Latest news with #Accordion
Yahoo
a day ago
- Business
- Yahoo
Private equity-backed CFOs under pressure to adopt AI: Trial Balance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The Trial Balance is weekly preview of stories, stats and events to help you prepare. Part 1 — Finance chiefs at PE-backed firms face mounting pressure to adopt artificial intelligence. Private equity firms are ramping up pressure on CFOs of portfolio companies to adopt artificial intelligence tools, but many finance leaders aren't sure exactly where to start. That's according to a survey released last week by New York consulting firm Accordion. The April survey of 200 private equity senior leaders and 200 finance chiefs showed that 98% of those on the private equity side 'have told their portfolio company CFOs to prioritize the use of AI in the finance function.' On the CFO side, though, 68% of respondents said they're taking their time to adopt the emerging technology because they 'simply do not know where to begin or who to turn to for help,' according to the survey. One in 10 respondents think AI is 'all hype and not ready to be practically leveraged,' the survey said. Complicating the matter is the fact that private equity leaders haven't spelled out which kinds of artificial intelligence tools they want their CFOs to use. The blanket term 'AI' is often thrown around to refer to large language models like ChatGPT, as well as many other generative AI tools and so-called 'agentic' AI tools that are designed to run with little or no human interference. In Accordion's survey, 84% of CFO respondents said they haven't been given guidance on the types of AI to adopt. Kyle Roemer, Accordion's managing director and U.S. head of data and analytics, said that the lack of specificity is strategic. 'Ninety-three percent of sponsors said they are not providing specific AI tool guidance because they want their CFOs to work with outside experts who can better identify and then help implement the right combination of technologies to address the finance workflows they are trying to improve,' he said in an email. Generative AI tools have their own downsides, too: 'Hallucinations,' false or misleading responses from chatbots, are a persistent issue in the current set of tools. But Roemer said they're handled like 'any operational risk: evidence first, separation of duties and continuous monitoring.' 'Hallucinations haven't disappeared, but they're rarer than a year ago,' he said. 'On numbers, modern agent workflows now call dedicated tools (calculators, spreadsheets, finance APIs), so the math is computed deterministically, meaning performance on arithmetic and roll-ups is markedly better than six months ago. Material items still get human review. We log citations and corrections and re-test routinely. With these controls, AI speeds drafting and search while unverified output never reaches official P&Ls or operational processes.' Part 2 — This week Here's a list of important market events slated for the week ahead. Monday, Aug. 18 Home builder confidence index, Aug. Tuesday, Aug. 19 Housing starts, July Building permits, July Wednesday, Aug. 20 Minutes of the Federal Reserve's FOMC meeting Thursday, Aug. 21 Initial jobless claims, Aug. 16 Philadelphia Fed manufacturing survey, Aug. S&P flash U.S. services PMI, Aug. S&P flash U.S. manufacturing PMI, Aug. U.S. leading economic indicators, July Friday, Aug. 22 — None scheduled. Part 3 — Weekly listen: Cisco CFO Mark Patterson on Opening Bid Mark Patterson, who became executive vice president and CFO of Cisco on July 27, joined Yahoo Finance's Opening Bid to discuss tariff mitigation, how its $28 billion Splunk acquisition is performing and AI infrastructure opportunities with executive editor Brian Sozzi. Patterson, a 25-year veteran of the company, expressed optimism about Cisco's future growth opportunities. "It's been a long time since I've seen the kind of opportunities that we have ahead of us. When you think about the AI infrastructure space... between the hyperscale space on down into the enterprise and all the preparing that enterprises need to do in terms of upgrading their security and network posture, the way networking and security are really coming together as we move into agenetic AI,' Patterson said. He continued: 'This combination of AI infrastructure, security, the way we've upgraded our hand in the Splunk acquisition... and then this overall sort of campus refresh... We rolled out probably the biggest innovation payload since I can remember while being at Cisco across all of our portfolio, and so [I'm] pretty excited about the opportunity ahead.'
