Whatever your business, no-one will feel the effects of financial transformation more than the Finance Director or Chief Financial Officer.
Indeed, as new systems are implemented and available data increases, your whole Finance Department will move from back office to front line, taking on a role that’s less finance, more strategy.
Soon, you and your department will have access to more company, performance and operational data than ever before. And that means that, as FD or CFO you’ll find you become more responsible for your business’s performance and direction…amongst other things.
Expect a flood of data…
According to IBM, we’ve created 90% of data in the last two years – and it’s been reported that 59% of CFOs expect up to a 50% increase in data by 2020. That’s a lot of data – and you’ll need to know how best to use it!
Build the right team
With so much data now under your remit, you’ll need a few different skills on board. So your next hirings might well be specialists such as statisticians, analysts and data scientists rather than traditional accountancy roles.
Google ‘predictive analytics’
Of course you’ll need to have an idea of what your new people do – so make sure you’re familiar with all the relevant terms (it’ll make those water cooler conversations so much easier!).
Be ready to answer questions
With all the data and analysis to hand, your department will suddenly become the insight engine of your business, the key source of quality data for decision-making. That means your board will look to you for opinions and answers…so best brush up on your reporting and presentation skills!
Know your IT from your FT!
At the core of your changing role is the latest, cloud-based ERP technology. Compared with traditional accounting tools, it makes sure your data is more accurate, more secure and more easily manipulated – all in real time.
To make the most of it, you’ll need to get to grips with the fantastic range of tools it offers you to help make your data clearly understandable to everyone. But that’s easy – just talk to the team at Percipient on 01606 871 332, and we’ll be only too pleased to enlighten you on every aspect of financial transformation!
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