AI Propels Cloud Transformation

Dominik Asam, Chief Financial Officer of SAP SE, has seen firsthand how artificial intelligence reshapes the company’s cloud business. “The advent of AI has clearly propelled the story of the transformation to the cloud,” Asam noted, highlighting that SAP’s cloud revenue surged by 25% on a constant currency basis. This transformation is not only a reflection of the growing demand for AI but also a testament to SAP’s strategic vision and execution.

Record Growth in Cloud Revenue

The company’s forward-looking Cloud Contracted Bookings (CCB), which represents subscription revenues locked in for the next 12 months, grew by an impressive 28%. Asam attributed this growth to SAP’s robust cloud offering, particularly the Cloud IP suite, which has consistently generated over 30% growth for nine consecutive quarters. “It’s a broad set of applications throughout the enterprise,” Asam explained, adding that these applications span various functions, including finance and supply chain management.

AI Use Cases Driving Adoption

A diverse range of AI-powered use cases underpins SAP’s success in the cloud. Asam detailed how the company has brought about 30 use cases to market, with plans to introduce another 100. More than 27,000 customers are leveraging these AI solutions to enhance productivity and address challenges such as rising salary inflation. “The 300 million users we have by now in the cloud are really benefiting,” Asam emphasized, illustrating the widespread impact of these technologies.

Broad Application of AI

The application of AI within SAP’s cloud services is extensive. AI is being integrated across the enterprise, from optimizing financial operations to streamlining supply chains. “There’s actually no exclusion,” Asam said, underscoring the versatility and reach of AI solutions. This broad adoption is enhancing efficiency and positioning SAP as a leader in the AI-driven cloud space.

As SAP continues to innovate and expand its AI offerings, the company is poised to maintain its strong growth trajectory. The strategic integration of AI into its cloud services is a crucial differentiator, setting SAP apart from competitors and driving significant value for its customers. “We have more than 27,000 customers using AI-powered use cases,” Asam reiterated, highlighting the substantial and growing impact of these technologies on the company’s success.

Broad Applications of AI

SAP’s CFO, Dominik Asam, emphasizes that AI applications within SAP’s ecosystem are extensive and diverse. “It’s a broad set of applications throughout the enterprise,” Asam noted, pointing to how AI is being harnessed in various sectors, from finance to supply chain management. This expansive use of AI is a testament to its transformative power and versatility in addressing complex business challenges.

Transforming Finance and Supply Chains

In finance, AI is utilized to optimize operations, streamline processes, and improve decision-making. AI-driven insights enable CFOs and finance teams to identify trends, predict outcomes, and make data-driven decisions more accurately. “The integration of AI in finance is not just about automation; it’s about enhancing the strategic role of finance in driving business growth,” Asam explained.

Enhancing Operational Efficiency

Similarly, AI is revolutionizing how businesses manage their logistics and operations in the supply chain sector. AI-powered tools are forecasting demand, managing inventory, and optimizing routes, leading to significant improvements in efficiency and cost savings. Asam highlighted, “Our AI applications in the supply chain are helping businesses navigate complexities and enhance their operational efficiency.”

Real-World Impact of AI Solutions

SAP’s AI solutions are already making a real-world impact. The benefits are clear with more than 27,000 customers utilizing AI-powered use cases. These applications are not only boosting productivity but also helping businesses tackle critical issues such as salary inflation. “The 300 million users we have by now in the cloud are really benefiting,” Asam said, underscoring these technologies’ widespread and tangible benefits.

The broad adoption of AI across various functions within SAP’s offerings showcases the company’s commitment to innovation and customer-centric solutions. As businesses continue to embrace digital transformation, SAP’s AI-driven approach is poised to lead the way, delivering significant value and competitive advantage to its clients.

Gaining Market Share

SAP’s remarkable growth in the cloud sector is not just a product of the surging demand for AI but also a testament to its strategic prowess in gaining market share. Dominik Asam, SAP’s CFO, underscores the company’s ability to outperform competitors significantly. “On the cloud suite of what we do, we’re seeing more than 30% growth, whereas the market is more in the low to mid-teens,” Asam remarked. This exceptional performance highlights SAP’s capability to meet and exceed market expectations.

Outpacing Competitors

The growth figures reflect SAP’s success in outpacing competitors, thanks to its robust cloud offerings and strategic positioning. “It’s like more than twice the performance of the market,” Asam noted, indicating a substantial competitive edge. This impressive growth is attributed to the company’s ability to innovate and adapt its solutions to meet the evolving needs of its clients.

Displacing Homemade Solutions

A significant part of SAP’s market share gains from displacing homemade solutions. Many businesses have traditionally relied on bespoke, in-house systems for their operations. However, SAP’s advanced cloud solutions have proven more efficient, scalable, and cost-effective. “We are displacing many homemade solutions,” Asam said, highlighting the shift towards standardized, high-performance cloud platforms.

Converting On-Prem Customers to the Cloud

SAP’s strategy also involves transitioning its extensive base of on-premise customers to its cloud solutions. This move has been a critical driver of growth. “Now we are really moving to the cloud so we can convert that huge customer base on prem into the cloud, and that drives the growth,” Asam explained. By offering seamless migration and enhanced functionalities, SAP ensures that its existing customers benefit from the advantages of cloud computing.

Strong Performance in Key Markets

While SAP sees potential growth opportunities in various regions, its strongest performances have been in Asia-Pacific, Europe, and the United States. “We have been super strong in Asia-Pacific, outside China, also Europe, and last but not least, the biggest market for us is the United States,” Asam stated. This geographical diversification allows SAP to leverage growth in different economic environments, further solidifying its market position.

The strategic focus on converting on-premise customers, displacing homemade solutions, and leveraging key markets has enabled SAP to gain a significant competitive advantage. As businesses increasingly adopt cloud technologies, SAP’s market share is poised to expand even further, driven by its innovative AI-powered solutions and strategic market positioning.

Expansion Beyond China

While China represents a notable market for global tech firms, SAP’s growth strategy extends far beyond its borders. Dominik Asam, SAP’s CFO, acknowledges the potential in China but emphasizes that other regions play a more significant role in driving the company’s growth. “We do see growth opportunities in China, but honestly, there are other markets which move the needle much more for us,” Asam commented.

Strong Performance in Asia-Pacific

SAP has seen substantial success across the Asia-Pacific region, excluding China. This area has become a pivotal market for the company’s cloud services and AI solutions. “We have been super strong in Asia-Pacific, outside China,” Asam noted. Countries such as Japan, South Korea, and Australia have shown a growing demand for SAP’s advanced technologies, contributing to the company’s impressive revenue growth.

Europe’s Resurgence

Europe, often considered a mature market for enterprise software, continues to perform robustly for SAP. “Good old Europe is doing quite strongly,” Asam stated, indicating that the region remains vital to SAP’s growth strategy. The company’s ability to adapt its solutions to meet European businesses’ unique regulatory and operational requirements has been a key factor in sustaining growth in this region.

