Artificial Intelligence
A new breed of finance frontrunners face the future: SMBs embrace the metaverse and cryptocurrency, Sage finds
- Half (52%) believe decentralized currencies will prove ‘extremely’ viable as a long-term payment solution
- A third (33%) plan to accept digital currencies within the next 12 months
- Over one-third (36%) of finance teams say their company has already entered the metaverse, while half (52%) say they plan to increase their presence
- A third (32%) of finance teams now looking for candidates with coding, developer, AI experience
- Three-quarters of financial decision makers put purpose over profits
ATLANTA , April 13, 2022 (GLOBE NEWSWIRE) — A new study of 1,900 finance leaders by Sage (FTSE: SGE), the leader in accounting, financial, HR, and payroll technology for small and medium-sized businesses (SMBs), has found that over four-fifths (83%) of finance leaders believe the industry needs a new breed of CFO.
“The Redefined CFO” study investigates how finance leaders today take a more holistic approach with a reliance on data to engage with the wider strategic priorities of organizations. Stepping out from the shadow of the CEO, the CFO has become a hub of business information – diversifying their expertise, recruiting the right talent, and ensuring they implement emerging technologies and purpose-driven programs to remove friction and deliver insights. The Chief Facilitative, Fairness, and Focus Officers represent this new breed of CFO.
“Finance leaders in the U.S. are redefining what it means to be a CFO,” said Judy Romano, VP and CFO, Sage North America. “Through their purpose-driven approach to the role, their adoption of breakthrough technologies, and work across a range of business units, finance leaders are taking their place as forward-facing guides for organizations.”
See below for highlighted findings from the report. Click here to download a copy of the full U.S. report.
Cryptocurrency and the metaverse embraced by SMBs
The research found that finance officers within SMBs are increasingly embracing cryptocurrencies and the metaverse as digital payments technology forces an evolution.
While only 17% of global finance teams reported currently accepting cryptocurrency transactions, one-third (33%) plan to accept decentralized currencies within the next 12 months. Just over half (52%) believe these currencies will prove ‘extremely’ viable as a long-term payment solution. The biggest hurdles surrounding adoption of cryptocurrencies were internal environmental, social, and governance (ESG) policies (22%) and finding the right talent to manage it (22%).
The research also revealed that over two-fifths (44%) of finance leaders have used cryptocurrency as payment for personal transactions, whilst nearly half (48%) have personally invested in cryptocurrency. Another half (49%) plan to invest in it.
When it came to the metaverse, SMBs may be further ahead in embracing the new technology than many anticipate. Over one-third (36%) of finance teams say their company has already entered the metaverse, while half (52%) say they plan to increase their presence over the coming year. Over half (54%) of respondents are planning learning programs in the metaverse, and almost half (42%) are purchasing virtual real estate (via NFTs).
Global findings breakdown
SMBs are accessing new capabilities all the time, supported by artificial intelligence (AI), machine learning, and blockchain, to better manage their finances and run their businesses more effectively.
Finance leaders in the U.S. were the most bullish: almost half (46%) of U.S. SMBs have already entered the metaverse, compared with only 30% of UK and 32% of Canadian businesses.
U.S. finance teams were also amongst the most likely to already be accepting cryptocurrency transactions, with a fifth (21%) already accepting these payments. The U.S. trails only Australia – where 29% of businesses already accept decentralized payments. These figures were substantially higher than those seen in the UK (13%) and Canada (12%) which are lagging.
In terms of the long-term viability of cryptocurrency as a payment source for SMBs, 60% of U.S. finance teams believe it to be extremely viable. This compares with 44% of UK and half (49%) of Canadian finance executives.
Aaron Harris, Chief Technology Officer, Sage commented:
“I’m passionate about elevating the work of humans. By this, I mean letting the machines take the admin burden, spot anomalies, and automate repetitive tasks – freeing up humans to focus on what they do best. The metaverse is a great example of the convergence of our digital and physical lives – integrating human touchpoints through digital means to knock down barriers. And while it’s still early days for most, the metaverse is normalizing some emerging technologies like cryptocurrencies for SMBs which, in turn, removes friction and delivers insights.”
