The acceleration of digitisation is here and the office of finance can no longer afford to ignore transformation any longer. Those who do not have a transformation plan in place, risk falling behind their competition.

Now more than ever, finance need to improve business agility and create an environment that fosters improved performance and productivity. The digitisation of the finance function has the potential to automate manual processes, improving speed and accuracy if delivered successfully. It also offers the opportunity to reduce costs, improve visibility to business insights and simplify complex and long processing times.

Finance does not need to fear digitisation, it will provide new revenue and value-producing opportunities. It brings with it the opportunity for CFOs and FP&A managers to be at the centre of digital transformation efforts. They can do this by providing real-time, data-enabled decisions – creating greater value for the business.

The acceleration of digitisation will require a ‘development’ of staff skill set

Let us address the elephant in the room. Digitisation of the finance function will require new skills; however, it is more a development of an existing skills set, rather than a complete change.

Automation technology will perform redundant tasks on a timed basis and ensure their completion, quickly, efficiently and with an increased level of accuracy. There will no longer be a need for finance to manually compile data and reports, nor maintain unreliable spreadsheets. Automation will give the FP&A Professional time to focus their efforts on better understanding business drivers, evaluating opportunities and risks, and producing solutions to business problems using available data. As a result, the FP&A professional of tomorrow will need advanced analytical skills, critical thinking and intellectual curiosity. They will need to learn to remove potential biases, and focus on the insights that data is providing.

An emerging skillset for finance professionals is ‘inspiring communication,’ more specifically, data storytelling. Data storytelling is presenting information in a way that end-users can easily digest. It highlights the most important business insights and conveys numerical analysis in a context that allows the business to make value-added decisions. In fact, the art of storytelling is now considered one the emerging critical roles for FP&A professionals.

The acceleration of digitisation will change the position of finance professionals within their organisation.

One of the most exciting developments of digital transformation is that it will change the position of the finance professional in the organisation. Finance will be less ‘back-office,’ and instead be positioned to lead and drive business efforts.

Finance will be in the unique position that they will be able to elevate the value of data across the whole organisation. By providing access to ‘real-time’ data, they will give end users the ability to make informed decisions based on up-to-date, accurate results. Staff can use data visualisation tools to ‘self-service,’ instead of relying on finance to deliver reports. Access to fast analytics and reporting will elevate the value and reliance on data across the whole organisation. Finance professionals are in the position to provide this critical function to the rest of the business.

Advanced technology and analytics will increase staff satisfaction

Believe it or not, despite initial resistance to technology, advanced analytical tools and accelerated digitisation will improve staff satisfaction.

Automation replaces repetitive, manual tasks. FP&A professionals take pride in their skills and education. Automation of redundant tasks that are light-years away from the job they are qualified for can allow finance professionals to focus on strategic work efforts.

Similarly, emerging technologies such as Artificial Intelligence (AI), predictive analytics, and machine learning algorithms will help synthesise large volumes of data, quickly and accurately. Fit-for-purpose technology will streamline user experience and will result in happier and more productive employees.

Ultimately, digital enablement will help fuel innovation in the office of finance, and it will empower finance professionals and give them greater job satisfaction.

FP&A professionals do not need to fear digital acceleration. In fact, digitisation will bring the opportunity for finance to develop their advanced skillset, reposition themselves within the organisation, and feel better about their work performance.

Digitisation is coming and those that are going to succeed are the Finance Professionals who seek change and adapt quickly.

We are a management consultancy laser focused on business transformation. We help CFOs & FP&A teams with budgeting, forecasting, and planning and Data & Analytics professionals deploy high performing digital ecosystems. Our goal is to give you more time and resources to focus on profitable business growth and data driven insights.

Recent Posts

enterprise performance management system

What do you require from an enterprise performance management system?

So, your organisation has finally decided to invest in an enterprise performance...
Read More
Framework for digital transformation

A Framework for Digital Transformation

If you want to increase the pace of innovation and drive business...
Read More
Why digital transformation is important

Why digital transformation is important for business

By now you would have heard a lot about digital transformation and...
Read More
digital transformation team

Digital transformation team – who to involve?

If you are considering a digital transformation, one of the first questions...
Read More
data migration

Managing a data warehouse migration

Managing a data warehouse migration can seem like a daunting and overwhelming...
Read More
Cloud costs

Optimising cloud costs – alternate payment models in the SaaS industry

Optimising cloud costs and alternate payment models are top of mind for...
Read More
data cubes

Most data warehouse projects fail – avoid these mistakes

Data warehouse projects can accelerate revenue, reduce cost, increase operational efficiency, improve customer experience - plus more. However, improved efficiency is not a guarantee.
Read More
FP&A Model

How to develop FP&A models that adapt to your business

FP&A models need to adapt and change as your business grows. In...
Read More
Predictions for FP&A

5 Predictions for the FP&A Professional in 2022

For many, the first quarter of 2022 has not been the energised...
Read More
acceleration of digitisation

What the acceleration of digitisation means for FP&A professionals

The acceleration of digitisation is here and the office of finance can...
Read More
digital ecosystem

Reassess your digital ecosystem and drive business performance

Now is a critical time for finance professionals to reassess their digital...
Read More
Cloud data warehouse project - part 1

A successful cloud data warehouse project – part 1

If you want to implement a cloud data warehouse or have made...
Read More
Cloud Data warehouse - part 2

A Successful Cloud Data Warehouse Project – Part 2

A Successful Cloud Data Warehouse Project - Part 2 In part 1...
Read More
Finance of the future

Finance of the future relies on digital transformation

If you have read the recent research on finance of the future,...
Read More
data strategy

5 Questions to complete your data strategy

Your data strategy and action plan are critical in helping you maximise...
Read More
Data silos

Are data silos compounding your data visibility challenges?

In the age of information and technology, data silos are stopping organisations...
Read More
future of excel

Will Excel still be used by the FP&A team of the future?

FP&A teams strongly rely on Excel and are comfortable operating in this...
Read More
elevate the value of finance

How to ditch manual tasks and elevate the value of finance

Unfortunately, low-value, manual tasks dominate the day-to-day lives of many FP&A professionals....
Read More
budgeting cycle

4 Tips to improve your Annual Budgeting Cycle

It is June and you are probably in the throes of the...
Read More
improve forecasts

3 changes to help you improve forecasts and drive profitability

The last few years in business have changed much of the way...
Read More
strategic alignment

How CFOs can provide greater strategic alignment

The role of the CFO has changed and there is a greater...
Read More

Leave a Reply

Search here...

Leaders in Management Consultancy. Minerva Partners makes digital transformation simple, more effective, less time consuming and seamlessly integrated.

Contact Us