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Rising Cyber Threats Drive CFOs to Prioritize Data Security and Privacy, Increasing Focus on FP&A and Gen AI, States Protiviti’s Latest Global Finance Trends Survey

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Generative AI is becoming table stakes, with 44% of finance departments in publicly held organizations employing this technology

MENLO PARK, Calif., Sept. 10, 2024 /PRNewswire/ — The pressure of new cybersecurity disclosure requirements and the rising threats of cyber warfare and extortion have pushed data security and privacy to the top of the priority list for finance leaders. The annual Global Finance Trends survey conducted by consulting firm Protiviti finds that 61% of CFOs and finance leaders rate data security and privacy as a high priority in the coming year, followed by financial planning and profitability analysis and strategic planning.

The finance function is increasingly feeding the demands of stakeholders hungry for non-financial, structured and unstructured data. Coupled with the growing need for sophisticated controls, accuracy assurance and compliance savvy to safeguard this data, there is a shift in the role of CFOs, to elevate their responsibilities for data governance and for ensuring appropriate investments are made in cybersecurity capabilities. The survey also found that generative AI is now being employed by one in three finance organizations, with process automation and financial forecasting representing the most common uses of the technology.  

“In previous survey years, many would have raised their eyebrows at CFOs partnering with CISOs on security and privacy data concerns, as these would have fallen in the CISO’s purview,” said Christopher Wright, global leader of Protiviti’s Business Performance Improvement solution. “Now, new cybersecurity disclosure and reporting requirements, along with customers’ and vendors’ growing expectations for organizations to keep data private and secure, also require the CFO’s hands on the wheel to remain compliant and maintain high data governance standards.”

Generative AI Moves Forward in Finance
CFOs and other finance leaders are focused on advancing generative AI deployments that can support increasing revenue and improving profitability. The survey found that among those finance organizations employing generative AI (34% of all respondents), 58% have achieved meaningful and measurable progress in their cost optimization efforts. In addition, 44% of public organizations are employing generative AI in finance, whereas only 29% of private organizations are doing the same.

“Generative AI has immediate benefits for financial organizations, such as process automation and financial forecasting,” said Wright. “CFOs and finance leaders have been using AI tools to generate valuable returns in both budgeting, forecasting and cash flow management and cost optimization. The Finance Trends Survey points out that the finance functions are using AI to help process large data pools in efficient ways. This is especially crucial within a function that is so data heavy and for which it is imperative to process both structured and unstructured data.”

Financial Planning and Analysis (FP&A) is Second Highest Priority
Effective FP&A practices have become essential as companies continue to satisfy the mandate to drive value and optimize costs. Results indicate that 69% of finance leaders and professionals in public organizations consider financial planning and profitability analysis and reporting to be a top priority for the upcoming year.

A majority of CFOs and finance leaders (57%) report achieving meaningful, measurable progress in cost optimization in both technology rationalization and utilization of cloud-based systems.

ESG reporting also continues to be a priority for finance leaders, with 59% of publicly held organizations indicating a high level of preparedness for ESG reporting, compared with 47% of private organizations.

Top 10 Priorities

In the survey of over 950 global finance leaders, including CFOs, vice presidents, directors and managers, conducted online in the second and third quarters of 2024, participants ranked their priorities for the coming year. The results indicate the top 10 finance priorities are:

2024 Rank

2023 Rank

1

Security and privacy of data

5

2

Financial planning and profitability analysis and reporting

N/A

3

Strategic planning

6

4

Routine reporting and closing activities

10

5

Process improvement

11

6

Leadership (within your organization)

23

7

Enhanced data analytics

7

8

Cloud-based applications

9

9

ESG metrics and measurement

1

10

Changing demands and expectations of internal customers

15

*In this year’s survey, we consolidated and reduced the number of finance areas that respondents rated from 24 to 15.

Survey Resources Available
Key findings of the Protiviti 2024 Finance Trends Survey are available here for digital exploration on the firm’s website. The site also offers a complimentary download of the full survey report in PDF format, including recommended action items for CFOs, and an infographic. On Sept. 24 and Oct. 24, Protiviti will host two complimentary 60-minute webinars to discuss the survey results and their implications.  To attend the webinars, register here.

About Protiviti
Protiviti (www.protiviti.com) is a global consulting firm that delivers deep expertise, objective insights, a tailored approach and unparalleled collaboration to help leaders confidently face the future. Protiviti and its independent and locally owned member firms provide clients with consulting and managed solutions in finance, technology, operations, data, digital, legal, HR, risk and internal audit through a network of more than 90 offices in over 25 countries.

Named to the Fortune 100 Best Companies to Work For® list for the 10th consecutive year, Protiviti has served more than 80 percent of Fortune 100 and nearly 80 percent of Fortune 500 companies. The firm also works with government agencies and smaller, growing companies, including those looking to go public. Protiviti is a wholly owned subsidiary of Robert Half (NYSE: RHI).

