Digital Finance Transformation and more: Why financial reforms should focus first on people

How can companies update their financial operations? By approaching transformation in a tech-enabled, human-led manner. Consider this a chance for your organization to develop a modern finance team that can serve as a strategic business partner rather than just a financial steward. You'll need to prioritize data analytics, reinvent jobs, and retrain personnel in order to get there.

Did you know that over the next 12 months, 68% of CFOs plan to invest in digital transformation, including in technologies like cloud and analytics?

Business leaders understand that in order to meet changing needs, they will require a workforce with new capabilities as the finance department continues to change. Leading financial institutions are spending more on financial up- and re-skilling. They are spending nearly twice as many hours and at least three times as much money on upskilling programmes as the median. To support investments in technology that will increase productivity, innovation, and business success, these firms are developing and refining a roadmap for workforce transformation.

Leading companies have implemented reskilling initiatives that go beyond simple check-the-box tasks. These companies are establishing a new cultural foundation for their organization, implementing cutting-edge upskilling programmes, and predicting the talents they may require in the future. Additionally, they are evaluating the skills of their staff and establishing an "always-on" learning environment where workers are urged to share new skills and incorporate what others are doing into their own work in order to support the results of their financial transformation model.

Of course, technical skill development is crucial, but non-technical qualities are also in need of improvement. Success in finance was traditionally defined as "reporting out" figures with very little analysis. Additional skills, such as data-driven storytelling, communication, cooperation, adaptability, and innovation, are now necessary. Finance leaders must have a thorough understanding of their company's operations in order to effectively use data to deliver captivating stories.

Constant automation can free up people's time, but it's crucial to think about how you can support your staff in performing their duties in other ways. Employees in key positions, such as financial analysts and accounting managers, are pushing the limits of their problem-solving abilities. Give them the tools they need to recognise business problems and discover how to build automation that can reduce their own process time.

What businesses can do:

Learning on the job - Rotating apprenticeship programmes and shadowing opportunities provide people with the chance to showcase underutilized skills and provide practical experience in technical and analytical skills. Embedded business partners can contribute insights that lead to better reporting design and compelling storytelling by integrating finance into the company.

Use the correct learning platform - Many of the platforms available today allow users to design learning pathways that can be specifically targeted to their own personal growth prospects. For instance, the Digital Finance Transformation Programme offered by IIM Lucknow in collaboration with Miles Education is one such exclusive course programme that would help you in upskilling. Get in touch to get started.