Change was a true constant and pervasive factor throughout this year’s CFMA Annual Conference. The exhibit floor and keynote sessions shared several throughlines, from this year’s theme (Finding Endless Possibilities: Discover, Connect, Thrive) to the new ideas and technology insights shared among construction industry professionals. Many of us witness among colleagues or feel it ourselves—contractors must keep up with change in their operations, risk management, and overall business decisions. Doing so can be a daunting task, though the opportunities available and connections made at the CFMA Annual Conference encouraged attendees to build meaningful relations and embrace tools that may help their businesses grow—and succeed—in an evolving industry. The following is an overview of key takeaways from the conference.
Artificial Intelligence (AI) & Automation Dominate the Exhibit Floor—But Strategy Lags Behind
Several exhibitors brought AI-powered tools to the conference floor. Attendees had the opportunity to view real-time examples of predictive analytics platforms, intelligent document processing, virtual AP assistants, and robotic process automation (RPA) tools. Although many of these resources are already on the market, they are applying AI to help enhance their processes and productivity. For example, vendors showed how these new functionalities can reduce instances of manual data entry (and potentially save businesses time) and assist in forecasting and compliance procedures.
While it was exciting to see such capabilities, there was a common thread throughout the exhibitor floor: many companies lack a clear implementation plan for such technology.
These tools are not turnkey. Rather, they require an integrated approach to existing workflows with plenty of education for teams and leadership buy-in to remain effective. Thus, an overarching takeaway from exhibitors was for construction finance teams to take stock of their current systems and use that foundational knowledge to inform their future strategies when utilizing AI.
SALT Explorer
CFMA and Forvis Mazars recently launched a complimentary tool for CFMA general members called SALT Explorer Essentials. This web-based application features live-rate-lookup for sales tax (using address or GPS coordinates) and is updated annually with the latest local guidance on navigating taxes in all 50 states.
The goal of SALT Explorer Essentials is to help contractors achieve time savings and greater efficiencies in their tax research processes for bidding and filing. In addition, a paid version of SALT Explorer is available to help with a more accurate calculation of project-based tax exposure and gross-receipts calculations, along with easy access to SALT Advisors at Forvis Mazars.
SALT Explorer is a prime example of how collaboration and innovation can help solve real problems that contractors face daily around the country.
ESOPs as an Exit Strategy
Employee stock ownership plans (ESOPs) were another hot conference topic. According to the National Center for Employee Ownership (NCEO), with 30% of new ESOPs coming from the construction sector, these specific ESOPs are proving to be a powerful succession planning tool for certain construction company owners. ESOPs offer stockholders the chance to apply a permanent success plan to their organization, preserve company legacy, and reward employees. Of course, an ESOP may not be ideal for all situations, but it is a worthwhile option for construction industry professionals to consider.
ESOPs are inherently complex, but an experienced professional can help business owners weigh whether an ESOP is the right tool to help them accomplish their goals and objectives. For example, it is critical to coordinate with key stakeholders (such as the senior lender and surety) throughout the ESOP implementation process to help ensure the ESOP structure is successful. For more information on ESOPs, see our February 2024 FORsights here.
Leveraging Tech Integration
With a growing number of technologies entering the market, contractors face a new challenge (mentioned previously): integration. Conference discussions emphasized the importance of choosing platforms with solutions that work within a company’s existing ecosystem, e.g., Trimble Construction One. That way, the vendor can direct and execute the integration plan so that they can work seamlessly together and avoid data silos or other inefficiencies.
Enterprise resource planning (ERP) providers are looking to offer a solution stack—directly or indirectly through integrated solutions—to meet the business need of a connected ecosystem where accounting, project management, and field operations share workflows that improve efficiencies and data access. However, such integrations can lead to significant costs and operational disruptions if they lack a defined plan or objectives. Companies also risk impacts to marketplace competition, since innovation and change are paramount in distinguishing businesses from other players.
There are several tech integration offerings and selecting the right one for your organization can be intimidating. Thus, contractors are encouraged to work with a third party to help identify the options that meet their long-term business strategy and add value to their business. This strategic alignment not only helps to improve internal workflows, but it also positions construction firms to help them remain competitive, attract top talent, and retain skilled professionals in a rapidly evolving market.
Networking, Community, & Shared Learning
Collaboration was the name of the game at the conference. Instead of competition, networking took precedence and reiterated the value in learning from each other.
Attendees reconnected with longtime colleagues, made new friends, and shared insights in both formal and informal settings—from breakout rooms and roundtables to coffee breaks and evening receptions.
“This conference keeps raising the bar,” an attendee said. “Every time I leave, I’m bursting with new ideas to bring back to the team!”
Final Thoughts
The 2025 CFMA Conference underscored a broader shift in the industry: finance is a central driver of business transformation. It is no longer a back-office function. As the industry becomes more complex, the winners will be those who can harness innovation, not just to keep up but to lead the way forward.
However, innovation without strategy is wasted effort. The next step for many contractors is not merely adopting AI for the sake of staying current. Instead, they must do the hard work of aligning AI with their business vision.
And just as important as the tech? The people. Because in an industry built on relationships, the connections you make may be your most valuable asset of all.
For more information or if you have any questions, please reach out to a professional at Forvis Mazars.