Business Wire
11-08-2025
- Business
- Business Wire
Accordion Survey Exposes AI Adoption Gap Between PE Sponsors and CFOs
NEW YORK--(BUSINESS WIRE)-- Accordion, an AI and data-powered financial consulting firm focused on private equity, today announced the release of its latest report AI in the PE-Backed Finance Function. The survey—based on findings from 200 private equity sponsors and 200 PE-backed CFOs—reveals a significant disconnect between the urgency sponsors feel regarding AI adoption and the hesitation among their portfolio CFOs about when, where, and how to start implementing AI solutions. Accordion's report addresses these concerns and provides actionable steps for PE-backed CFOs to begin their AI journey. Key takeaways from the report include: 98% of sponsors have directed their CFOs to prioritize AI adoption. Yet most CFOs have not acted, with 68% saying it's primarily because they don't know where to begin or who to turn to for help. 83% of sponsors want their CFOs to invest in AI right now, leveraging potentially longer hold periods as an opportune time to begin (or double down) on AI. But most CFOs (74%) haven't gotten that message, believing that their sponsors would prefer they hold off until tariff-related market uncertainty has passed. Nearly all sponsors (99%) agree that the most effective way for their CFOs to adopt AI today is through discrete, practical finance workstreams such as automated close, cash flow forecasting, and invoice-to-cash automation. 'Sponsors are under immense pressure to drive more value,' said Nick Leopard, Accordion CEO. 'They believe portfolio-wide AI adoption is critical to value creation. So, they are turning that pressure on CFOs. But the truth is, their portfolio CFOs are not acting, at least not as quickly as sponsors are demanding. This AI paralysis is not rooted in skepticism as much as it is in intimidation: Finance executives aren't technologists, and in this constantly evolving landscape, they simply don't know where to start. At Accordion, we're committed to helping sponsors and their portfolio CFOs best navigate their inevitable AI journey by rapidly and effectively deploying it in ways that drive meaningful value and set companies up for exit success.' Accordion's survey outlines five clear steps for PE-backed CFOs to move forward on their AI journey: Identify the right finance tasks to improve: Rather than pursuing sweeping transformation, CFOs should begin their AI journey by targeting specific, high-impact areas within the finance function. These might include manual-heavy processes like close acceleration, cash flow forecasting, or invoice-to-cash. Sponsors overwhelmingly agree that the best path to AI adoption today is through focused, discrete workstreams that are ready for automation and enhancement. Measure the impact: Sponsors want to see clear returns from AI investments, not just in theory but in EBITDA. CFOs should assess potential initiatives through a value lens: Will this reduce costs? Improve margins? Enhance decision-making speed or accuracy? The goal is to quantify the business case for AI transformation, ensuring alignment with sponsor expectations and investment horizons. Make better use of available data: AI is only as powerful as the data behind it. CFOs should begin by identifying areas where data infrastructure is already strong enough to support automation, while also launching longer-term efforts to clean, integrate, and structure enterprise data. This dual-track approach allows early wins while laying the foundation for broader transformation. Choose experienced and trusted third-party partners to help with implementation: With numerous vendors promoting AI, it's crucial to work with partners who understand the unique dynamics of PE-backed environments. Look for service providers that have proven track records delivering results for CFOs in sponsor-backed settings, not just selling software. Align technology with the right people and processes to deliver tangible results: Technology alone isn't the solution. Real productivity gains happen when tech is implemented alongside redesigned workflows and an upskilled finance team. As AI reshapes the finance function, CFOs will need to rethink how work gets done, how talent is deployed, and how to embed agility into legacy systems. 'CFOs are still in the early stages of adopting AI but if they don't act fast (and intelligently) they'll run the very real risk of falling too far behind,' said Kyle Roemer, Accordion Managing Director and US Head of Data & Analytics. 'As the survey makes clear, CFOs should start by applying AI to discrete and inefficient finance workstreams. But because the pace of innovation is happening so quickly, CFOs also need to think about the long-term and find partners who can help leverage AI for more strategic finance functions, like the ability to predict—not just react to—business performance.' About Accordion Accordion sits at the heart of private equity—where sponsors and CFOs meet. Through financial consulting rooted in data, technology, and AI, we help clients drive value. Our services support the Office of the CFO across all stages of the investment lifecycle—including foundational accounting, strategic financial planning and analysis enhancement, CFO-led performance, transaction support, and turnaround and restructuring solutions. Accordion is headquartered in New York with ten offices around the globe.
