Some insights for CFOs to help build tomorrow’s digitally versed and technologically able workforce for a secure future of the finance function.
FREMONT, CA: A cohesive symphony of technology and people creates tomorrow’s finance functions. The success of these finance functions depends on the type of workforce, which can lead the technological debate and those who are willing to innovate in the finance’s risk-averse culture.
By distinguishing the digitized tasks such as analytics and forecasting, the finance team members can concentrate the collective focus on executing tasks of higher values. When the optimal technology for the task is in place, it takes care of both transactional processes and provides the data necessary for the generation of strategic insight.
For building the future of digitally enabled and rich in the talent finance function, the CFOs should prioritize three significant factors.
• There should be a clear view of the future in finance function that aligns with the overall purpose and business strategy of the organization. The confirmed view of the future will bestow on the finance team members all around the globe with a united ambition and provides a much-optimized focus for investment decisions and efforts. In the digital age, this vision of the finance function should comprise how smart technology and people can operate together to create value.
• The finance function needs a bold technology-driven strategy, which should contain systems and tools that can allow various disparate teams to collaborate and share information, while simultaneously executing data-driven decisions in the process. The CFOs can not only establish the model process for the organization but also assess new technologies to recognize potential returns and conduct timely investments continually. Sustainable change management with robust qualities will be the most crucial factor for the positive result in the implementation of new technology investments.
• Finance people in the organization can be freed up finally, to give ample attention to higher-value activities as the state-of-art automation increasingly executes the transactional components successfully. To keep up with the increasing volumes of data and to derive the insights to drive up the business decisions—different skill sets are required to exploit the ever-changing technologies. Improved business partnering and softer skills should also be a necessary skill to align the finance’s expeditions with the business. This allows the organizations to holistically strive to transform to become innovative and adapt with a rapidly changing context of business.
The cornerstone of a well-set finance function in the future is a coordinated approach across all the existing elements.