Read XOi CFO Leon Weiss’s article in PYMNTS.
Today’s top finance leaders are being tasked with an ever-growing plate of responsibilities.
And as a surplus of modern digital solutions are increasingly brought to market to support those needs, how is a CFO to choose what’s best for their business?
“It’s a constant iterative process,” Leon Weiss, CFO at cloud-based software company XOi told PYMNTS in a recent discussion. “You implement something, you grow and scale out of it, and you have to consider — what’s the next step? So when you’re picking solutions it really comes down to what can grow with you, versus something that might solve for today but in a year or two might actually create a bottleneck.”
Research in the report, “Digital Payments: Changing Economy Sparks New Priorities for Systems Spending,” a PYMNTS and Corcentric collaboration, finds that 7 in every 10 (70%) retail, finance, and insurance CFOs say their digital investments are paying off — underscoring the importance of not just choosing the right tool for the right task, but of taking a holistic view of organizational growth engines and how to best support and scalably activate them.
“From the finance seat, the responsibility lies in managing profitability and the two sides of growth and efficiency in order to find the right level of both to be successful and sustainable as a company,” Weiss said.
There can be a lot of cash burn particularly for fast-growing companies, but Weiss added that one of his goals since he joined XOi has centered around becoming more profitable and more efficient without slowing down the existing growth trajectory.
“It’s making quicker decisions on investments and making sure we’re adequately resourced in areas that are proving to be growth engines and showing opportunity, as well as finding the areas where we can do things better and more efficiently, places to scale without increasing certain expenses,” Weiss said.
He added that one of the interesting elements of being an executive at a software-as-a-service (SaaS) firm himself is that XOi’s sales leaders are constantly talking to their own prospects about how to automate and be more efficient, “and then you have to turn and look at yourself and ask if you’re following that internally too.”
“When you’re picking solutions it really comes down to what can grow with you, versus something that might solve for today but in a year or two might actually create a bottleneck.”
Leon Weiss, XOi CFO
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