Q&A with Chris Ortega: Dealing With Uncertainty Through Technology

Chris Ortega has gone out of his way to share his knowledge and expertise in the field of finance and accounting with others, becoming a thought leader and being recognized in his field as a top voice in accounting worldwide. Follow Chris on LinkedIn or check out some of his writings here.

What are you doing right now and how did you become one of the world’s Top 10 Voices in Accounting?

Currently, I am the director of finance at Emarsys, which is the largest independent marketing platform company in the world. We provide complete CRM and marketing solutions for retail, ecommerce, travel, and other industries. I lead all US, Canada, Latin America, and South America operations in accounting and finance. I’ve been with the company for four years, but it feels like eight because of how fast we are moving and developing, as well as the presence we have in the market. 

Along with that, I have intentionally stepped out as a thought leader to share my experiences, knowledge, difficulties, and pitfalls that I have had during my accounting career. In that role, I frequent webinars, podcasts, partnerships with various organizations, and consulting work in the field of finance and accounting. 

My goal is to help organizations move their teams from scorekeepers to valued advisors and value integrators. I really love to give back and use my talents to help other people realize and achieve greatness.

Last year, there was a survey selection from my peer group out of about 310 people in the field of accounting and finance, and a group of 250,000 peers voted me one of the Top 10 Voices in Accounting, which was a great honor. I’m really humbled by that international recognition through LinkedIn.

What is your role as a BI and AI evangelist all about?

Within the field of accounting, business intelligence and artificial intelligence are essential for leveraging technology. I want other organizations and businesses to understand the value of these technologies and how they can transform what companies are doing with finance.

There are really three pillars that I talk about in a finance career: people, process, and technology. When I talk about technology, I want other finance professionals to have access to my experiences to see how these new tools can help them move organizations forward. 

What can AI do for a company’s finances and overall business intelligence?

Finance and accounting can lag in adopting new technologies like AI and BI because of the emphasis on systems and routines. To implement AI, you need four main resources: an algorithm, at least 15 years of data, massive amounts of data over that time period, and a way to test the algorithm and get feedback on its accuracy.

The goal of AI in accounting and finance is to get professionals to focus less on tactical aspects like data collection, mining, and aggregation. Instead, their focus should be on high-value activities like partnerships and strategic, data-based decision-making rather than the tribal knowledge or gut feelings that have often been used in the past.

Will the pandemic be an impediment or an expedient to the adoption of AI?

I think it will be a catalyst to adopt these tools. Having a machine learning algorithm purely based on data is highly useful during times of great uncertainty, and it can really help businesses feel less overwhelmed and more in control than they would be otherwise.

There have been many macro factors during the pandemic, from restrictions to government mitigation efforts, and even the Paycheck Protection Program, which allowed companies to have more consistent cash flow during the shutdown period. 

There are so many rich data and so many factors to put into the AI algorithms that it’s a gold mine for those who are using these tools.

Does Emarsys use ERP software in its financial analysis and is that kind of tool useful?

We do use ERP software as our global platform. It’s part of a mixed bag of tools that we use for data collection, tracking, reporting, and analysis. In fact, different customers use different ERP systems, and even across the company, several different ones are used. We haven’t yet come across that one system that will fit everyone’s individualized needs. 

What are some of the challenges enterprise-level businesses have in the current economic climate?

As with so many things, the challenges really depend on the business. In the hospitality industry, for instance, it has been devastating. I don’t think any of those leaders ever thought about a situation in which they have 90 percent lower capacity and 90 percent lower revenue year over year. 

On the other hand, retailers who understood even before the pandemic that ecommerce was the way to go have not been nearly as impacted by the current global situation and may have even benefited from it. 

My big hope for enterprise-level businesses is that they realize that they need different ways of reaching customers and that an omnichannel strategy is what will benefit them most moving forward, wherever possible. Business will be forever changed, and the pandemic is still impacting many industries between shutdowns, capacity restrictions, and working from home. 

Emarsys saw little disruption from the pandemic from a productivity and efficiency perspective because we were well equipped to have a remote workforce and had all the tools in place to do so. I’ve been working from home for the past several months, and I’ve been even more productive than I was in the office.

From enterprise-level companies to a small mom-and-pop, the best course of action is to plan toward the situation, understand your customer profile now and in the future, and know the buying habits of your customers. In all likelihood, the pandemic and its effects will last into 2021, and businesses that plan for that eventuality will be best positioned to survive. 

How has the coronavirus outbreak impacted your business or the businesses of your associates or clients?

The pandemic has affected everybody on every single level—personally, economically, and socially, just to name a few. The biggest impact that I’ve seen in our space is not that they can’t pay their bills or stay solvent, it’s the need for more flexibility in cash flow and being able to maximize that during a time in which you may not be bringing in nearly the amount of cash you did a few months ago.

More people and businesses are saving more money, and that’s a good way to be prepared for what may come when you just don’t have any idea what might happen next. Profits have always been a dream, cash flow has always been the reality. Cash is king now.

Profits have always been a dream, cash flow has always been the reality. Cash is king now.

Where can businesses look for solutions as they scale up for growth and expansion?

I think the first place businesses can look for solutions is to their people. Growth prospects may be more limited for a while, especially in industries like hospitality and some retail that doesn’t translate well to ecommerce. They may be slow to get back to “normal.” 

The best approach will be data-driven, and there won’t be a uniform approach. There’s nothing wrong with being tentative for a while until you see how things shape up. There’s value in patience and making sure your decisions for growth are sustainable. You need to plan, but you need to use KPIs as you move to the next phase of growth and expansion. 

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