 

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SOURCE Protiviti

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Positive Perception of Term “All-Electric Home” Increases 12 Percentage Points in Recent Years, E Source Survey Finds

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November 14, 2024

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Research from the utilities-focused research, consulting, and data science company shows positive shift in homeowner perceptions of electrification technologies, though cost remains a barrier to fuel-switching. 

BOULDER, Colo., Nov. 14, 2024 /PRNewswire/ — E Source, a utilities-focused consulting, research, and data science company, has shared the results of its 2024 Residential Electrification Survey, including a shift in consumer attitudes toward electrification technologies in residential settings. The independent study, first conducted in 2021, fielded in April 2024 with over 10,000 residential homeowner utility customers in the United States and Canada.  

Designed and administered by the E Source Market Research team, the survey offers findings around: 

Consumer perceptions of electrification technologies: Over three-quarters of respondents believe that electricity is a safer home and appliance fuel source than natural gas, an increase from 2021. Despite shifting perceptions, cost remains a barrier to fuel-switching.Current ownership of electrification equipment: More respondents say they own electric equipment in 2024 compared to 2021, with electric cooktops and smart thermostats reported as the most common electric appliances.Readiness for adoption: While many respondents said they were unlikely to switch fuel sources for most home equipment, 27% expressed interest in taking steps to electrify all their appliances.

In other notable findings, positive perception of the term “all-electric home” increased from 40% in 2021 to 51% in 2024. Additionally, over one-third of respondents would prefer homes with only electric appliances when choosing their next residence, with 63% stating that gas appliances contribute to indoor air pollution, an increase from 51% in 2021.  

However, despite the growing interest in electrification, cost remains the largest barrier to fuel-switching, with 76% of respondents believing that switching fuel sources of any kind in their home appliances would be costly. 

Utilities today are navigating fast-paced technological advancements, transitioning to cleaner energy sources, managing tighter budgets, and looking to meet heightened customer expectations. A systematic and targeted approach to electrification is central to successfully addressing these challenges.

“Electrification holds tremendous potential along with risks. Utilities can realize that potential and mitigate the risks by understanding how to best engage their customers in the energy transition. With in-depth market research like our Residential Electrification Survey, utilities can understand perceptions of electrification to promote the value of new technologies based on customer needs, beliefs, and behaviors,” said Filomena Gogel, President of research and advisory at E Source.  

An overview of the insights is publicly available in a downloadable eBook here. Detailed findings are available in an industry report for members of the Distributed Energy Resource (DER) Strategy Service offered by E Source. 

About E Source 
E Source combines industry-leading research, data science, and consulting to help utilities make and implement better data-driven decisions that positively impact their customers, their bottom line, and our planet. Headquartered in Boulder, Colorado, E Source has teams across the US and Canada. Learn more at www.esource.com.

Media Contact:  
Adarsh Nalam, Director, Solutions Marketing and Communications  
adarsh_nalam@esource.com

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SOURCE E Source Companies LLC

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Ironclad Launches Jurist: an AI-Powered Assistant That Shows its Work

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57 minutes ago

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November 14, 2024

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The conversational AI assistant utilizes purpose-built multi-agent technology that works together to automate legal work, giving legal professionals a singular place to work with all the right tools and information in one seamless experience

SAN FRANCISCO, Nov. 14, 2024 /PRNewswire/ — Ironclad, the leading digital contracting platform for modern businesses, today announced the public launch of a new conversational AI legal assistant, Ironclad Jurist. Jurist allows legal professionals to draft, edit, review, summarize, translate, and answer questions related to modern contracting. Jurist is the only AI-powered assistant purpose-built for lawyers that lets users create and iterate on any legal document with past company precedent, benchmarks, and real-time changes in the legal space—all in an online, fully editable .docx workspace.

Jurist, built on Ironclad’s open-source visual programming platform Rivet, offers users unprecedented transparency into AI decision-making within a contract by displaying agent actions and reasoning, complete with citations in its online research mode. Leveraging industry-leading prompt routing, specialized legal prompt engineering, and a sophisticated retrieval automation generation (RAG) approach that harnesses multiple top-tier LLMs, Jurist is transforming the landscape of AI-assisted legal work.

“Jurist has already eliminated hours of manual review from our document review process. Its intuitive interface lets us easily define our own parameters, transforming tasks like NDA reviews into a streamlined workflow,” said Katelyn Canning, Director and Head of Legal at Ocrolus. “What truly sets it apart is its ability to select the most appropriate AI model for each task behind the scenes, delivering useful results without requiring us to craft intricate prompts. This combination of power and simplicity has made it an indispensable tool for our legal team.”

