New York, NY (December 13, 2018) The CFO.Org Conference organized by CXOsync was held last week in New York's Westin Times Square on Thursday, Dec. 13th.
Auxis and UiPath, the leading RPA software provider, co-sponsored the event that gathered over 100 CFOs from enterprise and mid-market organizations in the Northeast (e.g. Pearson Education, Sony Music Entertainment, New York Life Insurance, etc).
As part of the program, Raul Vega the CEO of Auxis facilitated a keynote presentation where he shared his perspective on how traditional back office models are not going to cut it in today’s hyper-change business environment and why CFO’s need to lead the charge to Modernize.
With almost 30 years of multi-national, business transformation experience, Raul shared key trends and best practices that leading companies are leveraging to modernize their Finance Departments into true enablers of business value. Some of the specific trends discussed included Robotics Process Automation, Nearshore Outsourcing, Shared Services and BI.
Here’s a summarized recap of Raul’s presentation:
- One of today’s main challenges for any CFO is to execute on day-to-day demands while delivering greater business value. The typical back office operation is dealing with these issues:
- CFO’s need to lead the charge to Modernize the Back Office by leveraging 4 key building blocks:
- Shared Services & Outsourcing models continue to be a growing trend, and midmarket CFOs will need to increasingly leverage these strategies in order to compete and stay relevant in today’s disruptive business environment
- On average, organizations are managing 83% of their F&A function under a Shared Services Model (45%) or Outsourcing (38%) - 2017 KPMG SSC & Outsourcing Report
- 59% of organizations are looking to increase its reliance on BPO - 2017 KPMG SSC & Outsourcing Report
- Latin America represents 24% of the Top 100 Global Outsourcing Destinations – Tholons
- Low licensing costs coupled with quick implementation timelines and ease of development have made RPA accessible to all industries and company sizes
- The RPA software market expected to grow by 41% YOY to 2020 – Gartner
- MIT to launch a new college dedicated to AI backed by $1 Billion
- UiPath, one of the top 3 leading RPA platforms in the market, is the fastest growing software company in history – from $1M to $100M+ in less than 21 months!
- F&A is the top RPA penetrated function (79%) and over 70% of organizations recover their RPA investment in less than 12 months – Auxis 2018 RPA Survey Report
Business Intelligence is also a key vehicle in the evolution of the finance department towards a true business value partner that can provide more insights and predictive analytics
- The Global Business Intelligence (BI) market is expected to grow from $15.6 B in 2016 to reach $29B by 2022 with a CAGR of 11.1%
To get a copy of the full presentation from Raul’s keynote, you can download it here.
If you are interested in attending future CFO.org conferences, below is a calendar of the 2019 CFO events: