In this episode of CFO Weekly, Michelle DeBella, Chief Financial Officer at JumpCloud, joins Megan Weis to explore the CFO trifecta: finance, strategy, and leadership. Michelle also dives into the importance of balancing immediate financial responsibilities with long-term strategic planning, cloud-based identity management, the role of AI in business, and the significance of clear communication and mentorship.
Michelle is a dynamic, results-oriented finance executive with over 15 years in public accounting, followed by 10+ years in VP/C-Suite roles in companies such as Knock, Lyft, Uber, Hewlett Packard, Ernst & Young, and Coram Healthcare. Michelle is also an Official Member and Finance Thought Leader for the Forbes Finance Council.
Transcript
In this episode, we discuss:
- The key elements of successful finance transformation
- Critical qualities a CFO has to possess to manage diverse teams
- How to leverage finance data and AI for business growth
- Storytelling and mentorship in finance
Key Takeaways:
The Power Trio for Scaling Success
When it comes to successful transformation, you need to balance three key elements: people, processes, and tools. Focusing too much on one without considering the others won't lead to the desired outcomes. People are the most critical factors because humans naturally resist change, so it's essential to get them on board. Simplification, standardization, and automation across your business are vital for scaling efficiently without overextending resources. Companies that master this see impressive growth without overspending.
"Getting people's heads and hearts into change and transformation and getting them to trust that there is a better outcome on the other side is really key." DeBella said. - 09:40 - 13:51.
Leading with Clarity, Grit, and Tough Decisions
As a CFO leading diverse global teams, three qualities stand out: soft skills like clear communication, transparency, and employee engagement. Clear goals, well-documented processes, and accountability give global teams the autonomy they need, especially when working across time zones. Lastly, resilience and grit. Sometimes, tough decisions are required, like restructuring, where you must prioritize the company's success, even if it means putting yourself on the line.
"Soft skills are at the top of my list. And I think communication, transparency, clarity of goals and objectives, and employee engagement are critical to creating that virtual community that enables a high-performing team." DeBella claims. - 16:00 - 18:34.
Cloud-Based Identity Management: A New Era for Finance
When it comes to data governance and AI, focus on defining the most critical data points and ensuring alignment across your teams with a clear source of truth. You don't need heavy governance over everything, just prioritize the essentials. For AI, take a holistic approach that involves people, processes, and tools. Leverage built-in AI capabilities from platforms like Salesforce or Oracle, explore where AI can drive efficiency, and pilot potential use cases with existing tools to unlock opportunities. Keep your strategy cohesive by involving all teams and thinking big about future possibilities.
"I think we're just trying to approach it from a very cohesive company level that thinks about the people, the processes, and the tools so that we have a coherent and cohesive approach to it versus every team going off and trying to figure out their own solutions." According to DeBella. - 23:31 - 27:38.
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