GHG) emissions and geopolitics are now becoming topics of priority for finance leaders. The panelists share finance professionals are now being tasked with communicating a company's sustainability performance and must keep pace with high-quality ESG reporting. They also note stakeholders such as financial institutions, employees and the public are putting pressure on companies to deliver this type of reporting. This is where technology like SAP Concur solutions can be useful in enabling finance leaders to make informed decisions, optimize spending, and align their organization's travel policies with sustainability goals.

Importance of Upskilling and Technology Improvement:

During the panel discussion, the importance of embracing change in organizations and adopting the best technologies to drive digital transformation was highlighted. By equipping teams with the right tools, such as Concur Expense, finance leaders help employees adapt and perform their jobs more efficiently. Automation was identified as a key solution to reduce manual workloads and enable teams to focus on more strategic tasks.

The adoption of AI in finance was also discussed, along with the challenges and the need for finance leaders to build trust in AI algorithms. Small, low-risk pilot projects were recommended as a way for finance leaders to experiment and gradually integrate AI technologies into finance processes. Panelists shared examples of using AI tools such as ChatGPT to record conferences and the caution that needs to be exercised while using it. The panelists suggest it is better to use it for low-intensity questions initially, like structuring one's mind on a particular topic before jumping into completely confidential discussions.

Building a People-Centric Workforce:

While technology can enhance the transformation process, it is ultimately the people within the organization who must lead the change. The panelists emphasized finance leaders should focus on strategy and people, rather than relying solely on technology. This includes breaking down silos and fostering collaboration between IT and finance departments to ensure effective communication and alignment of goals.

To close out the conversation, the panelists shared their insights on what leaders must do to create a productive and collaborative work environment. Being receptive to feedback, understanding what the team needs, fostering a workplace of flexibility, and having a variety of perspectives and points of view are key.

 

To hear more insights about how financial leaders can use technology to face today's challenges and stay ahead in their industries, watch the webinar.

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