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show notes

Stages of Development

Should my CFO be involved in my tech and innovation efforts? - Scott Geller

14/2/2021

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Scott Geller – The CFO Perspective

Episode: Should my CFO be involved in my tech and innovation efforts? 

Date: February 15, 2021

IBGR.Network - PROFIT Radio. Everything a business owner needs to start, grow or exit a business. GROW WITH US.

INTRODUCTION
I have 20 years of experience in the finance realm that started with the Federal Reserve Bank as a bank examiner, moved on to 7 years at a Fortune 300 insurance company, and then a 50-70 person spin-off technology firm under the Allianz umbrella of companies. I was with the spin-off from day zero all the way until the unfortunate end and I had to close down the business.

I am now a financial consultant serving primarily as a fractional or part time CFO for companies that range from start ups to young and scaling to established with stable growth. I take over from the accountant as a lean cost effective option for Profits Engineering, Cash Optimization, Strategic Acceleration and Executive Partnering committed to your success. Please contact me at scott.geller@capitisadvisors.com.


PROBLEM STATEMENT/SHOW OBJECTIVE
Today's environment is light years away from the siloed corporate world of old and instead requires all businesses to respond quicker and adapt collaboratively across an organization. The pace of change has gradually built over the past 5 to 10 years, but turned into a full run when combined with the recent societal and economic changes from the pandemic.

​The CFO sits at a unique crossroads within most organizations able to either cheerlead the innova
tion into a sprint or remove the underpinnings to trip up progress. 


WHAT YOU NEED TO KNOW
  1. What is innovation?
  2. Seinfeld frames innovation as answering the question ... “You know what I’m really sick of?”
  3. Business systems are the cornerstone of driving scale and efficiency in the business.
    1. Improve business intelligence
    2. Drive tactical and strategic decision-making.
    3. Hand-in-hand with cultural changes
  4. Innovation isn't a home run every time and takes a multiple of attempts to find a few that works
  5. 12/19 - PWC DigitalIQ Study and podcast - 63% of CFOs say innovation in products and services is the most important thing to rebuild. Also need to think about return on innovation. What is the capital investment strategy next year?
  6. What is technology?
    1. Albert Einstein - “I fear the day that technology will surpass our human interaction. The world will have a generation of idiots.”
    2. Barry Ross, President & Co-Founder, Ross & Ross International - “You can’t delegate digital transformation for your company. You and your executives have to own it! Executives need to engage, embrace and adopt new ways of working with the latest and emerging technologies.”
  7. A more practical application within businesses
    1. "Smarter' and Connected between all devices and even non-devices
    2. Mobility
    3. AI and ML
    4. Evolution of laptops and mobile phones
    5. Technology shop - internal or outsourced
  8. Direction and efforts of IT lead ideally by your CTO or CIO
  9. Should you CFO be driving the innovation efforts at your firm? Yes
  10. Should your CFO be collaborating with your technology team? Yes

WHAT YOU NEED TO DO
  1. Need assistance with analytical analytical skills, as well as opportunity and risk assessment expertise. These attributes will help the business select the most advantageous solutions and deploy these applications to deliver favourable returns.
  2. Engage across an organization and serve as a change agent
  3. Cross functional lines are paramount since that’s the type of collaboration that can lead to break-out thinking and results.
    1. Requires balance on the team of deep domain expertise
    2. Job as executives to push ourselves and each other to achieve the best outcomes.
  4. CFOs must start if not already embracing a new role
    1. Arbiter of a company’s budget AND leader responsible for executing strategy
  5. CFO Crossroad
    1. Owns budgets, Final Yes/No, specific skillset found less elsewhere, applications across company, insight across organization
    2. Open to change by quantifying impact
    3. Help identify those projects or efforts as low hanging fruit
    4. Leverage analytical skills, risk assessment, and reason
    5. CFO as the enabler of high impact
  6. Even small companies can run multiple ideas or projects
    1. Make small bets on several ideas, projects, or initiatives and
    2. Put the power and money behind those that have evidence of working 
  7. Businesses need a cogent plan saying where they are going, how the will get there, and who’s responsible.
  8. Need to ask tough questions, identify constraints, and having a process to drive innovation
  9. CFOs need to do more than adapt an agile operational process and mindset. They need to know what to look for in technology platforms so that when they do make a big investment, it’s worth the time and cost.
    1. Total transparency
    2. Efficient data management is key
    3. First-rate cybersecurity controls are a must
    4. Go with purpose-built solutions.
  10. Keys to success
    1. Find an early adopter to serve as a launchpad and bring in rest of the organization
    2. Get an early winner
    3. Celebrate like crazy and publicly
  11. Try to automate as much as possible
    1. Innovation across the company
    2. Exists in people's head to "paper"
    3. Excel to systems
    4. Systems to software
    5. Build vs Buy

PREVIOUS : Episode 6 - 2021_02_08 - How do I know I am generating as much profit as possible?

​NEXT: Episode 8 - 2021_02_22_ How does finance impact my strategic goals?


Resources:
You can connect with Scott via his website or LinkedIn
Connect on LinkedIn
See Scott’s Website



F3.07.4NA

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