After a rigorous five-month beta, which included in-house legal teams at companies like Ocrolus and Signifyd, and leading law firms including Gunderson Dettmer, Jurist is now generally available. With Ironclad Jurist, users can:

Perform legal work in one central place: Jurist provides a new surface for lawyers to work with, iterate, draft, edit, research, and ask questions, all within a single environment. Users can directly edit AI outputs—and write prompts for specific sections of documents to fine-tune contract language—in a native .docx editor.Personalize AI outputs with past documents: Jurist produces personalized drafts, reviews, and edits based on the context users provide, including templates and executed agreements.Access the latest legal knowledge from verified online sources: Users can stay current with the ever-evolving legal landscape from the most reputable online legal research sources.Verify actions taken by your team of agents: Jurist explains its decisions in real time and cites sources when answering prompts, empowering users to use what they create with confidence.Work in a responsible, privacy-forward environment: Jurist does not allow companies like OpenAI or Google to retain or train on customer data. Ironclad provides customers with complete enterprise-grade security and holds numerous certifications, including several ISOs. Ironclad is also compliant with GDPR, HIPAA, and the SOC 2 Type II Security Trust Criteria. To learn more about Ironclad’s security certifications, click here.

“Legal is the perfect application for LLMs, because LLMs are exceptionally good at working with unstructured data – which is the lion’s share of the types of documents lawyers work with,” said Ironclad Chief Product Officer Michel Feaster. “We built Jurist to help bridge this gap, and wanted to create something that was congruent with the ways that lawyers are already working. Lawyers need to be able to edit in real-time in one place, or be able to ask questions about specific parts of a contract, or compare and edit groups of documents at the same time. And because Ironclad has been building technology for lawyers and optimizing contracts for 10 years, our AI agents are fine tuned to be best in class at legal editing.”

“Using Jurist has helped give us a singular workplace to drastically speed up many kinds of legal work,” said Zuhair Saadat, Contracts Manager at Signifyd. “For example, performing an MNDA review or drafting custom clauses for an order form typically takes an hour to a day. Using Jurist, we could do this in minutes—in some cases seconds—depending on complexity. If I need to edit the output, translate it, or ask a question about it, I can do that right in the product without leaving. It reduces time spent on these kinds of tasks, saves money on attorney fees, and gives me a leg up. Whatever I’m doing, I never have to start from scratch.”

“We’ve released Jurist as a standalone product, built on Ironclad architecture, because we feel this will benefit the entire legal community—whether they already use Ironclad or not,” said Ironclad President Jeremy Smith. “We are committed to enabling legal teams with the products they need to drive tangible business impact, and we believe Jurist will make a lasting impact on the future of the legal field.”

To learn more about Jurist and try it for yourself, click here.

About Ironclad
Ironclad is the #1 contract lifecycle management platform for innovative companies, powering billions of contracts every year. L’Oréal, OpenAI, and other leading innovators use Ironclad to collaborate and negotiate on contracts, accelerate contracting while maintaining compliance, and turn contracts into critical carriers of operational business intelligence. It’s the only platform flexible enough to handle every type of contract workflow, whether a sales agreement, an HR agreement or a complex NDA. The company is backed by leading investors like Accel, Sequoia, Franklin Templeton, Y Combinator, and BOND. For more information, visit www.ironcladapp.com or follow us on LinkedIn and X.

Media Contact:
Paul Chalker
paul.chalker@ironcladhq.com

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SOURCE Ironclad Inc.

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Tom Atchison Honored as a Most Admired CEO by Denver Business Journal

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November 14, 2024

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GREENWOOD VILLAGE, Colo., Nov. 14, 2024 /PRNewswire/ — National Corporate Housing is thrilled to announce that Tom Atchison, our esteemed Founder and Chief Executive Officer, has been honored with the Most Admired CEO Award by the Denver Business Journal. This prestigious award recognizes leaders in the Denver area who demonstrate exceptional leadership, vision, and community impact within their industries and beyond.

Under Tom’s visionary leadership, National Corporate Housing has achieved significant growth and success while maintaining a strong commitment to ethical business practices and a people-first culture. He has fostered an environment that prioritizes employee development, customer satisfaction, and industry-leading service.

“Tom exemplifies the highest standards of leadership, integrity, and Surprisingly Superior Service,” said Misty Gregarek, President of National Corporate Housing. “Part of what makes National so special is Tom’s incredible talent for identifying potential in people and providing them opportunities to excel. This recognition is a testament to his unwavering dedication to our company’s mission and to making a positive impact on our employees, customers, and the community.”

Tom was recognized along with 20 other executives Wednesday night at an award dinner at the Ritz Carlton in Denver. We congratulate Tom on this well-deserved honor and look forward to continued success under his exceptional leadership.

For media inquiries, please contact:
Heidi Hume, Vice President, Marketing
703-727-9124 | hhume@nationalcorporatehousing.com

About National Corporate Housing: At National, we turn complex temporary housing challenges into seamless solutions. As a global leader in customized corporate housing since 1999, we provide personalized, 360-degree services that ensure your employees feel at home, wherever they are in the world. With our extensive network and local expertise, we make the unfamiliar comfortable, delivering exceptional experiences that transform clients into lifelong partners.

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SOURCE NATIONAL CORPORATE HOUSING

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