The introduction of generative AI has brought the technology back into the spotlight, both in terms of how it could transform businesses’ products and how it could be utilized internally to boost the efficiency of company teams.

However, it’s important for finance chiefs not to lose sight of what makes the technology tick — which is, above all, data, said Guido Torrini, CFO of privacy and security software provider OneTrust. The company offers a holistic platform that helps to aggregate companies’ data into one place, while helping to mitigate data risk, costs and governance concerns, according to its website.

Transparent and reliable data management is especially critical in the dawning age of AI, because “data is the fuel of this technology, and knowing how to handle and manage this data from multiple angles and multiple risk perspectives is critical,” Torrini said in an interview.

Rethinking data access, management  

Torrini has served as the CFO for the Atlanta, Georgia-based company since 2021, according to his LinkedIn profile. His previous experiences include serving as CFO for software provider Celonis and wellness platform Gympass, as well as serving as VP and general manager for Groupon and director of finance for Dell.

While AI and related technologies have been around for some time, GenAI’s creation has brought a flood of interest back into the space, with executives examining exactly how the technology could be used to improve their businesses. Regardless of its potential applications, however, “it's important as a CFO, to think about what the broader idea of AI means,” Torrini said. “It means that you need to have incredible access to data.”

Data has long been the lifeblood of the digital economy, but as executives look to take advantage of the AI boom, many are coming up against roadblocks when it comes to their data storage and management practices — as well as the cost to upgrade those practices.

Many organizations keep data in “unstructured” formats like email or audio files, hampering their ability to fully unlock AI’s potential, CFO Dive previously reported, citing survey data from software provider Komprise.

CFOs are also under pressure to keep budgets lean in today’s high rate environment, meaning they need to carefully consider where to allocate their resources when it comes to upgrading or finding the tools they need to make use of that data. Finding a clear use case for technologies like generative AI especially is essential, therefore, before CFOs begin shelling out funds, Matt Cotter, CEO of AP automation software provider Pairsoft previously told CFO Dive.

To mitigate these challenges, today’s finance chiefs need to ensure they have the proper data infrastructure in place and that they are both working with key team members — such as the IT team — and upskilling employees so they can effectively use these tools, Torrini said.

“To do that, you need to continue to transform your teams, to be a lot more tech savvy, a lot more prone to data and analytics” and less so to traditional accounting or finance processes, he said. “That's kind of where you see technology coming in and taking a greater share every time.”

Weathering SaaS headwinds

The demand for transparent data that can be moved swiftly — and above all, compliantly — into AI-enabled tools has proved a boost to OneTrust’s business in recent months. In May, the provider of “trust intelligence” software announced it expects to see annual recurring revenue of over $500 million, thanks in large part to a spiking demand for “responsible data.”

As the company sets itself up to reach its even more ambitious goal of $1 billion ARR, Torrini is also keeping a close watch on how current economic headwinds are impacting the software-as-a-service business. Overall, current market trends have led many SaaS companies to slow down growth, putting short-term pressure on go-to-market efficiency and cost to revenue efficiency, he said.

Like many technology companies, OneTrust has also needed to go through a “natural transformation” to adjust to an environment where money is no longer free, Torrini said.

“What we had to do at the company was…what I think is kind of one of the most interesting and fun jobs of a CFO, is be...the architect of the model,” he said. “How do you get to that balance, and how do you pull the right lever to create the balance between the growth and the profit?”

As CFO, it’s important “to be thoughtful about how you shift from go to market into product innovation,” he said. OneTrust’s current position leaves its future flexible, Torrini said — while a potential move from being a private to a public entity could be considered in the future, the software provider is currently “neutral” on such a move from a capital market standpoint, he said.

“We're private, we're profitable,” Torrini said of the company’s potential future. “We have a lot of dollars on the balance sheet, so we have the full optionality to decide our path.”