“Yet despite the appetite for new technologies and business models, the availability of skills remains an industry-wide issue that, as a community, we need to solve. Offering more than the traditional finance roles, I hope this will help our profession appeal to an increasingly wider demographic.”
Purpose and people ahead of profit
Finance teams are now prioritizing technology skills over financial experience in recruitment, and it is impacting the hunt for new skills. One-third (32%) of finance teams say they are now looking for candidates with either coding, developer, or AI algorithmic building experience. In fact, candidates with a strong AI pedigree were even more appealing than strong finance candidates willing to train and develop AI skills (38% compared to 34%, respectively). However, both are more attractive candidates than professionals without any technical skillset at all.
Organizations are also prioritizing people and empathy in business decisions. Three-quarters of financial decision makers are encouraged by their organization to prioritize people (77%), account for empathy and understanding when making business decisions (75%) and put purpose over profits (74%).
Study methodology
This study is based on 1,900 responses from finance leaders in the Healthcare, Nonprofit, Financial Services, Professional Services, Hospitality, SaaS / Tech, E-commerce / Retail industries at organizations with less than 1000 employees and annual revenue of at least $50M for the US, UK, Australia, and South Africa and at least $5M for Canada. Survey respondents were provided by Torfac, a global market research leader with expertise in reaching niche audiences, and Op4G, a global market research panel built to support data collection while simultaneously benefitting non-profits. Field dates: January 7 to 28, 2022.
Press Contact:
Peter Olson
[email protected]
408-878-0951
About Sage
Sage exists to knock down barriers so everyone can thrive, starting with the millions of small- and mid-sized businesses served by us, our partners, and accountants. Customers trust our finance, HR, and payroll software to make work and money flow. By digitizing business processes and relationships with customers, suppliers, employees, banks, and governments, our digital network connects SMBs, removing friction and delivering insights. Knocking down barriers also means we use our time, technology, and experience to tackle digital inequality, economic inequality, and the climate crisis. Learn more at www.sage.com and www.sageintacct.com.
Helena Nimmo appointed CIO and Debra McCowan appointed CHRO to fuel IFS’s next phase of growth in pioneering and dominating Industrial AI
LONDON, Oct. 7, 2024 /PRNewswire/ — IFS, the leading provider of enterprise cloud and Industrial AI software, has made two senior appointments to its Executive Board. Helena Nimmo joins as global Chief Information Officer (CIO) and Debra McCowan as Chief Human Resources Officer (CHRO).
Nimmo joins from Endava, a US-listed global technology company with over 12,000 employees. As CIO at IFS, Nimmo will engage CIOs and tech leaders at IFS customers to help them with their strategic transformation journeys, as well as driving the effective application of technology within IFS to deliver better products and services to customers. With IFS leading the adoption of Industrial AI across the world, Nimmo will drive the integration of AI across the IFS community, enabling IFS customers to deliver exceptional moments of service to their clients.
McCowan was CHRO at NetApp, Inc., a Fortune 500 global data infrastructure, AI and cloud services company. In this board level role, McCowan was a strategic partner and advisor to the CEO and executive leadership team. As IFS rapidly grows beyond 7,000 employees in over 90 countries, McCowan will build on the HR transformation strategy IFS has already embarked on, to lead a high-performing global team, delivering progressive HR strategies and initiatives to rapidly grow and scale IFS’s footprint.
“I’m delighted that Helena and Debra are joining IFS at such a pivotal point in its growth journey,” said Mark Moffat IFS CEO. “Helena’s leadership has been instrumental in orchestrating company-wide transformations, developing core technology infrastructures, and implementing robust security measures. Debra is a transformational Human Resources executive with years of global leadership experience in the technology sector, making her an excellent fit for this role. I look forward to the new perspectives and ideas they will both bring to IFS and support our global mission to lead the Industrial AI revolution.”
