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The Evolution of Finance and the CFO, Part 2 (Determine)

This content was published on the Determine blog on September 19, 2019

In a continuation of our discussion with Corcentric EVP and CFO Mark Joyce, we leave our focus on how the CFO role has changed in the digital age and we pick up the very popular topic of how finance and procurement can work together better.

While procurement is accustomed to thinking of finance as something of a brick wall, there is nothing to be defensive about in this CFO conversation. With data and analytics at the foundation of most corporate roles today, all corporate functions have a lot more in common than they realize, including a shared desire to impact as many parts of the organization as possible.

In Mark’s own words…

"Regardless of where procurement reports, their objective should be the same, which is to ensure the goods and/or services an organization is investing in or acquiring meet their requirements. In a collaborative organization, it shouldn’t matter where procurement reports, because everybody should be involved at the appropriate level and share ideas and work towards common objectives.”

In addition to the fact that, as CFO, Mark characterizes most spend as “investment”, in other words, of strategic importance to the enterprise, he discusses an interesting perspective on total cost of ownership that is not to be missed: what does it cost the company to make a change – whether in response to positive or negative conditions.

In the second part of our discussion with Mark, he addresses:

  • How the prevalence of “as-a-service” contracts has changed the way companies measure the value of their contracts.
  • How procurement’s role and priorities may be different in long term planning situations v. more straightforward, shorter term decisions.
  • The importance of making sure a company is prepared to act upon what they have set out as their chosen strategy.

Click here to listen in.

The Evolution of Finance and the CFO, Part 1 (Determine)

This content was published on the Determine blog on September 17, 2019

In a recently released article and podcast about the evolving role of the CFO, McKinsey & Co. partner Ankur Agrawal and consultant Priyanka Prakash shine an interesting light on enterprise-wide change management in the digital age — from the perspective of finance. Of particular note are the number and range of corporate functions reporting into finance today, and how that shifting scope of responsibilities can stress a CFO’s bandwidth while also increasing their net impact.

To gain perspective on these changes, we spoke with Corcentric EVP and Chief Finance Officer (CFO) Mark Joyce. He has been in his current position for nearly 13 years, and in that time he has had ample opportunities to observe the changing expectations of the CFO role. At the same time, he has been supporting the company’s growth journey while acting upon his unique vision for the future of finance.

Today’s strategic CFOs aren’t nearly as focused on “the pennies” as they used to be. Instead, their time is spent analytically leveraging the company’s data resources, learning from people at all levels of the organization, and ensuring that the operational focus of the enterprise is aligned with the opportunities that exist in the marketplace.

In this discussion, Mark will answer questions such as:

  • How is the role of the CFO changing, and what impact is that change having on the rest of the C-suite?
  • How can a CFO bring their personal vision to bear on finance and on the enterprise while also ensuring that finance as a whole delivers what is needed of them?
  • Given the increased role of long term strategy and planning in finance, where can CFOs go to nurture and develop innovative ideas?

Click here to listen in.

The Aftermath of a Capsized Cargo Ship (ATSC Blog)

This content was originally published on the ATSC Blog on September 16, 2019

On September 8th, the cargo ship Golden Ray capsized off the coast of the state of Georgia. At the time, the ship was carrying 24 people and 4,000 vehicles. Shortly after the ship capsized, a fire broke out on board, jeopardizing the U.S. Coast Guard’s ability to rescue the crew safely and raising questions about whether the vehicles aboard the ship might have come unsecured in such a way that they threatened the vessel’s stability.The image of the bottom of the cargo ship, fully visible after capsizing, was enough to give any supply chain professional pause. The implications of this unexpected disruption, just one of over two dozen similar events to take place globally so far this year, are far reaching and wide ranging.

I’ll admit that after learning the crew had been safely extracted from the ship, my first thoughts were: what was the ship carrying and whose was it? It was impossible to escape the reality that the image most people were looking at with vague curiosity translated to a very bad day for many people and organizations.

Regardless of where and when a cargo ship accident happens or why, there are significant impacts in terms of cargo, passage and environment.

Click here to read the rest of the article.

NESCON 2019: From “How to” to “How to Imagine” the Future of Supply Chain

As I mentioned on the BMP blog a few weeks ago, I’ll be providing media coverage of the New England Supply Chain Conference & Exhibition (NESCON) on October 7th. I’ve been more of a ‘virtual player’ in the industry for the last few years, so I’m looking forward to this opportunity to network and learn in person.

I reached out to David Kriz, NESCON Program Chair, to get his perspective on the line up for this year’s event as well as the overall industry trends driving their choice of speakers, topics and tracks. As he pointed out, the event used to be focused on “how to” execute in various segments of the supply chain. For the last few years, however, they’ve been deliberately transitioning the conference over to more strategic topics because they are on the critical path forward in procurement and supply chain. The focus is still “how to”, but now with a more visionary approach.

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