The introduction of new technologies — especially artificial intelligence, robots, and other digital tech, promises to change finance departments. As a result, many organizations are experiencing a finance talent gap with personnel not having the right skills to adapt.
According to Kathryn Sherratt, finance chief of the United Kingdom’s Financial Services Compensation Scheme: “The face of finance is changing. Existing finance roles will morph, and instead we will see a focus on independent thinking, values, and teamwork as the repetitive and routine is replaced by automation.”
Below are four ways finance can “level up” legacy roles to embrace new technology and new approaches to transform finance to be more strategic and even become a profit center for the organization:
Get Comfortable with Change
Get out of the comfort zone and adapt a growth mindset and be willing to try new things. With the new technologies hitting the market, finance roles face faster change than ever before and leaders will adapt to new techniques and learn new skills.
Today’s workforce is global and connected as people come together in virtual teams across myriad geographies. It is important to find a way to bridge cultural gaps and work together for a common goal. A prime example is the dynamic of older workers and millennials. Both groups need to be flexible to work effectively together despite the generational gap.
Hold Yourself Accountable
Understanding the need to adapt to new technologies and embrace new skills is the first step. The next step is to take initiative and seek out the people and tools that can help you learn the new skills to succeed in the new era of finance.
Technology can drive change, but the innovation at the heart of technology stems from the human mind. Challenging the status quo and having the desire to improve processes are key traits for the finance pro of the future.