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In this webinar Sheera Kaizerman, Theresa Bufano, and Chad Halley discuss the significant transformation happening within the finance sector, emphasizing the shift from traditional number-centric roles to strategic, advisory capacities that drive business success.
They reflected on the evolution of finance functions in their respective organizations and how these changes have influenced their relationships with business stakeholders, enabling a more integrated approach to business planning and decision-making.
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Key Takeaways:
1. Strategic Partnership Over Number Crunching
One of the core themes that emerged from the discussion was the finance function's pivotal shift towards becoming strategic business partners. Traditional roles confined to financial planning and analysis (FP&A) have evolved, with finance professionals now playing a critical role in advising and guiding business decisions. This transition has been facilitated by advancements in technology, such as sophisticated planning tools and platforms that automate routine tasks, allowing finance professionals to focus on high-value strategic analysis and advisory roles.
2. Building Relationships and Trust
Building strong relationships with business stakeholders is paramount today. Finance roles have become more collaborative, necessitating effective communication skills and an understanding of cross-functional business operations. By establishing trust and mutual respect, finance professionals can effectively challenge assumptions, propose alternatives, and provide insights that drive better business outcomes.
3. Embracing Technology and Change
Adoption of technology and an openness to change are critical factors for the modern finance professional. Leveraging technology, like AI and machine learning, can streamline operations and provide more accurate forecasts and insights. However, technology should augment rather than replace the human element, stressing the value of emotional intelligence and the ability to convey the "story" behind the numbers.
4. Skillsets for the Future Finance Professional
The skillset for finance professionals is rapidly changing. Intellectual curiosity, emotional fortitude, and the ability to engage and collaborate effectively are becoming as important as traditional financial analysis skills. The future finance professional must be adaptable, continuously seeking to update their knowledge base and skill set to remain relevant in the face of technological advancements and changing business models.
5. Maintaining Flexibility and Preparedness for Disruption
Finance departments must maintain flexibility and prepare for future disruptions. This involves not just integrating new technology but also adopting flexible working models and cultivating a culture that values continuous learning and agility. The panelists shared how their organizations have adjusted to remote and hybrid work arrangements, emphasizing the importance of sustained communication and collaboration regardless of physical location.
