INTRODUCTION
Transforming the finance function from a
reporting factory to an analytics
powerhouse is essential for staying
relevant and driving business
performance.
This transformation involves adopting skills
from Finance Business Partners, Data
Scientists, and Business Executives.
Let's dive into how this can be achieved!
1. EVOLUTION OF FINANCE ROLES
THE JOURNEY OF FINANCE OVER THE LAST 20 YEARS
The role of Finance has evolved tremendously. Initially focused on reporting, it now requires a blend of soft and hard skills to provide meaningful insights.
Early 2000s
Focus on reporting
Mid-2000s
Introduction of business partnering
2010s
Rise of data analytics
Present
Integration of strategic leadership
Understanding this evolution helps in identifying the skills needed for future success.
2. ROLE OF FINANCE BUSINESS PARTNERS
BUILDING EFFECTIVE PARTNERING SKILLS IN FP&A
Finance Business Partners have developed critical soft skills that go beyond traditional reporting.
Learning
Continuously improving knowledge
Communicating
Effectively sharing insights
Collaborating
Working seamlessly with other departments
Delivering
Providing actionable financial analysis
These skills enable Finance to be more involved in business decisions.
3. ROLE OF DATA SCIENTISTS
ADOPTING ANALYTICS SKILLS
Data Scientists bring advanced analytics skills that are crucial for Finance transformation.
Data Analysis
Interpreting complex data
Predictive Modeling
Forecasting future trends
Machine Learning
Implementing AI tools
Data Visualization
Creating intuitive reports
These skills help Finance provide deeper business insights.
FACTUAL SLIDE
According to a LinkedIn survey, 92% of
hiring managers say soft skills are
equally or more important than hard
skills for Finance roles.
Source: LinkedIn 📊
4. STRATEGIC LEADERSHIP
LEADING BY EXAMPLE
Finance must adopt strategic leadership to influence executive decisions.
Vision Setting
Defining clear business goals
Decision Making
Providing strategic advice
Influence
Impacting executive decisions
Alignment:
Ensuring business strategies are followed
Strategic leadership ensures Finance is at the heart of business decisions.
5. BECOMING AN ANALYTICS BUSINESS PARTNER
INTEGRATING PARTNERING SKILLS, LEADERSHIP, AND ANALYTICS IN FINANCE
To transform into an Analytics Business Partner, Finance needs to integrate all these skills.
Partnering Skills
Collaborating effectively
Strategic Leadership
Influencing decisions
Analytics Toolbox
Deriving insights
Holistic Approach
Integrating all aspects
This integration ensures that finance teams drive business performance and strategic success.
RECAP
SHORTEN IT UP!
Scenario planning and analysis are essential for modern finance teams to navigate uncertainties and drive strategic success.
1. Partnering Skills
Communication, collaboration, business acumen
2. Strategic Leadership:
Thinking, acting, influencing, leading.
3. Analytics Toolbox
Visualization, predictive, integration, advanced analytics
