To stay relevant in a rapidly evolving business world, organizations need to be agile and adapt quickly to changes in the market. Successful companies are using digital technology to accelerate processes, and technology is transforming the operations of finance functions.
But finance transformation is not a recent phenomenon. CFOs are constantly transforming and adapting to the demands of a competitive environment by acquiring new competencies and technologies. The role of finance is evolving and expanding, and new technologies have accelerated the pace of change with automating almost all activities in the accounting and finance function.
Technologies, including artificial intelligence (AI) and machine learning, assist companies in managing the explosion of data. While advances like AI promise to change the way we work, remember that new technologies are driven by human responses to a changing environment.
New technology solutions promise faster analysis and real-time reporting, but leaders must also invest in people and consider the human element of transformation as well as the best way to equip finance leaders with digital transformation skills.
Consider the human element of transformation
A transformation program is typically defined by a significant change in approach to an organization’s operating model, technology, and processes. What may be forgotten is the impact of business change on people, including staff, customers, suppliers, and partners.
To succeed in an increasingly digital world, considering the human element is crucial as you work on your transformation projects.
As reported in the Finance Transformation: The Human Perspective, developed in collaboration with KPMG, only 3% of surveyed respondents stated that their finance function had the skills needed to support their organization’s finance transformation ambitions.
According to the report, for which 678 senior finance and HR professionals from 44 countries were surveyed, human factors are critical for the success of finance transformation. But the human factors are frequently overlooked as the majority of resources and effort are allocated toward technology and its implementation.
Equip finance leaders with digital transformation skills
Finance professionals are hungry to improve their digital transformation skills to meet demand, create career advancement opportunities, and drive organizational success, but skills training makes up a small proportion of program spend. According to the finance transformation report, less than 10% of respondents reported that their transformation efforts prioritize the development of talent and employee skills, indicating that skills training is not seen as a priority.
For an organization to expand and succeed, leaders must make a commitment to investing in digital skills.
The Agile Finance Transformation Certificate Series is designed to equip finance leaders with the practical knowledge and skills for embracing the latest finance technology, processes, and best practices, and succeeding in changing business environments.
“There were many resources that presented the imperative and what needed to be done with regards to transformation, but none that provided a practical guide and a pragmatic approach to designing, developing, and executing a transformation program,” said Ash Noah, CPA, FCMA, CGMA, Vice President and Managing Director, Management Accounting and ESG at AICPA & CIMA. “To meet this need, we partnered with Oracle to collaborate and develop the Agile Finance Transformation Certificate Series, delivered by practitioners from Oracle finance who have firsthand experience of digital transformation.”
The course materials cover critical steps for finance leaders and enable them to begin their own transformation journey while providing perspectives of finance practitioners who have themselves successfully completed a transformation project. The certificate series features key elements, including:
Practical steps to guide a finance transformation journey
Proven best practices and corresponding operational blueprints
New skills that support and accelerate career development
Real-world experiences delivered by Oracle finance leaders based on their own finance transformation
Transformation is constant, and forward-thinking organizations are proactively preparing their employees for future roles within the digital landscape.
Learn more about the Agile Finance Transformation Certificate Series and how the next generation of finance leaders can attain the digital transformation skills they need.