Nimmo started her career at Nokia in Finland and has since held leadership positions in both customer-facing and internal technology functions at organizations including Symbian, Fujitsu and Thomson Reuters.
“I’m delighted to be joining IFS, the world leader in cloud enterprise software and Industrial AI,” said Nimmo, IFS’s CIO. “I am excited to add my expertise to drive digital innovation and deliver exceptional value to our customers. I have a passion for technology and a commitment to excellence and am eager to contribute to IFS’s continued growth and success.”
Prior to NetApp, McCowan was the CHRO at Equinix the world’s leading global data center and interconnection provider. She has held global executive leadership roles at Avago Technologies (now Broadcom Inc.), Hitachi Data Systems (now Hitachi Vantara), and Telstra Corporation.
“Joining IFS at a time of significant growth globally is a tremendous opportunity,” said Debra McGowan, IFS CHRO. “My mission is to continue to build a conducive environment for diverse, strategically aligned high performing teams to connect and thrive in a fast-paced business and in a dynamic workplace. I look forward to this exciting challenge.”
About IFS
IFS is the world’s leading provider of Industrial AI and enterprise software for hardcore businesses that make, service, and power our planet. Our technology enables businesses which manufacture goods, maintain complex assets, and manage service-focused operations to unlock the transformative power of Industrial AI™ to enhance productivity, efficiency, and sustainability.
IFS Cloud is a fully composable AI-powered platform, designed for ultimate flexibility and adaptability to our customers’ specific requirements and business evolution. It spans the needs of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Supply Chain Management (SCM), Information Technology Service Management (ITSM), and Field Service Management (FSM). IFS technology leverages AI, machine learning, real-time data and analytics to empower our customers to make informed strategic decisions and excel at their Moment of Service™.
IFS was founded in 1983 by five university friends who pitched a tent outside our first customer’s site to ensure they would be available 24/7 and the needs of the customer would come first. Since then, IFS has grown into a global leader with over 7,000 employees in 90+ countries. Driven by those foundational values of agility, customer-centricity, and trust, IFS is recognized worldwide for delivering value and supporting strategic transformations. We are the most recommended supplier in our sector. Visit ifs.com to learn why.
Contact information:EUROPE / MEA / APJ:Adam GillbeEmail: [email protected]
NORTH AMERICA / LATAM:Mairi MorganEmail: [email protected]
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Artificial Intelligence
Transforming Real Estate: Deka Immobilien and BuildingMinds Join Forces to Create Centralized ESG Data Hub for Carbon Reduction
BERLIN, Oct. 7, 2024 /PRNewswire/ — Deka Immobilien is implementing a central ESG data platform for its entire global real estate portfolio with BuildingMinds, the GRI winner of Proptech of the Year 2024. In the future, all stakeholders, from property and asset management to portfolio management, will be able to make data-driven decisions in real-time concerning the buildings and their CO2 emissions. At the same time, the created database will become the central supplier for Deka Immobilien’s ESG reporting activities.
The BuildingMinds platform is intended to serve as a control instrument, primarily for reducing the CO2 emissions of existing buildings.
A good, reliable database is the starting point for a well-founded reduction of CO2 emissions. BuildingMinds supports Deka Immobilien by providing structured data collection methods for energy and media consumption that meet the demands of a global real estate portfolio with varying requirements in individual countries and across different types of building usage. In addition, ESG-relevant documents such as energy certificates, green building certificates, and other expert opinions can be linked to each building. Enriched by a data quality assurance process, including a digitized, comprehensible filling of any data gaps, the platform becomes the “single-source-of-truth” for planning and reporting systems at Deka Immobilien.
The acquired database will become a central component in creating transparency around Deka Immobilien’s actions and the foundation for meeting European ESG reporting requirements. The BuildingMinds platform is integrated into Deka Immobilien’s reporting processes and also supports evaluations regarding the taxonomy conformity of the portfolio.
