Technology's Influence on Decision Making, Discussed by Zane Rowe on Workday's Website
Rewritten Article:
The Ever-Evolving Finance Chief Role
Workday's CFO, Zane Rowe, is no stranger to the ever-changing landscape that finance chiefs face. With nearly two decades of leadership across industries, he brings a myriad of insights on what aspects of the finance chief role have shifted in the 21st century and what has remained constant.
From his experience guiding the merger of Continental Airlines and United Airlines, to a stint as a sales executive at Apple, and multiple positions at groundbreaking technology companies, Rowe's thoughts on the evolving finance chief narrative, effectively utilizing data, driving change in legacy organizations, and the role of personal health and well-being in leadership are valuable insights for finance leaders at any stage of their career.
Zane Rowe
Over at Workday
First Finance Stint: 2008
Noteworthy Previous Employers:- VMWare- EMC- Apple- Continental Airlines (merged with United Airlines under Rowe in 2010)
This interview has been condensed and clarified for readability.
ADAM ZAKI: In today's world, there's a lot of talk about the "evolving role of the finance chief." What parts of the role have stayed the same?
ZANE ROWE: Looking back on my career, I've found that the core aspects of the finance chief role have remained consistent. These include a focus on value preservation and creation, strong connections with stakeholders, commitment to integrity, and sound decision-making based on accurate data.
In my experience, finance chiefs have been key players in fostering collaboration, bridging gaps across the organization, and engaging with the board and fellow executives. Although the emphasis may shift and the tools we use evolve, the essential elements of the role remain true.
What has changed then?
The technology evolution and its impact on the way business is conducted. Even before my time at Workday, when I was in the airline industry, we were heavy technology users. But what we can do with technology today has vastly expanded due to data, which has reshaped our interactions with stakeholders and customers.
The tools we now have let us handle larger data sets and strategically use that data to make more informed and much more accurate decisions. If I were asked this question ten years ago, I would have given a similar answer. However, the way we navigate these changes has taken on a new shape thanks to better technology.
Has the narrative of the "evolving or changing role of the finance chief" lingered during your career?
Yes, and this could be due to ongoing conversations around volatility. Each year seems to bring new sources of unpredictability, and the current economic climate is no exception. As finance chiefs, I don't think we will ever be able to predict everything or execute everything according to plan.
Technology has evolved at such a pace that change is happening faster than it did in the past. Regardless of your industry or experience, change is inevitable. While concerns about the unforeseen impacts of newer technologies like AI arise, I believe it's less about the changing role of technology and more about how you adapt to those changes that matter.
During your time at Workday, you've utilized data effectively. Can you provide an example?
Our product has amazing capabilities powered by technology, allowing us to make better use of data to forecast more accurately and increase efficiency. For instance, we now have better insight into our teams' work, our customers' preferences, and future demand. And we're using this data to make truly data-based, informed decisions, rather than relying solely on estimates as we might have done previously.
When taking on new roles and implementing changes, how have you balanced not appearing dismissive of legacy practices?
It's a challenge, but I believe that being open and transparent is key. When taking on new opportunities or roles within a company, it's important to be clear about your goals for the organization and your personal goals, and to engage with others to achieve them.
Much of business is about working with people, so achieving success comes from collaboration and learning from one another. It's about embracing what's happening in the organization, asking questions, and establishing relationships. By being transparent and open, people embrace change and want to create value for the company.
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- Zane Rowe, in his role as CFO at Workday, has found that the core aspects of the finance chief role, such as value preservation, stakeholder connection, and integrity, remain constant.
- Rowe acknowledges that technology evolution and its impact on business operations have significantly changed the finance chief role, enabling the handling of larger data sets and more informed decision-making.
- The ever-changing role of the finance chief is influenced by ongoing conversations around economic volatility, with each year bringing new sources of unpredictability.
- Rowe believes that adapting to changes brought about by technology, rather than just the evolving role of technology itself, is crucial for finance chiefs.
- Leveraging data effectively, as demonstrated at Workday, has allowed the company to make more accurate forecasts and increase efficiency by gaining insights into teams' work, customer preferences, and future demand.
- Balancing the implementation of changes and maintaining respect for legacy practices requires openness, transparency, and establishing relationships with others to successfully collaborate and create value for the organization.
- Rowe's thoughts on the evolving finance chief narrative, effectively utilizing data, driving change in legacy organizations, and the importance of personal health and well-being in leadership offer valuable insights for finance leaders at various stages of their career.
- In addition to his CFO work, Rowe's career path includes employment at noteworthy companies like VMWare, EMC, Apple, and Continental Airlines (merged with United Airlines under his leadership in 2010).
- The science of personal finance, leadership, business, careers, and technology are integral aspects of Rowe's insights into the evolving role of the finance chief in the 21st century.
- The health-and-wellness sector, highlighting trends in home affordability and Gen Z's investing behaviors, is likewise essential for finance leaders looking to stay informed and adapt their strategies accordingly.
