8MARCH 2020By Jennifer R. Reilly, VP & Head of Institutional Strategic Pricing, TIAAThe velocity of change for those of us working in finance that is happening right now­and predicted to continue happening in the coming years­is exciting, challenging and a potential major disruptor to business as we know it today. Finance leaders have to embrace this change now, and pioneer new and unchartered solutions to enable real-time financial frameworks to make good business decisions.A current challenge finance leaders are facing coming out of the unprecedented 9-year economic recovery is balancing required technology investments with strategic business investments. Dollars are precious and limited, and there are important choices and trade-offs to make in the current environment. Speed to market and developing agile solutions are critical.The consumer environment is rapidly creating new and more heightened demands on service levels and competitive price points­which is industry agnostic. This is happening in industries from Retail to Financial Services. As I reflect on the current state of the state, I think about my own on-demand experiences and requirements:· Grocery shopping via an application on my smart phone and having my weekly groceries delivered to my doorstep within 2 hours of ordering them· Ordering eye glasses from a sleek and cool new disruptor company for a fraction of the price I've paid historically and having them delivered to my door within 2 days· Ordering virtually any product I need from various internet sites and having my order delivered within a few days­and often times the same day· Shopping at local boutiques and having them align with current online pricing for global brands that were historically only available to me through the local boutiques or by traveling to Europe· Ordering a morning drink of choice, paying for it and having it available for pick up when I walk in the storeThese examples are indicative of what is happening, and will continue to happen, across every industry. This trend requires finance leaders to gain access to predictive data, and develop insights and perspectives to help guide our organizations to make the best-possible decision with company resources.Making the transition to become more predictive and create real-time financial frameworks is not easy in today's environment. We have to focus on delivering quicker solutions and targeted, regular enhancements to move toward more of a nirvana state. Unprecedented Times Call for Unprecedented SolutionsA very important step is to celebrate successes along the way, and recognize the key colleagues and staff who are working so hard to advance milestones to move toward the future visionIN MYOPINION
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