good morning. Utilizing technology to streamline financial functions is happening in every industry, and so is data collection from slot machines.
At the Gartner CFO & Finance Executive Conference on Tuesday, we spoke with Vanesa Bui, VP of Transformation at Mohegan Gaming & Entertainment. Mohegan's portfolio includes food and beverage, lodging and even a basketball team. The company recently transformed its legacy finance and HR systems into an integrated solution with Workday (a sponsor of CFO Daily) with help from PwC.
Bui gave an example. “For gaming operators, going deeper into analytics is about understanding how their business is run,” she explained. How are the slots performing on a daily basis? How are the table seats and slot machines used? Financial data is needed to enable this type of analysis so that operators can make better business decisions. ”
Bui said it's important for employees to embrace such changes and keep everyone involved in the journey as transformation occurs, but it's not always easy. “Change fatigue is real,” she told me. “When you bring constant change to people who work a typical 40-hour week, it's hard to digest.”
Team members who feel overloaded are often slow to implement new systems, she said, and others may begin to consider changing teams or even changing companies. Communicating comprehensively and effectively can help combat such feelings. When it comes to new technology, we need to be as transparent as possible, saying, “This process is painful and difficult,” and reminding us how it can help us achieve our goals. he added.
This is where good managers can help, said Marco D'Ascoli, director of financial practice advisory at Gartner, who spoke at a separate conference session. “I've talked to many CFOs who complain about their lack of ability to deal with resistance,” he said. They don't have time to communicate with everyone in the company. The finance directors tell him, “We need help from the managers within the organization.''
Mid-level managers can fill these communication gaps by working with the CFO to create one-page documents to share with their direct reports. Such one-pagers should address what's changing and what's staying the same, what the costs and benefits are, what key milestones to work toward, and so on. Managers can then personalize the documents to make them even more relevant to their teams, D'Ascoli said.
“This strategy helps employees understand the value of change,” he added.
Cheryl Estrada
Cheryl Estrada@fortune.com
Leader board
krishna rao He was named the first CFO of Anthropic, an AI startup. Rao joins the company from digital sports platform Fanatics Commerce, where he served as CFO. As Finance Director of Cedar, a healthcare payment and patient engagement platform, he led both the finance department and operational initiatives. Prior to that, Mr. Rao served as his Airbnb executive, as global head of corporate and business development, and where he led FP&A of corporate and operations. Early in his career, he worked as a private equity investor at Blackstone and as a strategy consultant at Bain & Company.
Deborah Nobelman Mr. Nobelman was appointed COO and CFO of Kronos Bio, Inc. (NASDAQ: KRON), effective June 3. Mr. Knobelman previously served as CFO and Head of Corporate Development at Senti Bio. Nobelman said he would take the company public in 2022. Prior to joining Senti, he held interim executive roles at several life science companies including Jogo Health, Thinklabs, Aktiv Pharma Group, and GeneriCo, LLC where he served as CFO and CEO. I served as a person.Ampio Pharmaceuticals Co., Ltd.
big deal
of 2024 Association of Financial Professionals (AFP) Compensation and Benefits Survey Report On average, finance and finance professionals saw their base salaries increase by 4.4% in 2023, down from a 5% increase in 2022.
Executive professionals and staff professionals saw their incomes increase by an average of 4.2%, while management professionals also saw their incomes increase by 4.6%.
The survey also found that 68% of organizations awarded bonuses to employees in 2023. Also, 89% of organizations awarded cash bonuses, while 41% awarded stock options to employees.
The survey results “demonstrate the importance of providing employees with competitive compensation and benefits packages and focusing on upskilling our workforce,” AFP President and CEO Jim Keitz said in a statement. Stated. Survey results are based on responses from more than 1,200 financial professionals located in the United States.
even deeper
“Investors clash over Elon Musk's $46 billion compensation package: 'Board still hasn't guaranteed Tesla will have a full-time CEO'” is new luck Report by Amanda Gelt. She writes: “Groups including a New York City pension fund issued a notice Monday urging others to vote against Tesla CEO Elon Musk's $46 billion stock option package at Tesla's June 13 shareholder meeting. New York City Comptroller Brad Lander, who serves as an investment advisor to the city's $260 billion fund, is leading the charge.'' Read the full report here. can.
overheard
“Spending on AI is unprecedented across the technology world, and this is just the first phase of the AI revolution.”
— Wedbush Securities analyst Dan Ives wrote in a note to investors on Monday.
