In this engaging discussion, Michael Bayer, CFO of Wasabi Technologies, and Cathy Yang, CFO of Trexon Global, dive into the complexities of today’s financial landscape. They explore the impact of tariffs on business operations and pricing strategies amid trade tensions. The conversation also highlights the transformative role of AI in enhancing supply chain visibility and financial forecasting. Additionally, they address the talent crisis looming in the accounting field, stressing the need for adaptability and continuous learning in finance.
CFOs must proactively develop strategies to address the significant uncertainties posed by rapid technological changes and geopolitical tensions.
Prioritizing a clean data model is essential for leveraging advanced technologies like AI to enhance decision-making and predictive insights.
Organizations should cultivate a culture of continuous learning to attract talent with a growth mindset and sustain resilience in finance.
Deep dives
CFOs Navigating Global Uncertainty
CFOs and FP&A professionals face significant uncertainty due to rapid technological changes, talent shortages, and geopolitical tensions, such as potential trade wars. This volatile environment creates challenges in decision-making as they navigate daily fluctuations in their organizations. The panel emphasizes the need for CFOs to develop strategies to manage these uncertainties proactively while ensuring transparent communication with stakeholders. Effective leadership in finance requires an understanding of these dynamics to steer organizations through turbulent times.
Importance of Data and Automation
The panelists highlight that automation and data hygiene are foundational to modern CFO practices, enabling organizations to leverage their information efficiently. It is crucial for CFOs to prioritize a clean and robust data model before adopting advanced technologies like AI. Enhanced data analytics can lead to better decision-making and predictive insights, helping organizations stay competitive and responsive to market changes. This focus on data-driven strategies allows CFOs to act as business partners rather than just traditional financial stewards.
Impact of Emerging Technologies on Finance
CFOs must keep pace with emerging technologies such as AI and generative models as they reshape the finance function. These tools promise to enhance efficiency and facilitate deeper insights, enabling finance teams to evolve from data entry roles to strategic analysis. However, the integration of AI requires organizations to establish a solid data foundation and to rethink existing processes. As technology continues to advance, CFOs will need to adapt their skill sets and embrace new ways of working to harness the potential of these innovations.
Talent Management in Finance
With an anticipated talent shortage in the accounting field, organizations must proactively develop strategies to attract and retain skilled professionals. CFOs are increasingly focusing on hiring individuals with a growth mindset who can adapt to the changing landscape of finance and technology. Providing opportunities for cross-training and hands-on experiences is essential for fostering a dynamic workforce that can navigate future challenges. A culture that emphasizes continuous learning will be critical in sustaining talent and ensuring the finance function remains resilient.
Adapting to Tariffs and Trade Policies
CFOs must navigate the complexities of tariffs and trade policies that impact their organizations, especially in a global manufacturing context. They should maintain open communication with customers and suppliers to manage expectations and mitigate risks associated with changing trade regulations. Developing adaptive pricing strategies that account for fluctuating costs is essential for maintaining healthy margins. By building resilient supply chains and effective cost management practices, CFOs can better position their organizations to handle economic uncertainties.
FP&A Today goes on the road!. Our host city is Boston and the historic Harvard Club with an audience of Boston CFOs and FP&A leaders. Our first live recording sees an all-star panel of Jack McCullough, CFO Leadership Council, Michael Bayer, CFO of Wasabi Technologies, Cathy Yang, CFO Trexon.
By way of background, Jerome Powell, the chair of the Federal Reserve, talked of “remarkably high” levels of economic uncertainty. “I don’t know anyone who has a lot of confidence in their forecast,” he said. FactSet, a financial-data firm, found that over half of the companies in America’s S&P 500 index cited tariffs in their earnings calls—more than in any other time over the past decade.
In this episode we probe how finance executives can navigate today’s complex geopolitical and technological landscape including:
The ROI of a CFO AI Strategy
How to navigate as a financial leader with tariffs and trade tensions
Trexon’s Experience navigating tariffs affecting 12 business units and 16 sites
Tech and AI’s role in enhancing supply chain visibility
Pricing increases for customers due to tariffs and navigating that from the CFO’s Office
Back to work or not for finance teams?
The future of accounting
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