Yahoo
23-04-2025
- General
- Yahoo
11 new right whale calves born this season, New England Aquarium reports
Apr. 23—At least 11 North Atlantic right whales were born this calving season — fewer than researchers studying the critically endangered species had hoped, the New England Aquarium reported. There are only about 370 right whales left, and the remaining population is threatened by human activities, including fishing, according to the National Oceanic and Atmospheric Administration. Since 2017, right whales have been in what NOAA considers an "unusual mortality event." Researchers spotted the 11th mother-calf pair in Cape Cod Bay last week, at the tail end of calving season, which spans November to mid-April, the aquarium said. "With past calf counts ranging from 39 to zero, we never know how any calving season will unfold," Philip Hamilton, senior scientist at the aquarium's Anderson Cabot Center, said in a written statement. Despite low overall numbers, Hamilton noted that this season's count included births by four new mothers: "Accordion," "Check Mark," "Caterpillar," and an unnamed fourth whale, known by its catalogue number, 4540. Three of them were named for prominent scars caused by obvious vessel strikes, said Amy Warren, the aquarium's scientific program officer. Over the past 25 years, there have been an average of 17 new whales born each calving season, Warren said. "Honestly, we have a hard time really saying if it's a good year or a bad year because it's all very relative," she said. "Ideally, we would love to see 20-plus calves every year." But she noted that there are only about 70 breeding females in the population, and right whales have a calf every four to 10 years. "If you start crunching numbers on that, you're going to start running out of whales," Warren said. The whales have been at the center of a conflict over fishing regulations in the Gulf of Maine because they can become entangled in the vertical lines lobstermen use to haul their traps. Officials directly linked the death of a whale to a Maine lobsterman's gear for the first time in October. For several years, scientists have warned entanglements in fishing gear and boat strikes are the most common causes of premature right whale deaths, but they could not prove any of the problematic gear belonged to Maine fishermen until the fall. Lobstermen have leaned on the absence of data when calling out how regulations meant to protect the whales come at a great cost to them and threaten to put them out of business. Though there have been fewer recorded right whale deaths this season than in years past, it can be difficult to track each death since the whales live far from human researchers, Warren said. Only about a third of right whale deaths end up being documented, according to NOAA. "We start seeing whales just disappear, for lack of a better word," Warren said. Warren cautioned against getting caught up in specific counts and encouraged people to take a holistic view of the threats facing right whales when considering how best to protect the population. "It doesn't matter if its 360 or 400 — that's such a low number," Warren said. "And we know that human causes are killing them." Copy the Story Link
Yahoo
27-03-2025
- Science
- Yahoo
Researchers baffled by rare animal behavior spotted along popular coast: 'Super unusual'
An exciting but concerning wildlife sighting off the Jersey Shore has puzzled experts. A mother North Atlantic right whale and her calf were spotted February 3 near the northernmost coast of New Jersey, TAPinto Neptune reported. The animals feed in northeast New England and Canada but travel to Florida every winter to calve. "Scientists are perplexed as to why this pair of whales are away from their normal swimming grounds," the outlet stated. Nora Ives, a marine scientist with the Oceana North Atlantic right whale campaign, called it "super unusual." The mammals were nearly extinct in the 1890s, and there are only about 70 reproductive females. North Atlantic right whales are giving birth later in life, and as many as 10 years are elapsing between births by one female, Ives said. They're dying off even though they can live 130 years. The adult right whale in question is known as Accordion because of the propeller scars on her back. She is a first-time mother and is 14 to 17 years old. The calf was 3 to 4 weeks old at the time, according to a National Oceanic and Atmospheric Administration Fisheries report about the sighting. There are only a few hundred right whales remaining. In 2012, for the first time in over a decade, estimated deaths of the animal exceeded documented births, according to a NOAA Fisheries graphic shared by TAPinto Neptune. Since 2017, there has been an "unusual mortality event," with deaths far exceeding births from 2014 to 2019. The figures seemingly rebalanced in 2020, perhaps because the COVID-19 pandemic helped reduce vessel strikes and fishing gear entanglements, the primary threats to the magnificent creatures, which have lost about one-fifth of their population over the last decade. "They're really hard to see because they are dark and they don't have a dorsal fin," Ives told TAPinto Neptune. "And they swim slowly, close