Finance professionals who do not prepare to win in the future run the risk of being left behind in the dust of the financial sector.
Financial management is advancing at a fast pace. New and transformational technologies are emerging, while the market experiences change every day.
Employees in finance roles have seen significant changes in many areas over the previous few years.
The rate of new technologies, digital solutions, and workplace trends has only accelerated with time since the pandemic, especially as organisations now have to get used to a “new normal.”
Professionals who can survive and thrive in the future will be those who keep up with changes in technology; those who can innovate and make smarter decisions based on trusted data and real-time insights, instead of gut feelings.
To quote Charles Darwin:
“It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself.”
What do finance professionals need to succeed in the future?
Based on the above you might be asking yourself: what do I need in order to succeed in the future?
Rapid rates of transformation require finance professionals to innovate. What important skills are a must-have to succeed within the finance function?
Technology is at the centre of it
Finance professionals who are looking ahead to the important tasks of tomorrow must be aware that an emphasis on technology is rapidly changing their industry.
The demands made by today’s dynamic business environment require finance professionals to become more adept at developing technical skills, while maintaining their traditional focus on financial analysis and expertise in accounting standards.
It won’t be surprising if, in the coming future, finance professionals would need to understand the basic concepts that underpin AI, machine learning, blockchain, or robotics.
All these technologies are being integrated into today’s business processes either directly or through other applications.
The days of thriving based solely on accounting expertise and soft skills are already fading away.
In the age of the rise of machines, finance professionals will need to adapt their roles accordingly in order to succeed.
Additionally, since these technologies reduce the dependency on humans in processing large amounts of data and information quickly and accurately, finance professionals can now focus more time on other areas of the business such as strategic decision making.
Jobs used to be divided into “tech” and “non-tech” categories, but now there are simply jobs. We all have to get on board with adopting new technology.
What should finance professionals do?
1. Embrace process automation
Machines can do things faster and more accurately than humans. More and more processes are being automated with the help of technology.
In finance, there are many processes that can be automated to speed up the work and improve accuracy with the use of a financial management system or an enterprise resource planning tool.
Finance professionals should embrace this and work on automating as many processes as possible. This will free up time for finance professionals to focus on higher-value tasks.
2. Understand how to add value by using market-leading systems
To survive in the future of finance, professionals need to be aware of the relevant technologies and how they can be used to add value to their organisations.
This means learning how to use market-leading systems such as SunSystems or NetSuite to do their jobs more efficiently.
Think of these systems as enablers of your goals and workflows, rather than just tools to help you input data and produce reports.
3. Keep your finger on the pulse with constant professional development
It’s not just about keeping up with the latest technology. To succeed in finance, you need to keep learning and developing your skillset on a continuous basis.
This means attending training, trying new things, expanding your knowledge, and keeping up to date with the latest changes in the industry. The pace of change in the finance industry is so rapid that you cannot rest on your laurels if you want to stay ahead.
Data skills and analytics
Finance professionals will need to rely on data literacy and use data in a way that adds value to their decision-making.
To gain insights from data at a rapid pace, they also need to employ cutting-edge analytical techniques. The goal is not only to make better decisions but also to communicate findings in a way that creates value for their organisation.
That means developing data storytelling skills and being able to turn data into a visual medium for others who may not be as numerically inclined.
You will need more than technological skills
Finance of the future will require finance professionals to be technologically savvy. However, this is not enough.
You will need the right technology – technology that provides data-centric insights, the ability to reduce manual tasks, and can communicate with other technologies seamlessly.
Choosing the right solution is critical to success. Technology is not a silver bullet, but the right technology will put you on the path to success.
In the end, technology can help finance professionals automate processes, improve decision-making, and help them be more efficient.
Soft skills are still important
While technology is a key focus, finance professionals should not forget the importance of soft skills.
A successful career in finance still requires excellent communication skills, the ability to work in a team, problem-solving skills, and other soft skills.
In a world where machines are taking over some of the more routine tasks, finance professionals need to focus on honing these skills to differentiate themselves from the competition.
The future is here!
The future of corporate finance is likely to be more complicated, as the finance profession comes under increasing pressure from a complex global environment and an increasingly tech-savvy workforce.
In the coming years, finance professionals will need to develop data skills and analytical abilities, as well as strong soft skills. With the right technology, finance and accounting professionals can be successful in the future and continue to provide value to their organisations.
