CFOs must enhance their skillset while applying digital technologies because it has become the new norm.
FREMONT, CA: According to market surveys, automation is developing a disconnect between finance and accounting. For the finance leaders, the primary issue that they have to deal with applying digital technologies is the gap of skill sets. However, the CFO must prepare for the future and improve their skills with digital technologies.
To succeed, modern CFOs must improve their skills in veracious technologies like the implementation of artificial intelligence and robotics process automation (RPA). In the future, these technologies will impact the operation of finance but in a broader sense.
1. Digital is establishing a skill disconnect
In the recent few years, digital transformation has become the new norm. Due to which it has become necessary for the finance talent management strategies to develop their steps. There can be several measures that they might have to take, like improving the competency models, focusing on the digital shifts as it will even impact the recruitment, development process, maintenance of talents, and career growth plans.
2. Demand for decision-ready data
Presently the organization maintains data by strictly following the standardized methods, and most of the time, the procedures fail to make proper decisions. Therefore, the CFOs must prioritize the governance specification for trade-offs to make their data useful.
3. (Re)centralization of finance analytics
Furthermore, the CFOs will also have to understand the various types of analysis to decide the accurate analysis for the different parts of the business. They also have to develop an accessible collaboration model that can facilitate them.
To do this successfully, the CFOs have to ask the decision that will require extreme analytical support for the finance team. They also have to develop a collaborative structure that will improve the analytical power and not damage the partner relationship.
4. Increasing utilization of global business services
However, the shared services have moved forward the process of finance transactions. Presently it consists of value-added services across the department. It is significant for the CFOs to prioritize not only the reduction of expense but also value delivery.