8 January 2023
If businesses want to see results in the long run, they should cultivate a finance team that is resilient and adaptive especially in these trying times.
The basic traits of survivability are resilience and adaptation. This refers to living forms that are most able to adapt to their specific environmental circumstances, not necessarily the fastest, largest, or brightest life forms. This biology can be brought in to the workplace as well as the teams that are most adaptive and resilient will flourish in business.
Being resilient means having the capacity to overcome the challenges that come with life. A dynamic and ongoing process, resilience. There are various ways to increase corporate resilience and flexibility. For instance, flexible teams excel at coming up with innovative ways to use links to improve site ranking. Teams that use strategic thinking are more adaptable and flexible because they are encouraged to evaluate several options for achieving a goal.
The most resilient and adaptable teams will perform better in comparison to teams that are rigid and resistant to change – even if the non-adaptive team had superior talents. The most effective teams not only weather the storm of extraordinary scenarios, but also adapt to it and even improve in what they do. So if businesses want to see results in the long run, they should cultivate a finance team that is resilient and adaptive especially in these trying times. Here are some key ways, business leaders can do so;
Ensuring Diverse Experiences And Backgrounds Among Team Members
Chartered accountants used to make up finance departments, but this is not always the case now. Analysts, statisticians, business managers, economists, and others with a wide range of business and financial expertise may all be a part of contemporary financial teams. The finance teams can contribute more broadly to the overall goals and strategy of the company and come up with creative ways to manage the finances with the support of a diversity of knowledge and experience.
The productivity, culture, and morale of a finance team can all be enhanced by cultivating diversity within the organization. Organizations can find novel ideas and make wise financial decisions with the aid of a varied team. Business executives may be able to source and locate people with different backgrounds and abilities by understanding how such a team might help the organization. Putting together a team with diverse viewpoints, experiences, and contributions might aid your team in coming up with innovative solutions to issues. This is due to the fact that diverse viewpoints and ideas are brought to the table by diverse teams more often than not. Teams gain from improved invention as a result of increased group creativity.
Additionally, finance professionals who collaborate in a multicultural setting can enhance and broaden their current skill sets. A corporation may gain from this since improved skill sets may lead to increased performance, productivity, and quality of work. Employees can hone their communication, negotiation, problem-solving, and critical thinking skills in a multicultural team setting.
Focus On Efficiency
Efficiency and productivity are essential for every team’s success in the workplace. This is true for finance departments as well, with the best teams placing a strong emphasis on continual improvement. Many teams are spending more on automated financial management software and solutions as their team’s talents and strengths grow and diversify. To manage the massive volumes of data that analysts and forecasters need for their work, they may turn to artificial intelligence or cognitive computing solutions. (This will be further explained in the last section of the article.)
Finance leaders must eliminate ineffective procedures or duties that, if left in place, will negatively impact output if the finance teams are to operate more efficiently. Redundancies are typically major time wasters that can hinder the team’s progress. Processes are not the only thing that have redundancies. They can be seen in the team’s movement as well. To ensure that projects are finished on schedule and within budget, finance leaders should wish to restrict movements (both physical and otherwise) within the workflows and procedures.
Strong Relationship With The Management Team
Successful financial teams often build a solid relationship with the wider leadership team of the organization because of an improved strategic emphasis and an enlarged, more diverse function for finance departments in business. Business leaders expect finance directors to be active in talks about the status of the business and important future choices because they play a major role in the executive and leadership team of the company. Finance departments may find it difficult to have an impact on the significant financial decisions that the organization faces if they do not have a strong working connection with top management.
Long-term success is more likely to occur in an environment where top management and the finance department have a close working relationship. This is due to the possibility of talent transfer between less experienced employees and more seasoned ones in such collaborative team situations. Both the organization and the finance team may ultimately profit from this.
Take Advantage Of Automation And AI
The advantages of using automated tools for efficiency are well known, but they are especially applicable to finance because the task is so heavily rule-based and quantified. In order to increase a company’s economic resilience, business leaders should invest in machine learning and artificial intelligence.
However, organizations must provide a “how” answer. There are many different ways that automation can be used in business, but it is advised that high-end rather than entry-level implementations be sought after. One simple application of technology is robotic process automation. True machine learning may be used by more advanced enterprises to assist with financial planning and uncover patterns in large data sets. The change will not happen quickly, and businesses should anticipate some growing pains when new tools are offered, but if organizations want to maintain their financial stability, they must be willing to change along with the rest of the market.
By combining various financial functions and enabling them to cooperate effectively, automation strengthens the resilience of finance teams. The end result of this improved procedure is the elimination of internal operational bottlenecks and real-time financial insight throughout the entire organization. Additionally, it centralizes controls so that financial teams can make changes quickly and it enables trustworthy decision-making even under trying circumstances. Connecting the various components of the financial function through automation reduces expenses and frees up employees ’ time that can be used on more crucial areas of their jobs.
The significance of resilient and adaptable teams cannot be overstated. Having diverse employees in a team, a focus on efficiency, a strong relationship with the management team and automated processes will allow finance teams to deal with threats effectively and adapt quickly to change. These key areas are ways companies can build a workplace culture that will allow businesses to better overcome challenges that the hostile market environment will bring.
Find out how you can cultivate adaptable and resilient finance team at DigitalCFO Asia’s Executive Roundtable in partnership with LucaNet here.