to the surface of the ocean. So, that's a big part of the reason they're critically endangered, because the two main threats are vessel strikes, again because we can't see them, and they can't move fast enough to get away, and fishing gear." It is illegal to approach the species, but Ives said people should take a photograph if they think they see one. Even if it's far away or blurry, it can help scientists understand the whales better. Because the whales remain close to the coast and must traverse busy shipping lanes, mariners are encouraged to slow down. This doesn't always make a difference, however, especially to mothers and calves, as they stay near the surface. Should taxpayers help pay to clean up the Great Pacific Garbage Patch? We should pay for all of it We should pay some but not all Corporations should foot the bill Charities should pay for it Click your choice to see results and speak your mind. Off the coast of Massachusetts, vertical buoy lines have been banned to protect right whales. You can help by donating money to conservation efforts and talking about the animals' circumstances with family and friends. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
08-02-2025
- General
- Yahoo
Right whale mom and calf spotted in NY/NJ shipping lanes; NOAA urges boats to go slow
There was both excitement and concern expressed after a North Atlantic right whale mother and calf were spotted Monday close to the busy shipping lanes at the entrance to the Port Authority of New York and New Jersey. The National Oceanic and Atmospheric Administration, or NOAA, which monitors right whales closely through aerial surveys, said the adult female has already been struck once before by a boat. In fact, the agency nicknamed her "Accordion" because the propeller scars on her back resemble the musical instrument. The agency, environmentalists and whale watching companies are reminding vessel operators to go slow to avoid hitting the mother and calf. "We are absolutely thrilled to hear of any births. They are critically endangered and there's only about 370 North Atlantic right whales left, of which we estimate only 70 are reproductively active females. (It's) so very exciting to get a birth," said Nora Ives, a scientist with OCEANA, the world's largest ocean conservation nonprofit. Whale watching: Whales recorded in large numbers off New Jersey coast While Ives said they're thrilled about the birth, their also concerned for the safety of the mom and baby calf crossing one of the busiest ports in the world. "That is extremely worrying. These whales are super hard to see. They're dark, they're slow, they swim near the surface, they don't have a dorsal fin. That's why it is extremely important to go slow for whales below," Ives said. Accordion and her calf were spotted within a Seasonal Management Area where by law vessels 65 feet or longer must travel at 10 knots or less. NOAA proposed an amendment to expand the size of the SMAs and include boats 35 feet and bigger in 2022, but withdrew it in January after 90,000 public comments, many of which sought alternative solutions. Thar she blows! Whale watchers get rare look at blue whale off New Jersey coast Accordion is at least 14 years old and was first seen in 2011 as a juvenile. NOAA said she's never been seen in the traditional Southeast calving grounds, which stretches from southern North Carolina through northern Florida. NOAA said this is her first known calf and they're not sure where or when the calf was born. The agency said it's unusual to find such a young calf so far north at this time of year. However, it is common to find other right whales in this area. Fishing business: Judge tosses suit claiming menhaden fish processor off NJ coast defrauded US Right whales were depleted by the commercial whaling and, despite protection from commercial harvest since 1935, have not recovered. They took their name from being the "right" whale to hunt, because they're curious by nature but also spend a lot of time on the surface. With so few of these whales left, NOAA and its several partners closely monitor the Southeast for new offspring during the annual right whale calving season, which lasts from mid-November to mid-April. Gulf of Mexico or Gulf of America? How a name change works, and what would make it stick So far this season, NOAA has recorded 10 calves that have been born. That is below what NOAA said would be a productive mating season, but there are still two months left. According to NOAA ,with the current number of females and the necessary resting time between births, 20 newborns in a calving season would be considered a relatively productive year. However, right whales need to produce 50 or more calves per year for many years to stop their decline and allow for recovery. The main threat to right whales continues to be human activity, whether it be vessel strikes or entanglements with fishing gear, according to NOAA. When Jersey Shore native Dan Radel is not reporting the news, you can find him in a college classroom where he is a history professor. Reach him @danielradelapp; dradel@ This article originally appeared on Asbury Park Press: Right whale mom and calf spotted in NY/NJ shipping lanes