Dominance in the United States

The United States remains SAP’s largest and most significant market. The country’s dynamic business environment and rapid adoption of new technologies make it an ideal landscape for SAP’s cloud and AI offerings. “The biggest market for us is the United States, and we have also great traction here,” Asam highlighted. SAP’s strong presence and continuous innovation in the U.S. market position it as a leader in enterprise software solutions.

Leveraging Local Insights

A critical component of SAP’s international success is its ability to leverage local insights and tailor its solutions to meet the specific needs of different regions. By understanding each market’s unique challenges and opportunities, SAP can provide more relevant and effective solutions. This localized approach has been particularly effective in Asia-Pacific and Europe, where market dynamics can vary significantly.

Adapting to Market Trends

SAP’s expansion strategy also involves staying ahead of market trends and adapting its offerings to meet emerging demands. As businesses worldwide continue to navigate digital transformation and the integration of AI technologies, SAP’s proactive approach ensures it remains at the forefront of innovation. This adaptability is crucial for maintaining growth and expanding market share in diverse and evolving markets.

The strategic focus on regions beyond China and strong performances in Asia-Pacific, Europe, and the United States underscores SAP’s comprehensive approach to global expansion. By leveraging local insights and adapting to market trends, SAP is well-positioned to continue its growth trajectory and solidify its leadership in the enterprise software market.

Future Prospects

As SAP continues to ride the wave of AI-driven cloud transformation, the future looks promising for Europe’s largest software firm. Dominik Asam, SAP’s CFO, is optimistic about the company’s prospects, underscoring the pivotal role of innovation and strategic growth in their long-term vision.

Innovation at the Core

SAP’s commitment to innovation is unwavering. The company plans to introduce 100 new AI use cases, adding to the 30 already available. “We have brought about 30 use cases recently to the market. We are planning another 100 to come,” Asam stated. This continuous expansion of AI applications is expected to enhance productivity across various business functions, further solidifying SAP’s position as a leader in enterprise technology.

Expanding Customer Base

SAP’s strategy to transition its vast on-premises customer base to the cloud is a cornerstone of its growth plan. By converting these customers, SAP drives revenue growth and enhances customer loyalty through improved service offerings. “We can convert that huge customer base on-prem into the cloud, which drives growth,” Asam emphasized. This strategic shift is expected to yield significant dividends as more businesses recognize the benefits of cloud-based solutions.

Navigating Global Markets

SAP’s future growth will also be driven by its ability to navigate and capitalize on opportunities in diverse global markets. While China remains a potential growth area, regions such as Asia-Pacific, Europe, and the United States are set to be the primary growth drivers. “The biggest market for us is the United States, and we have also great traction here,” Asam noted. By leveraging its strengths in these key markets, SAP is poised to sustain its growth momentum.

Preparing for Challenges

Despite the optimistic outlook, SAP is also preparing for potential challenges. The rapidly evolving technological landscape and increasing competition require SAP to remain agile and responsive. “We are working at the cutting edge of technology and bringing it to our customers,” Asam said. This proactive approach ensures that SAP can effectively address emerging challenges and continue delivering value to its customers.

Sustainability and Corporate Responsibility

Looking ahead, SAP is also focusing on sustainability and corporate responsibility. As businesses globally prioritize environmental, social, and governance (ESG) criteria, SAP aims to lead by example. By integrating sustainable practices into its operations and product offerings, SAP enhances its corporate reputation and meets the growing demand for responsible business practices.

In conclusion, SAP’s prospects are bright, driven by a robust strategy centered on innovation, customer conversion, and global market expansion. Under the leadership of CFO Dominik Asam, SAP is well-positioned to navigate the dynamic landscape of enterprise technology and maintain its leadership in the industry. With a strong focus on innovation, customer satisfaction, and sustainability, SAP is set to continue its impressive growth trajectory and deliver significant value to its stakeholders.

@SAP announced Dominik Asam as new Chief Financial Officer, starting on March 7, 2023.

Read the news https://t.co/lYEQV7FMGd pic.twitter.com/j0q3GphK2t

— SAP News (@SAPNews) August 31, 2022

Larry Chester emphasizes that while a foundational knowledge of finance is a given, it is only the starting point. Today’s CFO must embody a blend of operational insight, technological prowess, and creative problem-solving. This multi-faceted approach is essential in driving the company’s growth and navigating the complexities of the modern financial environment. “A great CFO needs to be more than just a numbers person,” Chester asserts. “They must be able to understand and influence every aspect of the business.”

The evolving role of the CFO reflects broader shifts in the business world. Rapid technological advancements, increased market competition, and the need for innovative solutions have transformed the CFO’s responsibilities. They are now expected to be at the forefront of corporate strategy, working closely with CEOs and other executives to shape the company’s future. This strategic partnership requires a deep understanding of the business’s financial and operational aspects.

Moreover, a successful CFO must be a visionary leader capable of anticipating and responding to market changes. This includes being proactive in risk management, capital investment, and driving initiatives that align with the company’s long-term goals. “The modern CFO is a business leader first and a financial expert second,” Chester explains. This shift necessitates continuous learning and adaptability to stay ahead of emerging trends and challenges.

In conclusion, becoming a great CFO requires a blend of skills beyond financial acumen. Understanding operations, leveraging technology, and fostering creativity are essential qualities that distinguish exceptional CFOs. By embracing these attributes, CFOs can drive their companies toward sustained success and innovation in an ever-changing business environment.

A CFO Must Be a Skilled Financial Executive

In the complex world of corporate finance, the foundational requirement for any Chief Financial Officer is an in-depth understanding of finance. This encompasses far more than just a grasp of accounting principles; it involves a comprehensive knowledge of how money flows within a company and interacts with external entities like banks and investors. A skilled financial executive must be adept at financial planning, risk management, and investment strategies to ensure the company’s long-term stability and growth.

Understanding Financial Systems

At its core, the role of a CFO is to maintain the financial health of the organization. This means having a robust understanding of financial systems and processes. From managing cash flow to navigating the intricacies of financial markets, a CFO must be capable of making decisions that safeguard the company’s financial future. Larry Chester of CFO Simplified notes, “A great CFO needs to know how to leverage financial data to make informed decisions that align with the company’s strategic goals.”

Building Strong Financial Relationships

Beyond internal financial management, a CFO must cultivate strong relationships with banks, investors, and other financial stakeholders. These relationships are crucial for securing loans, attracting investment, and managing financial crises. A CFO’s ability to negotiate favorable terms and maintain investor confidence can significantly impact the company’s financial resilience and growth potential. Chester emphasizes, “Building and maintaining these relationships requires not only financial expertise but also a high degree of credibility and trustworthiness.”

Navigating Financial Regulations

In addition to managing internal and external financial interactions, a skilled CFO must stay abreast of the ever-evolving landscape of financial regulations. Compliance with local, national, and international financial regulations is critical to avoid legal pitfalls and maintain the company’s reputation. This requires continuous education and adaptability to new laws and standards. Chester explains, “Regulatory knowledge and compliance are non-negotiable aspects of the CFO role. A great CFO ensures that the company adheres to all financial regulations, thereby mitigating risks and protecting the organization’s integrity.”

