Big Stuff for Finance Functions
Change in effort required for finance activities
As the senior manager of a finance function you know that new technology is transforming the financial management landscape. But you may not know which competencies you should be focusing on to keep up. If you want to find out the big stuff to concentrate on, this article is for you.
The diagram above shows how the amount of effort used in an organisation’s financial management activities is altering. This change is driven by:
powerful data analysis tools meaning that finance can now focus on providing better insight and decision support.
the technology providing both more compelling ways of reporting and more access to information.
efficiencies arising from increasingly automated transaction processing.
To make the most of these changes your finance function will thrive if it excels at:
1) Mastering the technology – We know that the tech is changing the landscape. Your team should therefore know the best tools around for presenting, analysing and processing your kind of information. Inevitably they will need to be confident in safe and efficient use of MS Excel, as well as knowing how to effectively deploy whatever good new business intelligence and cloud-based tech systems are coming through.
2) Being lean & dynamic - Create a dynamic business culture by applying lean management techniques to finance. This will lead to efficiency and continuous improvements in the quality of the finance service (and yes it should be a customer-centric service with all the changes in attitude that this implies).
3) Human management – And finally, it is the management of people in an emotionally intelligent way that drives all of this. Skills required are:
great communication (on the page & screen as well as face-to-face)
commercial nous and data analysis
emotional empathy, behavioural sensitivity and commercial leadership.
So finance should not be a boring place with socially challenged nerds talking to spreadsheets, it needs commercially astute nerds who can communicate, challenge and support.
Bellevue Partners can help transform your finance function into one that is fit to do business in the 21st Century. Get in touch if you would like to find out how we can help you.