NOTE: Although the referenced article refers to accounting and finance professionals, the observations relate to any business professionals.
We all know we (our skills, our businesses, our industries) ARE going to be disrupted — or dramatically changed.
This article provides a nice summary for finance folks to weigh, but I do have to challenge one observation.
“As traditional competencies no longer suffice, this article explores some of the additional skills and capabilities that finance professionals might need in the coming decade or so.”
Many of these articles caveat the urgency, such as “might need in the coming decade or so”.
Really? If you are not getting major serious about change and skills assessment RIGHT NOW, you are behind.
You are letting many others beat you, willingly, to the new opportunities.
If you are attending the IMA Annual Conference in June, I highly recommend Tom Hood’s session on this topic!
Use this session as a launch 🚀 pad to start your own digital transformation! #IMA18ACE
What skills will you need in the future?
Some say the fourth industrial revolution is upon us. As intelligent machines increasingly take over routine tasks, new…
A few observations to ponder…
“While finance teams have long worked with other business functions on budgeting and forecasting, they are now expected to go further by identifying the numerous variables that affect outcomes and constructing predictive scenarios that drive business strategy. “Rather than the traditional lag indicators, we try and build lead indicators that influence the business,” explained Priyaranjan.”
“Takeaway: The finance professional of the future is knowledgeable about analytics, has business acumen, and is a good strategist.”
- A lack of in-depth basic data management and reporting skills — starting with Excel and the analytics tools (Power Query, Power Pivot, PowerBI, etc.) Microsoft provides will increasingly put you at a competitive disadvantage.
Technical Skills are essential, But Other Skills are Needed!
“As the finance function transforms, leadership and creative thinking will also be much-needed attributes, according to Vanessa Dawkins, FP&A lead for Europe, Middle East, and Africa at Johnson & Johnson in the UK.”
- “Thinking like an accountant” is going to start hurting…
“ We want a diverse mix — not just language, culture, and background, but diversity of thought,” she said. “We need to make sure we are recruiting innovators and analysts. It is not just about being a better accountant anymore. It is about being better read, more educated, open-minded, about being able to deal with different sorts of people, a wider set of capabilities.”
You Better Embrace Technology!
“ A separate Robert Half survey of CFOs at US-based organisations found that nearly 60% of them invested in training their teams in technology. At the same time, nearly 55% spoke about soft skills. “There’s more to this than the specific tools,” Hird observed of technical skills. “Finance functions will need staff who are naturally curious about technology, embrace changes, and help colleagues adapt.”
Are you getting ready? What are you or your organization doing to adopt a continual adaptation mindset?
Now is the the time. In fact, the train has left the station…
As Gary Vaynerchuk says…