Strategic Financial Leadership

Ultimately, a skilled financial executive is not just a guardian of the company’s finances but a strategic leader who drives the organization towards its financial goals. This involves strategic planning, forecasting, and aligning financial resources with the company’s objectives. A CFO must be able to translate financial data into actionable insights that guide the company’s direction and facilitate sustainable growth. Chester concludes, “The best CFOs are those who can balance financial stewardship with strategic innovation, ensuring the company’s financial practices support and drive its overall mission.”

Understanding Operations: Beyond the Balance Sheet

A Chief Financial Officer’s role extends far beyond the traditional confines of finance and accounting. To drive meaningful change and improve profitability, a CFO must deeply understand the company’s operations. This knowledge allows them to identify inefficiencies, optimize processes, and ensure that financial strategies align with operational realities.

Aligning Financial Strategy with Operations

The true value of a CFO is revealed when financial expertise intersects with operational insight. For instance, a printing company struggling with profitability might have not just financial issues but operational ones as well. Larry Chester of CFO Simplified recalls a scenario where analyzing the profitability of individual products and production runs provided critical insights. “By diving into the details of the company’s production processes, we were able to identify which products were underperforming and why,” says Chester. This holistic approach enabled the company to make informed decisions about which products to focus on and which to phase out, directly impacting the bottom line.

Operational Efficiency and Profitability

Understanding operations means looking at every aspect of how the company produces goods or delivers services. This involves more than just numbers on a spreadsheet; it’s about understanding the workflow, the resources required, and the potential bottlenecks. “You can’t improve what you don’t understand,” Chester emphasizes. “A CFO must be able to evaluate the efficiency of operations and work with other departments to implement improvements.” This could mean investing in new technology, re-engineering processes, or reallocating resources to ensure that every part of the operation is contributing to overall profitability.

The Role of Data in Operational Decisions

Data plays a crucial role in bridging the gap between finance and operations. A CFO needs to leverage data analytics to gain insights into operational performance and identify areas for improvement. “Data-driven decision-making is key,” Chester explains. “By analyzing data from production, sales, and customer feedback, a CFO can pinpoint inefficiencies and opportunities for cost savings.” This analytical approach enhances operational efficiency and supports strategic planning and forecasting.

Collaborating with Operational Leaders

A successful CFO must also collaborate closely with operational leaders to align financial and operational strategies. This partnership is essential for developing realistic budgets, setting achievable goals, and ensuring financial plans support operational needs. Chester notes, “Effective communication and collaboration with operational teams are vital. A CFO must be able to translate financial insights into operational actions and vice versa.” This collaborative approach fosters a unified vision for the company’s success, ensuring financial decisions are grounded in operational realities.

Technological Acumen: Embracing Innovation

In the rapidly evolving business landscape, a CFO’s technological proficiency is no longer optional but essential. Harnessing technological advancements can significantly enhance a company’s financial operations, streamline processes, and provide a competitive edge. A great CFO must be familiar with the latest financial software and understand how technology can be leveraged to drive business growth.

Leveraging Data Analytics

One of the most critical aspects of technological acumen is leveraging data analytics. Modern CFOs use sophisticated analytics tools to gather insights from vast data. This capability enables them to make informed decisions based on real-time information. “Understanding how to interpret and utilize data is crucial,” says Larry Chester of CFO Simplified. “It’s not just about having the tools; it’s about knowing how to apply them to improve business outcomes.” Data analytics can reveal patterns and trends that might not be apparent from traditional financial reports, providing a deeper understanding of the business and its market.

Integrating Technology with Financial Strategy

Integrating technology into financial strategy involves more than just adopting new software. It requires a comprehensive approach to how technology can support and enhance every aspect of financial management. For example, automation tools can streamline routine tasks such as invoicing, payroll, and expense management, freeing up the CFO and their team to focus on strategic initiatives. Chester emphasizes, “The goal is to use technology to make financial processes more efficient and accurate, which supports better decision-making.” By embracing technology, CFOs can improve accuracy, reduce costs, and increase productivity.

Cybersecurity and Risk Management

With the increasing reliance on technology, cybersecurity has become a paramount concern. A CFO must protect the company’s financial data from cyber threats. This involves implementing robust cybersecurity measures and staying informed about the latest threats and solutions. “Protecting financial data is critical to maintaining trust and integrity,” Chester notes. “A CFO must work closely with IT to develop and enforce security protocols.” This proactive approach to cybersecurity helps safeguard the company’s assets and ensures compliance with regulatory requirements.

Driving Innovation Through Technology

Beyond improving existing processes, technology enables CFOs to drive innovation within their organizations. This can include exploring new business models, entering new markets, or developing new products and services. “Technology opens up a world of possibilities for innovation,” says Chester. “A forward-thinking CFO will look for ways to leverage technology to create new opportunities for growth.” By staying abreast of technological trends and understanding their potential impact, CFOs can position their companies at the forefront of their industries.

Continuous Learning and Adaptation

The technological landscape constantly changes, requiring CFOs to engage in continuous learning and adaptation. This means staying updated on the latest advancements and being willing to invest in new technologies that can benefit the organization. “Continuous learning is essential for staying competitive,” Chester explains. “A CFO must be committed to ongoing education and be adaptable to change.” This mindset ensures that the CFO and their organization remain agile and responsive to technological advancements, maintaining a competitive edge in an ever-evolving market.

Creativity: Finding Innovative Solutions

Creativity in a CFO might seem counterintuitive given the traditional view of finance as a numbers-driven domain. However, creativity is an essential trait for a CFO aiming to navigate the complexities of modern business environments. Creative thinking enables a CFO to devise innovative solutions to financial challenges, drive strategic growth, and differentiate their company from the competition.

Turning Challenges into Opportunities

A creative CFO sees beyond the immediate financial figures and looks at the broader picture, identifying opportunities where others might see obstacles. For instance, a creative CFO might explore alternative financing options during economic downturns or develop new revenue streams. “It’s about being resourceful and finding ways to turn challenges into opportunities,” says Larry Chester of CFO Simplified. “A CFO must think outside the box to ensure the company’s financial stability and growth.” This proactive approach can help a company survive and thrive during difficult times.

Innovative Financial Strategies

Developing innovative financial strategies is a hallmark of a creative CFO. This could involve restructuring debt, optimizing tax strategies, or finding new ways to improve cash flow. For example, a CFO might implement dynamic pricing models to maximize revenue or use financial engineering to unlock capital for investment. “Innovation in financial strategy is crucial,” Chester notes. “It allows companies to remain competitive and agile in a rapidly changing market.” These strategies can provide significant advantages and enable the company to capitalize on emerging trends and opportunities.

