Present + future
As we enter the third decade of the century, CFOs know that automation in Finance and technology are providing opportunities for transforming the finance function. They know digital is happening and that their people need to evolve accordingly. But what this means for specific functions and processes is less clear. The devil is in the details.
Meanwhile, CFOs know one thing for certain: Business partnering will continue to be exceedingly important. Yes, technology tools like automated reporting will give business leaders faster access to important information, but the real value of Finance still comes down to helping others interpret the data, so they can use it to make informed decisions.
Here’s a blueprint some CFOs are following as they try to balance basic regulatory and shareholder requirements with the need to generate deeper business insights.
- Revisit expectations.
Which finance customers need renewed attention? - Redefine deliverables.
What do those customers actually want from Finance? - Retool machines.
What routine information could be made available automatically to business users? - Rethink operations.
How could shared services add more value? What about centers of excellence? - Reimagine talent sourcing.
Where might you find untapped talent—within and beyond the business?
Build + borrow + buy
To deliver tech-enabled work in the Finance of the future, your first instinct might be to build your workforce by upskilling your team through training and development. That means identifying people critical to future operations and ensuring they get the learning experiences they need to step up. Upskilling should be part of any future workforce plan, but it probably won’t be enough to meet all your talent needs.
In addition to building, you might borrow resources from other parts of the business. Do you need a storyteller who can bring financial information to life? This role is becoming increasingly important across all aspects of Finance. Talk to your marketing and public relations people to gauge available talent. Do you need a technical person to drive big automation projects? Check with your manufacturing colleagues. They may have an experienced leader who is eager to take on new challenges.
Finally, it may be necessary to buy workforce resources, including robots and machine learning tools, on the open market, either through full-scale outsourcing or targeted hiring of employees, contractors, and freelancers. Buying talent may be part of your workforce solution, but be prepared for intense competition. Finance organizations around the world are looking for similar kinds of people, and these individuals are being pursued by other functions and technology companies.
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