The NYSE-listed Weave connects patients and providers for appointments, forms, payments, and feedback with a SaaS platform for small- and medium-sized healthcare businesses in the US and Canada. Taylor has been Weave’s CFO since 2016, bringing nearly two decades of experience to the role.
Global Finance: You have served at various companies. How much of a CFO’s role is company-specific?
Alan Taylor: The role of CFO has consistent responsibilities across companies. You have a responsibility to help allocate resources in the best way possible. You are the chief resource allocator, and that is a fun responsibility in general. At Weave it has been unique because we’re building something that people really want, addressing a significant need, and the growth has been incredible. Experiencing this growth over the past eight years has been rewarding.
GF: What has been your biggest challenge?
Taylor: The biggest challenge is managing this exceptional growth. Scaling and balancing resources is critical. I’ve made mistakes by under resourcing some groups and over resourcing others and erring on both sides is a problem. People generally respond well to frugality, but there’s a limit. Adequate resourcing is essential to avoid stifling productivity. You’ve got to get people adequate resources; you can’t starve them.
GF: What is the thing you spend most of your time on?
Taylor: As a public company CFO, I focus on reporting earnings and engaging with investors. It involves communicating our story, delivering results and maintaining credibility with investors and analysts, which helps establish us as a trusted investment. You become the face of the organization; you develop a level of credibility that helps the organization to be a trusted ticker symbol.
GF: Is it true that the role of the CFO has become more strategic over the years?
Taylor: Absolutely true. We recently introduced a Strategic Annual Plan Process [STRAP], which is a three-year forecast, updated annually. In the fall, the first year of the plan becomes our annual operating plan for the following year. Although the software industry evolves rapidly, and three years out is a very long time, this forward-looking approach provides valuable direction and helps us remain agile. This kind of strategic planning is essential for our role as CFOs.
GF: How do you see artificial intelligence (AI) affecting your work?
Taylor: AI’s potential is immediately apparent in several areas. It excels at fact-checking and data verification, traditionally the responsibility of CFOs. AI performs these tasks quickly and accurately, improving efficiency. Financial reporting tools like Workiva are integrating AI, enhancing the preparation of documents such as 10-Ks and 10-Qs, incorporating risk factors and issues from other companies.
There are tough aspects that will become clearer in the future. Operationally, AI promises substantial efficiency improvements. Reports indicate a 25%-30% increase in coding efficiency for product development teams. The finance team must drive the planning process to realize these efficiencies.
GF: What keeps you up at night?
Taylor: Security and phishing. As the allocator of resources, protecting them is vital. Ransomware attacks and system hacks pose existential risks, threatening customer trust and operational integrity.
GF: What advice do you have for aspiring CFOs?
Taylor: At the end of the day, the key thing you take with you from different job experiences are the relationships. Our CEO Brett White often says, “Be kind to people, be tough on the business,” and that is a critical attribute. Caring about people and supporting their success is essential, especially for finance staff. As a CFO, the most valuable resource is people, and they must be treated with respect and consideration. I’m the chief resource allocator, and the best resource you have in any business is the people. You have to care about them.