Collaborative Problem Solving

Creativity also involves collaboration and leveraging the organization’s collective intelligence. A creative CFO engages with other departments to understand their challenges and collaborates on solutions that benefit the entire company. “Collaboration fosters creativity,” Chester emphasizes. By working with different teams, a CFO can gain new perspectives and develop more effective solutions.” This collaborative approach ensures that financial strategies are aligned with the company’s overall goals and fosters a culture of innovation.

Embracing Change and Risk

A creative CFO is willing to embrace change and take calculated risks. This means being open to new ideas, experimenting with different approaches, and learning from failures. “Innovation requires a willingness to take risks,” Chester explains. “A CFO must be comfortable with uncertainty and ready to pivot when necessary.” This mindset allows a CFO to lead their company through transformative changes and seize new opportunities as they arise.

Creative Negotiations and Relationships

Negotiation is another area where creativity is invaluable. Whether dealing with suppliers, creditors, or investors, a creative CFO can develop win-win solutions that benefit all parties involved. This might involve crafting flexible payment terms, finding mutually beneficial partnerships, or leveraging financial instruments in novel ways. “Negotiation is an art,” Chester says. “A creative CFO can find solutions that others might overlook, strengthening relationships and improving the company’s financial position.” This ability to negotiate effectively is crucial for maintaining healthy financial relationships and ensuring the company’s long-term success.

Cultivating a Creative Culture

Finally, a creative CFO fosters a culture of innovation within the finance team and the broader organization. This involves encouraging team members to think creatively, experiment with new ideas, and continuously seek improvement. “Creativity should be part of the company’s DNA,” Chester asserts. “By fostering an environment where innovation is encouraged, a CFO can drive continuous improvement and keep the company ahead of the curve.” This culture of creativity ensures that the company remains dynamic and adaptable in an ever-changing business landscape.

Overview: The Path to Becoming a Great CFO

Becoming a great CFO is a multifaceted journey requiring financial expertise, operational understanding, technological savvy, and creativity. It’s not enough to simply manage the books; a CFO must be a strategic partner who helps shape the company’s future. This role demands continuous learning, adaptability, and a proactive approach to overcoming challenges and seizing opportunities.

The Evolution of the CFO Role

The role of the CFO has evolved significantly over the years. Traditionally seen as the company’s chief accountant, today’s CFO is expected to be a key strategic advisor. They need to provide insights that drive business decisions and foster a culture of innovation and efficiency. “The CFO role is no longer just about crunching numbers,” says Larry Chester of CFO Simplified. “It’s about understanding every facet of the business and using that knowledge to drive growth and profitability.” This evolution reflects the broader changes in the business landscape, where agility and strategic thinking are more important than ever.

Balancing Technical Skills with Strategic Vision

While technical financial skills remain foundational, a great CFO must balance these with strategic vision. This involves understanding the broader business environment, anticipating market trends, and guiding the company through both growth phases and downturns. “It’s a balancing act,” Chester explains. “You need to be detail-oriented with financials, but also have a broad vision for where the company is headed.” This dual focus ensures that the CFO can make informed decisions that align with the company’s long-term goals.

The Importance of Continuous Learning

Continuous learning is crucial for a CFO to stay relevant in today’s fast-paced business world. This means staying updated on the latest financial regulations, technological advancements, and industry trends. “The business world is constantly evolving,” Chester emphasizes. “A great CFO never stops learning and always seeks to improve their skills and knowledge.” By prioritizing continuous learning, a CFO can adapt to new challenges and drive the company forward.

Building Strong Relationships

A great CFO also understands the importance of building strong relationships within and outside the organization. This includes fostering collaboration with other departments, engaging with stakeholders, and negotiating with suppliers and creditors. “Strong relationships are key to success,” Chester notes. “They enable a CFO to gain support for initiatives, navigate challenges, and create value for the company.” These relationships help ensure the CFO can effectively implement strategies and achieve the company’s objectives.

Embracing Change and Innovation

Finally, embracing change and innovation is essential for a CFO to lead effectively. This means being open to new ideas, leveraging technology to drive efficiency, and continuously seeking ways to improve processes. “Change is the only constant in business,” Chester asserts. “A great CFO embraces this reality and uses it as an opportunity to innovate and enhance the company’s performance.” By fostering a culture of innovation, a CFO can help the company stay competitive and achieve sustainable growth.

In conclusion, the path to becoming a great CFO is paved with diverse skills and qualities. It’s a journey that requires financial acumen, operational insight, technological understanding, and creative problem-solving. By mastering these areas and continuously striving for excellence, a CFO can be pivotal in steering their company toward success.

Kyriba, leading the way in liquidity performance, enables CFOs to integrate various financial data sources—like bank and ERP connections—enhancing visibility and control over their financial assets. This integration supports strategic decision-making, crucial for navigating complex financial landscapes and managing significant transaction volumes that extend into trillions annually.

Similarly, ICD optimizes investment processes through its robust investment marketplace and an AI-powered analytics platform, Portfolio Analytics. These tools facilitate comprehensive asset class management and provide deep insights into investment portfolios, which are vital for informed financial decision-making within corporate treasuries.

Adopting AI and automation in finance goes beyond mere technological upgrades; it represents a fundamental shift in how CFOs operate and strategize. These technologies streamline complex processes, improve forecasting accuracy, and enhance responsiveness to market dynamics, enabling treasurers to proactively anticipate and mitigate financial risks.

Recent financial sector instabilities, such as notable bank failures in 2023, have underscored the importance of robust risk management frameworks. CFOs now leverage AI to gain real-time insights and improve their financial stability, a shift from traditional methods that often rely on quarterly or annual reviews. By doing so, they can assess and manage risks continuously, adapting to market changes more swiftly and effectively.

However, integrating AI and automation into established financial systems presents challenges, particularly in data management and cybersecurity. CFOs must navigate these complexities to ensure seamless integration while upholding strict security standards to safeguard sensitive financial information.

As the financial sector continues to embrace technological advancements, the role of CFOs is increasingly strategic and data-driven. AI and automation are not just enhancing operational efficiencies but also expanding the CFOs’ capabilities in forecasting, decision-making, and risk management. This shift is not merely about keeping pace with technology but about leading at the forefront of it, using every available tool to sculpt a more informed and agile financial strategy.

The future of corporate finance management is here, marked by a decisive move towards more integrated, intelligent, and automated systems. Embracing these innovations is now essential for CFOs aiming to enhance liquidity performance and secure a competitive edge in the rapidly evolving digital landscape.

Maintaining Strong Pricing Amid Market Adjustments

Jacobson pointed out that despite initial projections of a pricing dip of 2 to 2.5% for the year, GM managed to maintain stable pricing levels thanks to robust demand for its premium vehicle lineup. This strategy has been crucial as it countered potential losses and bolstered the company’s financial health. “We had a good setup coming into the year,” Jacobson explained, noting that the company’s proactive pricing strategy responded well to sustained consumer interest.

