Technology and Data News and Events

The rising demand for skills in finance transformation

by Mike Jones 01/09/2021

Coaching professionals in the finance industry believe that finance transformation will become one of the most in-demand skills over the next few years.

As roles continue to evolve after the pandemic, many new skills are becoming more in demand for finance professionals. Having specific knowledge of recovery management, innovation, new technology and building agile finance transformation plans are some of the skillsets emerging.

The strategy adopted for hiring these particular skill sets is complex. Some positions are likely to be required on a more regular basis. Finance professionals are seeking people capable of finding solutions and supporting further growth for the long term.

On the other side, businesses that recognise their finance transformation will take several years are hiring professionals with the necessary skills on a contract basis, recognising that the role will be more short-lived. In other words, there will be individuals moving into positions that will only be required for a short time and, once completed, will likely move on to another business and possibly do a similar job on a larger scale.

The concept of a technological transformation in finance was discussed back in 2018 when Deloitte released a series of predictions relating to digital technology for CFOs, assessing how the finance world would change in the future. Deloitte explored what finance leaders doing and what technology was available and asking exactly how finance could add more to the success of a business.

One prediction from the report was that the proliferation of APIs would encourage further data standardisation but that many businesses would find it challenging to manage and clean up their data.

Many companies fail to implement all of the necessary steps to align and integrate data, which ultimately means, they miss all the potential of this digital transformation.

Finance analysts don’t believe businesses are going to run out of opportunities within finance transformation anytime soon. Two of the main skills required in the coming years is finance transformation, combined with the appropriate data analytics skills to maximise the increased volume of data produced in the future. Individuals that are well trained and have strong knowledge of finance transformation will be very much in demand.