Hi! My name is Tom and I’ve been a finance professional for many years. As financial priorities change, there are four main priorities that are redefining the finance sector.
Since many finance teams are still occupied with traditional, transactional tasks or spend most of their time gathering data rather than analyzing it, finance teams must redefine their priorities to be able to offer customers better business insight.
Priority 1) Redefine Resilience
Many finance leaders face an increasingly scrutinized and disrupted landscape and a lack of data is undermining their confidence and resilience. To move forward, finance leaders need to ensure they have the systems and data management approaches that allow them to identify the right data, ensure it is of high quality, and get it into the hands of people who need to make key risk-based decisions.
Priority 2) Redefine Intelligence
Advanced data analytics can transform core responsibilities and make revenue forecasting more sophisticated and accurate. By combining finance data with non-finance information, finance teams can create new insights and feed into scenario planning. To move forward with data intelligence, finance leaders need to ensure that their team plays a key role in enterprise data. This involves working closely with IT to transform systems to unlock data that is confined to organizational silos and legacy systems.
Priority 3) Redefine Leadership
In our increasingly digital economy, a more collaborative mindset and approach is necessary for future success. As the role of the CFO becomes more strategic, they need to be recognized as more than just the leader of finance. To drive effective C-suite collaboration, CFOs need to put in place structures and processes, such as regular cycles of meetings and calls.
Priority 4) Redefine Talent
Today, forward-looking finance leaders are expanding their talent horizons by looking beyond traditional financial skills. As more processes are automated, and the use of AI is increased, finance leaders need to work more closely with the CHRO to model and understand what skills will be required in the long-term.
Now that you have a better understanding of what priorities are redefining finance, you’re ready to make your finance teams more effective.
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