Balancing ICE and Electric Vehicle Growth

While internal combustion engines remain a significant part of GM’s portfolio, the company is accelerating its electric vehicle (EV) initiatives. Despite broader market concerns about a slowdown in the electric vehicle sector, GM reported a 21% year-over-year increase in retail EV sales, a testament to the company’s resilience and strategic market positioning.

Jacobson addressed the market’s mixed signals, emphasizing the strength of GM’s product offerings. “Our retail EVs were up significantly, despite some expected softness in models like the Bolt as we transition to newer generations,” he said.

Consumer Financing and Economic Impacts

The CFO also commented on the impact of rising auto loan interest rates, now averaging over 7% for new vehicles. While it’s still early to gauge the long-term effects, Jacobson noted some immediate impacts on lease rates and overall vehicle affordability. He remains optimistic about consumer resilience, particularly in response to GM’s diverse, high-quality vehicle options.

Challenges and Strategic Moves in China

Jacobson discussed the challenges GM faces on the international front in China, the world’s largest EV market. Despite losing money in the region this quarter, he indicated that the situation was improving and aligning with company forecasts. “We are seeing the necessary adjustments as we manage costs effectively and maintain disciplined market strategies,” Jacobson stated, projecting confidence in GM’s recovery and growth in the region.

Outlook and Future Directions

Looking forward, General Motors is poised to continue its blend of innovation in traditional and electric vehicles. The company is strategically positioned to meet evolving consumer demands and navigate economic fluctuations. With a strong foundation in internal combustion and electric vehicle technologies, GM is reinforcing its industry leadership is ready to adapt to future challenges and opportunities.

Jacobson’s insights reflect a company in command of its strategy, optimistic about its future, and resilient in industry-wide pressures. As the auto industry continues its rapid evolution, General Motors’ ability to balance robust traditional vehicle sales and expand into the burgeoning EV market will be crucial to its sustained success.

“2023 was a landmark year for Tipalti. Despite broader market challenges, we’ve successfully expanded our reach and capabilities, reinforcing our position at the forefront of finance automation,” said Spoja. Tipalti’s platform, designed to automate accounts payable, has become increasingly vital for companies seeking efficiency and cost reduction in their financial workflows.

According to Spoja, the robust growth in a year marked by economic stringency highlights the substantial impact and relevance of Tipalti’s offerings. “As companies looked to cut costs and enhance efficiency, our solutions were perfectly poised to address these needs, leading to significant growth,” she explained.

For CFOs contemplating integrating AI into their business models, Spoja recommends a proactive approach to automation. “The office of the CFO involves numerous repetitive tasks. Automating these can significantly free up resources, allowing CFOs and their teams to focus on strategic objectives,” she noted.

Tipalti is poised for even more significant expansion, particularly into new geographical markets. “Building on our success in the UK, we’re thrilled to extend our operations across mainland Europe, thanks to new EU licenses obtained in late 2023,” Spoja shared. Additionally, the launch of a new expense management platform is set to enhance Tipalti’s comprehensive suite of products further, enabling seamless global payments and employee reimbursements.

Spoja’s conversation with the NYSE highlighted Tipalti’s achievements and its commitment to setting new standards for automation in financial operations. “Our goal is to continuously evolve our platform to meet the dynamic needs of modern CFOs, making financial operations as efficient and scalable as possible,” she concluded.

As Tipalti accelerates its journey into 2024, its trajectory provides a blueprint for digital transformation in financial management, showcasing the power of strategic automation and global expansion in fostering business resilience and growth.

As e.l.f. Beauty commemorated its two decades of existence with the ringing of the opening bell at the New York Stock Exchange; Fields exuded excitement about the milestone occasion. “Super exciting,” she exclaimed, reflecting on the company’s vibrant presence at the stock exchange and engaging activities organized for employees and guests alike.

Delving into e.l.f. Beauty’s inclusivity ethos, Fields emphasized the company’s dedication to diversity at every level of its operations. “We Champion diversity and inclusion at the highest levels of power,” she affirmed. “We are one of four out of 4,200 publicly traded companies that has a board that’s at least two-thirds women and a third diverse.”

Fields went on to highlight the importance of e.l.f. Beauty’s diverse workforce serves its diverse customer base. “Within the walls of e.l.f. Beauty, we feel it’s essential that our employee base reflects the community we serve,” she explained. “We have over 70% women, over 40% diverse, and over 65% Gen Z or Millennial in our employee base.”

Discussing the company’s recent successes, Fields attributed much of e.l.f. Beauty’s growth to strategic investments in marketing and digital platforms. “If you go back five or six years ago, we were only investing about 7% of our net sales behind marketing and digital,” she revealed. “Today, we’re investing about 24%,” she added, noting the substantial increase in investment and the impressive returns it has generated.

Fields also emphasized the pivotal role of product innovation in e.l.f. Beauty’s success, citing the company’s “Holy Grail strategy” as a key growth driver. “We are known for our Holy Grail strategy,” she explained. “Our power grip primer, our halo glow liquid filter—these items have Holy Grail status.”

Looking ahead, Fields expressed confidence in e.l.f. Beauty’s ability to continue driving positive change in the beauty industry. “With a steadfast commitment to inclusivity, innovation, and community engagement, e.l.f. Beauty remains poised to inspire and empower consumers around the globe,” she affirmed.

As the interview concluded, Fields’s passion for e.l.f. Beauty’s mission and values resonated strongly, underscoring the company’s status as a trailblazer in the beauty landscape.

Pettit’s expertise lies in deciphering the complexities of AI investment, particularly in distinguishing companies leveraging AI from those merely paying lip service to the trend. In a recent interview, Pettit emphasized the importance of a rigorous, data-driven approach to identify the genuine beneficiaries of the AI revolution.

“As we broaden our exposure to the AI sector, we must remain vigilant,” Pettit cautions. “Many companies claim to have an AI play, but our fundamental analysts are adept at separating the wheat from the chaff.”

At the heart of Pettit’s strategy lies Citi’s robust toolkit, which integrates fundamental analysis with thematic tagging by individual stocks. This multifaceted approach allows Pettit and his team to assess companies’ underlying fundamentals while tracking their commitment to AI innovation.

“Fundamental analysis is essential,” Pettit explains. “But we need to look beyond the surface in the AI space. We need to discern which companies truly integrate AI into their business models and drive meaningful value.”

While tech titans like Amazon and Google have long dominated the AI narrative, Pettit notes a shift in market dynamics. Fluctuations in their stock prices signal investor skepticism. “The AI landscape is evolving,” Pettit observes. “We must look beyond the obvious players and identify emerging opportunities.”

Pettit’s recommendations extend to value investors seeking exposure to the AI market. He highlights companies like RTX, an IT services provider enabling business AI adoption. “RTX offers investors a unique entry point into the AI space,” Pettit explains. “By reselling AI software and facilitating its integration, they’re positioned for sustainable growth.”