In the active asset management of the properties, the platform is used as an optimization tool. In the future, property, asset, and portfolio managers should be able to validate planning decisions based on real-time data. Benchmarks for energy and CO2 emissions can be used to analyze individual assets and entire portfolios. Targeted action plans can be evaluated in terms of their impact on energy, CO2 emissions, investment, and operating costs, allowing the path to achieving climate goals to be aligned with the fiduciary responsibility towards investors.
About BuildingMindsFounded in 2018 and fully funded by the Schindler Group, BuildingMinds is a software-as-a-service (SaaS) provider for the real estate industry, offering a comprehensive, data-driven platform for improving building performance. Using innovative technologies and analytics, BuildingMinds enables property owners and managers to efficiently monitor, assess, and optimize their portfolios and assets. This supports the development of a more sustainable and data-driven transformation in the real estate industry.
International Press Enquiries: Peter PanayiHead of Go-To-Market & Global Communicaions+44 [email protected]
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Artificial Intelligence
Racing Legend Jacques Villeneuve Engages CYPFER to Embolden Cybersecurity & Digital Resilience
Villeneuve Looks to Be a Living Demonstration of Futurizing Racing Brands and The Business of Motorsports
MIAMI, LONDON and TORONTO, Oct. 7, 2024 /PRNewswire/ — Jacques Villeneuve, former Formula 1 World Champion and current F4 team owner, announced today the strategic partnership with Daniel Tobok, CEO of CYPFER, as Chief Cyber Intelligence Advisor for Villeneuve’s racing teams.
“The integration of advanced technology in motorsports demands equally advanced cybersecurity measures,” says Daniel Tobok, CEO of CYPFER. “With Jacques Villeneuve’s teams pushing the limits of innovation, we are dedicated to protecting their digital infrastructure, ensuring data integrity, and maintaining competitive advantage,” states Tobok.
The motorsports industry is increasingly reliant on digital technology, from car telemetry to race strategy simulations. According to a report by Cybersecurity Ventures, the cybercrime epidemic is predicted to cost the world $10.5 trillion annually by 2025, with the sports sector being a significant target due to its high-profile nature and valuable data.
“Racing at the highest levels requires not only physical and mechanical excellence but also digital security,” says Jacques Villeneuve. “Partnering with CYPFER gives us the confidence that our sensitive data, from race strategies to telemetry, is secure from cyber threats. This collaboration is a crucial part of our commitment to our core mission: winning races and pushing the boundaries of what’s possible in motorsports,” concludes Villeneuve.
“Entering the world of motorsports with Jacques Villeneuve is an exciting milestone for CYPFER,” shares Tobok. “Jacques’ legacy in racing and his forward-thinking approach make him an ideal collaborator. We are ready to safeguard his teams’ digital assets and contribute to their continued success,” concludes Tobok.
About CYPFER
CYPFER is on a global mission to help companies create Cyber Certainty™. With an experienced team of incident responders, threat researchers, seasoned ransom experts, and data restoration experts, CYPFER is the trusted firm for leading law firms, insurance carriers and global organizations. CYPFER’s cybersecurity professionals are located across the US, Canada, UK, and Caribbean. The CYPFER team is ready to respond and help clients experiencing cyber attacks 24x7x365. CYPFER’s experts provide white-glove service and aim to restore Cyber Certainty™ for all clients on every engagement.
CYPFER’s core services include:
Ransomware Advisory Incident Response Services with specialized expertise in ransomware response and recoveryOn-site and/or remote post-breach restoration support to augment internal teamsCYPFER is headquartered in Miami, FL. The company currently employs 140+ cybersecurity experts and has supported clients across six continents. CYPFER is executing plans to expand across the globe and boast a workforce of 200 cybersecurity professionals by the end of 2024.
For inquiries, please contact our PR Team at [email protected]
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