FATE Expo: A Glimpse into the Future of Finance and Accounting
The Finance and Accounting Technology Expo (FATE), held at the Javits Center in Manhattan, served as the inaugural trade show for the Chief Executives Group, focusing specifically on accounting-related technologies. The event distinguished itself by offering a chance for finance professionals to learn about new technologies and reconnect with their peers. While the expo featured startup pitches and speakers, it offered a unique combination of networking and industry-specific insights.
Keynote speakers included Daymond John from Shark Tank, Eventus’ Glenn Hopper, and Kapitus’ Anthony Rose. The event also featured several panel discussions, including one focusing on sports tech stacks and another on the practical applications of AI.
Here are five key takeaways from the FATE Expo:
1. Relationship Building Remains Paramount
Despite the emphasis on technology offerings showcased through booths and sales representatives, a significant amount of time was spent in conversations among attendees. These discussions often extended beyond finance and accounting, encompassing topics such as thought leadership, family, return-to-office policies, and even current events.
2. Finance Leaders Recognize the Importance of AI Awareness
Despite concerns surrounding data sources, energy consumption, and profitability, attendees demonstrated a clear understanding of the importance of staying informed about AI’s potential impact on finance. Though much of the finance world is already automated, questions remain. The opportunity to address these concerns in a group setting proved valuable for Chief Financial Officers (CFOs) who may not have a go-to person for AI questions or who prefer not to ask questions that might be perceived as basic by their CEOs or CIOs.
“What FATE provided to CFOs over the past two days was reinforcement that they don’t have to shoulder this [AI] burden alone. Instead, they can lean into the support, recommendations and counsel from their peers,” said Nick Araco Jr., founder and CEO of the CFO Alliance and a speaker at the event.
3. A Successful Female-Led Sports Panel
One of the most engaging panels focused on the tech stack in sports, titled “Data and Technology Driving the Future of Sport.” The panel was moderated by Angela Ruggiero, a four-time Olympic champion and gold medalist in ice hockey for the United States. She was joined by Pauline Phillip, CFO of the National Women’s Soccer League, and Dr. Tim Naddy, vice president of finance at the Savannah Bananas.
“Sitting on a panel of three amazing women of sports, I was reminded about how it’s not only important to have strong women in various fields of play, but also to have women strongly represented in the front office,” said Naddy. “There is a wealth of talented female leaders out there who, when given the chance to flex their competitive spirits and sharp business acumen through administrative mettle, financial prowess and level-headed decision-making, do so with such poise and panache. I was honored to be included with them.”
4. Vendors Learned from One Another
An interesting aspect of the expo was the level of collaboration and networking among sales representatives and product leaders, even among direct competitors. Rather than solely focusing on attracting CFOs to their booths, many representatives took the time to learn about their competitors’ products. Salespeople who possess a comprehensive understanding of both their own and their competitors’ offerings provide significant value to CFOs, for whom identifying the best technology can be a challenging and time-consuming task.
5. CFOs Are Ready to Handle the Challenges AI Presents
Both Araco and Naddy emphasized the necessity of peer-to-peer collaboration for effectively implementing AI technology.
“FATE met the challenge from today’s CFOs and finance leaders and did not disappoint,” said Araco Jr. “The mandate facing every finance leader today — regardless of business size, structure, industry or market — to align their talent and capabilities with the most appropriate and agile technology stack and dedicate time and attention to process reengineering in accounting and finance is a significant lift for them. CFOs clearly understand the immediate impact innovation can have on their performance and value.”
“Holding this expo in Gotham City was venue selection at its finest because I feel like a nerdy Batman with how many financial tools I can strap to my belt,” said Naddy. “I am floored by how many CFOs have [the tools] at their disposal to autonomously crush work while handling the nefarious ‘quick question’ with patience and grace. These vendors are the best in their spaces, and while there is much competition, each brings a calming effect to the office of the CFO. Kudos to the fintech professionals.”