Moreover, Pettit underscores AI’s transformative potential in industrial sectors. Companies leveraging AI technologies to optimize manufacturing processes and enhance product offerings stand to gain a competitive edge. “AI isn’t just about tech giants,” Pettit emphasizes. “It’s about industries embracing innovation to drive efficiency and growth.”

As investors navigate the complexities of the AI market, Pettit’s insights serve as a beacon of clarity. His data-driven approach, coupled with strategic foresight, offers investors a roadmap to capitalize on AI’s transformative potential. By identifying companies with genuine AI capabilities and a commitment to innovation, investors can position themselves for long-term success in the AI-driven economy.

“Investing in AI requires discipline and discernment,” Pettit advises. “But for those willing to look beyond the hype, the opportunities are boundless.”

In conversation with CNBC, Jacobson shed light on various facets of GM’s operations and its response to the dynamic market conditions. From sales performance to the electrification push, Jacobson delved into key areas shaping GM’s trajectory in the coming years.

Reflecting on recent sales trends, Jacobson expressed optimism about March’s robust performance, marking a notable recovery since the onset of the chip crisis. He noted, “We’re excited about how the year has started. We had a little choppiness in January, February came back really strong, and March is also looking strong for us.”

Discussing incentives and pricing strategies, Jacobson highlighted GM’s commitment to customer satisfaction and transparency. He emphasized, “We stood up for our customers and said we’re going to give you that $7,500 [tax credit].” Jacobson reiterated GM’s dedication to providing value to customers and ensuring accessibility to its diverse range of vehicles.

In the realm of electric vehicles (EVs), Jacobson provided insights into GM’s ambitious electrification agenda. With the EV market gaining traction, GM is accelerating its efforts to ramp up production and expand its EV portfolio. Jacobson hinted at upcoming launches, stating, “We expect to see that start in the second quarter.” He reaffirmed GM’s commitment to driving innovation in sustainable mobility, stating, “We’re making progress, and we’ll get there with plug-in hybrids.”

Hybrids emerged as another focal point of discussion, with Jacobson acknowledging the growing demand for hybrid vehicles. He stated, “We’re trying to make sure that as we navigate the path to an all-electric future, and implying we’re meeting it where it is.” Jacobson underscored the importance of offering hybrid solutions to cater to diverse consumer preferences and bridge the transition to an all-electric future.

Concerned about Chinese automakers’ aggressive pricing strategies, Jacobson emphasized the need for global competitiveness and cost efficiency. He noted, “We must maintain our competitiveness worldwide and meet regularly.” Jacobson reiterated GM’s commitment to navigating market dynamics while staying true to its strategic objectives.

As the automotive industry continues to evolve, Bank of America’s Global Auto Summit provided a forum for industry leaders like Paul Jacobson to share insights and strategies for navigating the road ahead. With innovation and collaboration at the forefront, GM remains poised to shape the future of mobility and drive sustainable growth in the years to come.

With access to data from 80 million Americans across checking accounts, mortgages, and credit cards, as well as 6 million small businesses, JPMorgan Chase possesses a wealth of information on consumers’ financial health and behaviors. Cox emphasized the granularity of their data, which includes insights into balance sheets, cash flow, and spending habits, supplemented by government and bureau data.

Cox highlighted the overall strength of the US economy and labor market, noting that consumers and small businesses remain healthy. Despite ongoing monitoring for potential weaknesses, Cox expressed confidence in the economy’s stability, citing wage growth and healthy cash buffers among consumers.

Regarding consumer spending, Cox noted that overall spending has stabilized while spending patterns have shifted, particularly in sectors like retail and dining. Factors such as wage growth and inflation-adjusted real wage gains have contributed to sustained consumer spending, even amidst slight declines in specific sectors.

Cox addressed the impact of the pandemic on spending habits, noting that while spending initially spiked, it has since stabilized, with consumers adapting and modifying their spending behavior. She emphasized the importance of monitoring trends in discretionary and non-discretionary spending to gauge consumer sentiment.

The interview also touched upon JPMorgan Chase’s acquisition of First Republic Bank and its integration into the company’s operations. Cox provided insights into the integration process and highlighted the importance of retaining customers while leveraging First Republic’s strengths in personalized service.

Regarding the banking industry’s outlook, Cox expressed confidence in the overall health of the banking system, noting that specific challenges faced by certain banks are primarily situational. She emphasized the importance of liquidity and capital management, particularly in the face of evolving regulatory requirements.

Cox also discussed JPMorgan Chase’s branch expansion strategy, emphasizing the importance of branches in meeting customer needs and driving business growth. She outlined the financial metrics used to evaluate branch performance and highlighted their role as marketing and sales channels.

Bori Cox’s insights offer valuable perspectives on the US consumer landscape and JPMorgan Chase’s strategic approach to banking. With a wealth of data at its disposal and a commitment to customer-centric banking, JPMorgan Chase remains well-positioned to navigate evolving economic conditions and serve the needs of consumers and businesses across the country.

Adobe: Unleashing Creativity and Driving Revenue

Adobe’s CFO, Dan Durn, emphasized the transformative potential of generative AI across the company’s core focus areas: unleashing creativity for all, accelerating document productivity, and empowering digital businesses. Adobe’s generative AI tool, Firefly, launched less than a year ago, has already shown promising signs of market traction. Dan highlighted Adobe’s significant business opportunity, emphasizing the company’s intention to be a key catalyst in shaping end markets and driving success for its customers.

ServiceNow: Multi-Million Dollar Deals and Customer Value

ServiceNow CFO Gina Mastantuono reported a successful launch of its generative AI offering, CIS, with several multi-million dollar deals secured within the first full quarter of its launch. CIS aims to enhance customer value by infusing human-like conversational interfaces throughout the platform, enabling users to access information faster and more reliably. Junior emphasized the vast opportunity presented by generative AI, with Gartner estimating substantial spending on AI through 2027.

Airtable: Democratizing Data and Enhancing Operations

Ambereen Toubassy, Airtable’s CFO, highlighted the company’s focus on integrating generative AI into its low-code platform. This enables users to create apps for various business functions more efficiently. By leveraging domain-specific large language models, Airtable aims to enhance operations across marketing, product, sales, and operations. Amberine emphasized the platform’s role as a co-pilot for business operations, empowering users with enhanced productivity and scalability.

Driving Financial Transformation with Generative AI

The discussion also delved into specific use cases of generative AI within finance functions. Gina and Dan discussed initiatives such as revenue recognition automation and forecasting engines, showcasing how generative AI accelerates processes and provides valuable insights for decision-making. They emphasized the evolving role of CFOs, who now serve as strategic enablers, leveraging generative AI to drive business impact and value creation.

Empowering Decision-Making Across the Enterprise

Overall, the panel discussion highlighted the growing significance of generative AI in driving revenue growth, enhancing productivity, and enabling data-driven decision-making across organizations. As companies continue to embrace this technology, the role of finance leaders evolves to become strategic partners in driving innovation and value creation.

Generative AI is poised to revolutionize business operations, offering unprecedented opportunities for companies to stay competitive and drive success in an increasingly digital world.

