Jump Back
Recently, I had the opportunity to present at an event where I discussed how my finance career has evolved, the nature of the finance functions I have led and the strategies I have implemented to navigate finance transformation. My focus was always to cultivate a finance function that is agile and scalable. During the presentation, I highlighted the success factors achieved through the adoption of Robotic Process Automation (RPA) and Data Analytics tools such as Alteryx, particularly during my tenure at ESW. Over the next 3 week I will share insights from the event including:
- Evolving landscape of the Finance function
- Variables impacting transformation
- Factors driving success in transformation
Evolving Landscape of the Finance Function
Throughout my tenure in finance across different organisations, I’ve been involved in numerous finance transformation initiatives, encompassing Enterprise Resource Planning (ERP) implementations, revenue system solutioning and roll out, scoping and deployment of Robotic Process Automation (RPA) and data science & analytical tools such as Alteryx. Irrespective of industry, company size, or stage of maturity, the goals for these projects were clear:
- To create an agile & scalable finance function that has the ability to respond quickly to expected, & more importantly, unexpected changes in the business & the external environment.
- Establish robust governance and controls across every facet of the finance function and the broader business landscape.
- Empowering finance functions and accounting professionals to contribute tangible value to the business by fostering business partnerships, offering strategic support, leveraging data and analytical capabilities, and serving as trusted business advisors. This marks a significant departure from the era of mere number crunching and operating within heavily manual environments.
- Pave the way for new landscape and opportunities for finance professionals, marked by a notable transition from conventional accounting roles to positions demanding technical proficiency and versatile skills.
As the finance function shifts from its ‘traditional’ model to an ‘Intelligent’(1) approach, the skill sets expected from finance and accounting professionals will naturally shift and evolve. These roles will increasingly demand individuals with technical proficiency and advanced analytical skills. Organisations that fail to adapt and modernise may encounter challenges in recruiting and retaining talent in the future.
Key Takeaway
The finance function is undergoing a profound transformation, shifting from traditional roles to a more strategic, technology-enabled powerhouse. This evolution requires finance professionals to embrace agility, adopt data-driven decision-making, and develop a blend of technical expertise and business acumen. The future of finance lies in the hands of those who can navigate this changing landscape, driving value through automation, AI and analytics while fostering stronger business partnerships and adapting to increasingly complex challenges.
Look out for part 2 of the series coming next week.