Nearly 7,000 treasury and finance professionals gathered in Boston to talk shop, discover new capabilities with emerging tech and dive into the latest developments.
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Here are the
5 BIGGEST TAKEAWAYS
from the community:
Faster and real-time payments are making inroads and corporates are now looking into how to practically benefit from them.
Speed of settlement is becoming more important for corporate payments. However, in the real world, we are still in the beginning of adopting faster payments, as the volumes are still very low.
Corporate culture is the driver to help weed out employees that don’t subscribe to a team-based approach.
Employees need direct communication and immediate feedback from their supervisors. This is sometimes tough to do, but it keeps the message the same and on pace with the culture of the organization. This is especially effective at bridging the generation gap for the leaders of tomorrow.
Preventing payments fraud boils down to internal processes and ensuring that your employees exercise caution.
The risk of fraud is not necessarily tied to breaches of payment methods, but the processes conducted prior to initiation of payments, and the professionals who are in charge. There is a heightened awareness of the need to protect internal systems from external intrusion.
AI and machine learning represent a drop in the cost of prediction.
As Avi Goldfarb, FP&A Luncheon speaker explained, when something becomes cheap, we will use more of it, and more of complementary goods. If coffee were free, we might drink more. Demand for complementary goods (like cream) would also rise, but the price of competing goods (like tea) would fall. Human judgement is the “cream and sugar” that complements cheap prediction.
Practice your crisis management, even if you don’t know what the nature of the crisis will be.
Frances Townsend, Certification Luncheon speaker, has seen so many crises that forming a response plan became muscle memory. Understand the dimensions and the details of crises so that when one happens, you can quickly form a plan and convey the path forward in detail.
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DIVE DEEPER with Coverage from AFP 2019
Robin Roberts: Everybody’s Got Something
Payments Symposium: Will Real-Time Catch On?
Rana el Kaliouby: Building AI We Can Trust
FP&A Roundtable: Executing on M&A
FP&A Roundtable: Moving Up the Technology Ladder
Fareed Zakaria: Navigating an Era of Global Disruption