The Crucial Role of Investment Strategies in Startups 

For startups, investment strategies are not just about securing funds; they’re about building a foundation for sustainable growth. These strategies encompass equity and debt financing, venture capital engagement, and effective cash flow management. The challenge for many startups lies in their limited resources and expertise in navigating a complex financial landscape. 

Enter the fractional CFO, a seasoned financial expert who offers their services on a part-time or need-based arrangement. Their role in shaping and guiding a startup’s investment strategy is multifaceted and can be the difference between thriving growth and stagnation. 

Strategic Financial Planning and Market Analysis 

Fractional CFOs bring a wealth of experience in financial planning and market analysis. They assist startups in understanding their market position, identifying potential investment opportunities, and evaluating risks. This strategic planning is vital for startups to make informed decisions about where and how to invest their resources. 

By conducting thorough market analysis, fractional CFOs help startups understand the competitive landscape, customer trends, and economic conditions. This insight is crucial in developing investment strategies that are aligned with the startup’s long-term goals and market realities. 

Navigating Funding and Capital Raising

One of the most critical roles of a fractional CFO is guiding startups through the complexities of funding and capital raising. They play a key role in preparing investment packages, including pitch decks and financial models, which are essential for attracting investors. Their experience in dealing with venture capitalists, angel investors, and other funding sources is invaluable in negotiating favorable terms and securing the necessary capital for growth. 

Furthermore, fractional CFOs can help startups explore various funding avenues, balancing equity and debt financing to maintain optimal capital structure and shareholder value. This balanced approach is crucial for startups to avoid over-dilution of equity and maintain financial flexibility. 

Financial Oversight and Cash Flow Management 

Effective cash flow management is the lifeline of any startup. Fractional CFOs provide rigorous financial oversight, ensuring that investments are strategically aligned with business objectives. They implement robust financial controls and monitoring systems, enabling startups to track their investments’ performance and make timely adjustments. 

In addition, fractional CFOs assist in budgeting and forecasting, crucial for anticipating future cash needs and managing financial risks. This proactive approach to cash flow management helps startups maintain liquidity and avoid common pitfalls like cash crunches. 

Potential Impact of Fractional CFOs in Investment Strategy 

Consider a tech startup looking to expand its market reach. The fractional CFO could develop a strategic investment plan focusing on targeted marketing and product development. By securing venture capital funding and managing investments prudently, the startup could successfully expand its customer base and increase its market share. 

Another possible example could be a health tech startup navigating regulatory challenges. The fractional CFO could provide expert guidance on compliance-related investments, ensuring the startup’s products meet industry standards. This strategic investment would not only mitigate regulatory risks but would also position the startup as a credible player in the health tech space. 

Delivering Enterprise-Level Results to Startups 

The synergy between investment strategies and fractional CFOs offers a powerful combination for startup success. By leveraging the expertise of fractional CFOs in financial planning, funding navigation, and cash flow management, startups can develop and execute investment strategies that foster growth, resilience, and long-term viability. In an increasingly competitive and complex business environment, this synergy is not just an advantage; it’s a necessity for startups aiming to make their mark and achieve sustainable success.

According to Bloomberg, the company recently hired Michel Del Buono as chief investment officer. His duties will include overseeing a range of wealth-management services.

Providing wealth-management services could be a highly profitable business for the firm. Companies usually charge 1% of a client’s assets, with profits reaching as high as 50%.

While a16z did confirm Del Buono’s hiring to Bloomberg, it declined to comment on any future business plans.

Peloton has been struggling after being the darling of the pandemic bubble. As people sheltered and quarantined at home, the company’s fortunes skyrocketed, only to come crashing back down as things returned to normal. The company clearly hopes Coddington can help get things back on track.

Coddington formerly served as VP of Finance for Amazon Web Services. She will begin her job at Peloton on June 13. According to a regulatory filing, Coddington’s compensation will include an annual salary of $1 million, as well as $9 million in stock equity. The company will also provide $150,000 for relocation.

Coddington served as VP at Amazon since January 2021, and worked at the company for a total of six years. Prior to that, she held senior leadership roles at Adara, Walmart, and Netflix.

“Liz is a deeply talented finance executive and will be an invaluable addition to Peloton’s leadership team,” said Peloton CEO Barry McCarthy. “Having worked at some of the strongest and most recognizable technology brands, she not only brings the expertise needed to run our finance organization, but she has a critical understanding of what it takes to drive growth and operational excellence. I have seen her intellect, abilities, and leadership firsthand and am excited to work closely with her as we execute the next phase of Peloton’s journey.”

Whether it’s a credit score, your focus on saving or how you spend your money, your financial habits impact more than your personal life. In fact, it can be a determining factor in your business’s success or failure.

1. Creditworthiness

One of the most significant ways personal finances influence your business’s outcomes is through your credit score. For many small businesses, securing loans or lines of credit is essential to funding your business, maintaining cash flow and fulfilling expansion plans. 

However, lenders may pull records of your personal credit score before providing you with any business credit. This is especially true when your business is in its infancy stage and still needs to establish a good credit history. 

A credit score of at least 670 or higher can give you the means to access low-interest loans and better credit terms. This provides you with the financial stability needed to gain traction for your business.

Conversely, a low credit score may lead to rejections or loans with high-interest rates, placing an extra financial burden on you and your business. If you need to work on your score, consider making timely payments and regularly checking your credit. A proper credit score will ensure you increase your chances of securing business funding.

2. Personal Debt

High levels of personal debt can create substantial vulnerabilities for a small business. When you are obligated to overwhelming debt, this can quickly drain your personal savings and leave you with less capital to invest in your company.

Racked-up debt often correlates to poor credit scores, further limiting your business’s access to credit. For example, a small business owner with high debt may have to use a significant amount of their income to pay it off. In turn, they may leave their business underfunded during critical periods for growth. 

Start getting rid of debt by utilizing the “debt avalanche method.” This tactic involves focusing on paying off debt with the highest interest rate. Then, you will make minimum payments each month on that account. 

Once you pay that debt, you can focus on settling the next debt with the highest interest and so forth. However, you should take the payment budget you previously used, plus some extra cash, to put it toward the next account. Implementing this strategy can give you a confidence boost as you keep going because it is a quick method for debt repayment.

3. Financial Discipline

Your personal financial habits often predict how you will manage your business finances. That is why it is crucial to implement financial discipline in your personal life. These tactics include:

• Sticking to a budget
• Avoiding unnecessary debts
• Making payments on time

Establishing these habits lets you maintain a positive cash flow and manage your business expenses wisely. Additionally, it allows you to plan for future financial needs. All of these factors are crucial for running a successful business.

To ensure you incorporate good financial habits, consider developing a strict budget for your personal and business endeavors. Start by creating a realistic budget that includes all your income sources and expenses, and consciously stick to it.

