Given that traditional finance roles will either be automated or superseded by digital skillsets, organisations today need to coordinate with their L&D and talent acquisition teams to identify the digital competencies required. To do this successfully, they require real-time insights into the skills present and required by their financial teams to make financial transformation a success.
This, in turn, makes data visualisation and storytelling a core component of any financial transformation and business strategy today. It defines with greater clarity the resources the enterprise currently has, the challenges in its way and areas for improvement. At the end of the day, to ensure financial transformation yields the right results, companies require intelligent decision making based on data rather than intuition.
Studies have also outlined the following benefits of investing in data analytics to lead finance operations:
- Garnering access to real-time intelligence for business strategy, support and forecasting
- Providing insights into financial status at any given point in time to maximise cash flow and profitability
- Enabling accurate, real-time measurement and management of tangible assets, including cash and hardware
- Unlocking competitive advantage by strengthening data-driven finance
However, to truly reap these benefits, data analytics must be combined with on-the-ground expertise from finance leaders and professionals.
Building leaders who understand the problem statement and can leverage analytics to take the right talent decision is fundamental to designing your financial transformation strategy. Enterprises must confront the digital competencies yet to be built to drive their digital finance infrastructure to support business growth. Systems need to be implemented strategically and strengthened over time with the right skillsets. The opportunities for growth and expansion are plenty in financial transformation. What's needed now is to design that journey keeping your unique business targets and vision in mind.