Understanding Needs, Evaluating RoI, and Breaking Free From Data Silos
We sat down with three veteran financial professionals with a combined 40+ years of experience to understand how to go about tooling for the finance function.
Today's heightened uncertainties have dialed up the pressure on finance teams, who are now tasked with a greater role in helping the business navigate and prepare for what lies ahead. Against this backdrop, creating a resilient tech stack will be key to fast-tracking future-ready finance operations.
While there is a lot of talk about building a tech stack, opting for the wrong tools puts your team at a disadvantage, hindering progress significantly. In this webinar, we discuss how the finance function is evolving, the new responsibilities that come with it and how to go about picking the right finance tech stack.
Key Takeaways
- Picking tools in line with the finance team’s maturity stage is key to success
- RoI evaluation, migration, implementation, and scaling over time
- Transitioning from data silos to a unified data system
Before selecting tools, analyzing the finance function's needs and maturity stage cannot be missed.
Three stages of finance team maturity
Stage 1: Possess data, function as the accounting arm, and provide it to internal stakeholders.
Stage 2: Enhance operations with business acumen, analytics, and insights shared across the organization.
Stage 3: Transition from data possession to active utilization, catalyzing impactful changes.
Speakers
Apurva Desai, CFO at Dina
- Former CFO at Vuclip andScriptDrop with 20+ years of experience
- Instructor at the Berkeley Center for Law and Business, University of California
Emily Carter, VP of Finance and Operations at Avoma
- Seasoned finance leader with 15 years of experience
- Former Director of Finance at Joynd
Rahul Sheth, CFO at Carbyne
- 19 years of experience in the financial services industry
- Previously established finance systems at Emerge, Socure and DigitalOcean
Hosted by
Apurv Bansal and Saurabh Agrawal, Founders at Zenskar
Webinar Summary
1. How did you approach revenue recognition at Vuclip (now Viu)?
At Vuclip, we were dealing with complex subscription models across multiple countries. I implemented a global ERP system (Netsuite) to standardize financial processes. The real breakthrough came when we adopted a rolling revenue recognition model using ASC 606, which aligned our recognition with the exact delivery of services. This allowed us to reduce discrepancies and align our books with both local and international standards.
2. Can you share a strategy you used to scale financial processes at FourKites?
At FourKites, I built a scalable financial forecasting model that integrated historical data with predictive analytics. By focusing on unit economics and focusing heavily on customer acquisition costs (CAC) vs. lifetime value (LTV), we were able to make smarter decisions on customer segmentation and pricing. We also implemented real-time budgeting adjustments based on market conditions.
3. How do you manage financial operations for high-growth startups, like ScriptDrop?
For ScriptDrop, I focused on automated financial systems to support scaling. I established a centralized system for financial reporting and forecasting, ensuring we aligned with the venture capital timelines. Implementing financial automation tools allowed us to stay ahead of cash flow management, ensuring we could continue to reinvest in growth while maintaining profitability.
4. What was your approach to financial modeling at Viu (Vuclip)?
At Viu, we moved from static budgeting to dynamic, forward-looking financial models. These models were adjusted based on real-time data from consumer behavior and market signals, especially in emerging markets. A key element was focusing on the LTV/CAC ratio and reallocating resources to underperforming regions, which helped optimize marketing spend.
5. What challenges did you face in international finance at Viu, and how did you overcome them?
Managing international operations meant dealing with varied tax regimes, currency fluctuations, and compliance issues across multiple countries. We set up dedicated local finance teams that worked closely with the global headquarters. Additionally, we implemented cloud-based financial systems for real-time collaboration, reducing the risk of errors and delays.
6. Can you describe a key learning from your IPO preparation at Glu Mobile?
The IPO process at Glu Mobile was a transformative experience. One lesson I learned was the importance of building a scalable financial planning and analysis organization early on. As the company was preparing for the IPO, we needed to standardize reporting processes and ensure that all departments were aligned on financial expectations. This involved creating a comprehensive cash flow management system to ensure we could handle public scrutiny and regulatory requirements.
7. How did you drive financial growth at Exponential?
At Exponential, I spearheaded financial planning and analysis, working closely with the sales and marketing teams to understand the drivers of our growth. One strategy was analyzing the unit economics for each market segment. This helped us decide where to allocate resources, leading to improved profitability in our digital media advertising business.
8. Can you explain how AI played a role in your finance strategy at Vuclip and how it can help CFOs today?
At Vuclip, we explored AI in automating financial operations, especially for recurring revenue models. AI finance tools helped us predict trends in subscriber behavior, which was pivotal for forecasting future revenues. This predictive model enabled better decision-making, especially in budgeting and pricing strategies.
9. How do you manage financial leadership in organizations with distributed teams?
Managing distributed teams, especially in global organizations, requires constant communication. I implemented what I called "dependency handshakes," ensuring that both teams—whether in R&D centers in Asia or leadership in the US—had formal, documented agreements on mutual dependencies. This approach eliminated surprises during the planning process and aligned expectations.
10. How did you navigate M&A processes at Vuclip?
Navigating the M&A process, especially at Vuclip, required a blend of financial due diligence and cultural integration. We had to ensure that the financials were clean and compliant with regulations, while also addressing integration issues. This included aligning product roadmaps and ensuring smooth transitions in management post-acquisition.
11. What’s your advice for CFOs managing finance transformation?
The key to a successful finance transformation is adaptability. You must embrace new technologies, streamline operations, and most importantly, build a team capable of leading change. I recommend starting with small-scale pilot projects that can scale over time, gradually incorporating new systems and processes.
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