Sustaining this practice will give your a clear picture of your financial health. Plus, it will instill habits that avoid impulsive spending and keep your finances under control 

4. Personal Savings and Investments

Personal savings and investments are crucial when owning a small business, especially if it is new. They can provide you with a source of capital to kickstart your company, fund expenses and improve cash flow. 

For instance, an entrepreneur may need to dip into their personal savings to cover startup costs — such as paying for a new email marketing platform to set up campaigns and reach new customers. Or, they might need to invest personal assets into their company for business expansion. 

Therefore, it is important for small business owners to practice good savings and investment habits. One way to achieve this is by making it a habit of setting aside a portion of your income regularly. Doing so will help you build a monetary cushion over time. 

Additionally, you could diversify your investments to have a varied portfolio. That way, you reduce risks in your business and provide yourself with various sources of capital.

5. Personal Financial Buffer

A personal financial buffer can be vital, as it acts as a safety net and provides financial stability for your small business. A financial cushion could be in the form of emergency savings or liquidable investments, making it easy to manage unforeseen business expenses or downturns. Plus, it keeps you from accruing additional debts or utilizing crucial aspects of your operations.

For example, a small business owner with a financial buffer can still operate during a period of slow sales. As such, they can keep business as usual without the slow period impacting their business or personal lifestyle. 

Ensure you are gaining a healthy financial buffer by using the 50/30/20 rule. This rule suggests that you allocate a portion of your take-home pay to different parts of your personal life. For instance, 50% of your paycheck should go to necessities, while 30% goes toward things you want. The last 20% of your pay ends up in your savings, which is the portion that contributes to your financial buffer. 

Implementing the 50/30/20 is one of the easiest ways to save money, allowing you to build a reserve over time. As you place more money into your savings after each paycheck, you will have a solid foundation for supporting your business during challenging financial times.

Use Personal Finances for Small Business Success

Several facets of how you manage your personal finances have a way of affecting your business’s growth, stability and overall success. From your creditworthiness and spending habits to your personal savings, these are the most important aspects to pay attention to when focusing on your financial endeavors. 

Take the time to assess your financial situation and look at ways to build it up to a healthy status. While the task of building and managing your personal finances may seem laborious, hard work pays off in the long run and will give your small business the boost it needs to grow.

Generative AI is revolutionizing multiple industries, although many companies are still struggling to discover where generative AI shines. Intuit believes it can be used assist in running a small business and is embedding it across its product line.

Intuit Assist is designed to help guide users, providing help and even doing the hard work involved in the in preparing their taxes and running their business, according to the company.

“With the introduction of Intuit Assist, we’re taking a giant step forward in powering prosperity for all. We’re creating a future where we do the hard work for small businesses and consumers to fuel their financial success, helping them achieve their dreams,” said Sasan Goodarzi, chief executive officer of Intuit. “Leveraging our vast amounts of rich data and years of investment in AI and GenAI, we’re unlocking the power of our platform to reimagine AI-assisted customer experiences.”

“AI is fundamentally changing how we work and live. As people start to make financial decisions with the help of this technology, responsible stewardship and accuracy are paramount,” said Patrick Moorhead, founder, CEO, and chief analyst at Moor Insights & Strategy. “We believe Intuit stands out for its ability to harness robust data across the small business, tax, and consumer finance segments to deliver accurate and personalized AI-driven experiences at scale. This responsible stewardship, paired with Intuit’s investments in AI and data over the last decade, boils down to a generative AI leadership position in the consumer and small business fintech space.”

The company is integrating Intuit Assist with TurboTax, QuickBooks, Credit Karma, and Mailchimp.

Esther Crawford was head of Twitter Payments, putting her in charge of Twitter Blue. According to Platformer’s Zoë Schiffer, Crawford is the latest to be purged from Twitter since Elon Musk’s takeover.

Crawford’s departure is especially surprising since she was viewed as a Musk loyalist. in fact, she was one of those employees that answered Musk’s call to fully commit to the company.

The Verge’s Alex Heath says the layoff extends to most of “product org.”

Crawford’s departure makes one thing crystal clear: No one is safe in Musk’s Twitter.

Kirkhorn has worked at Tesla for 13 years. According to TechCrunch, the executive resigned effective August 4, 2023. No reason was given for Kirkhorn’s resignation.

In the meantime, chief accounting officer Vaibhav Taneja will succeed Kirkhorn, who will remain with the company for the rest of 2023 to help with the transition.

Google disclosed the news in its quarterly report press release, saying Porat will continue as CFO while the company looks for her successor. In her new role, Porat will oversee the company’s Other Bets portfolio, reporting directly to Alphabet/Google CEO Sundar Pichai.

“Ruth has worked to drive financial discipline and returns for shareholders, while spearheading investment to create sustainable, long-term value. As today’s results show, we’re making good progress and we’re committed to continuing this important work,” Sundar said. “In her new role, Ruth will strengthen our collaboration with policy makers and shape our corporate investments to have maximum economic impact for people and economies around the world.”

“I’m excited about this new role and the opportunity to engage with leaders globally to unlock economic growth via technology and investment,” said Ruth. “I’m committed to Google’s continued growth and ensuring that our diverse global investments are supported with strong partnership to create opportunities for people and communities, everywhere.”

Revolut is a UK-based fintech company in the banking industry. The company recently had an independent audit, with the auditor warning that it could not verify three-quarters of the company’s 2021 revenue, according to the Evening Standard.

“I am grateful for the opportunity to serve as group CFO at Revolut and remain confident in the firm’s future successes,” Salovaara said in a statement.

Salovaara’s departure does little to answer questions raised during the company’s audit when auditor BDO said some of Revolut’s account information could be “materially misstated.” The auditor went on to note that it could not verify £477 million in revenue, saying that Revolut’s “IT systems weren’t designed in such a way that would allow for IT or business process controls to be effectively tested throughout the year.”

Salovaara previously told Reuters the issue was a non-factor, despite the company filing its accounts two months after the deadline due to the ‘accounting systems needing replacement.’

“There is not any doubt over the completeness of the balance sheet, which, in turn, logically means that total revenue is also correct,” he said at the time.

Revolut has likewise tried to reassure everyone that there is no issue, saying its revenue “was not in question” and concerns raised by the audit were “remedied in 2021.”

As the Evening Standard points out, Revolut is trying to get a UK banking license. It remains to be seen how the results of the audit will impact the process.

Like virtually every automaker, Ford is leaning heavily into electric vehicles. The company has already become the second-largest EV maker and expects 40% of its lineup to be electric by 2030.

According to AP News, Ford’s gains in the EV market are coming at a steep price. The company’s EV unit lost $3 billion before taxes over the last two years and is expected to lose a similar amount this year.

Despite the early losses, Ford expects its EV division, “Ford Model e,” to be profitable before taxes by late 2026. The company was less than forthcoming about when the unit would cross the profitable mark.

“As everyone knows, EV startups lose money while they invest in capability, develop knowledge, build (sales) volume and gain (market) share,” Chief Financial Officer John Lawler said.