9 March 2023
With training and development, businesses can ensure that their finance teams are equipped with the skills and knowledge necessary to add more value to the business.
The world of finance is constantly evolving, with new technologies, tools, and regulations emerging on a regular basis. This rapid pace of change means that finance teams need to be constantly learning and adapting to stay ahead of the curve. One way to achieve this is by reskilling the finance team.
Reskilling refers to the process of teaching employees new skills that are relevant to their current or future job roles. In the context of finance, reskilling could involve training team members in areas such as data analysis, machine learning, and programming languages like Python or R. By investing in reskilling, businesses can ensure that their finance teams are equipped with the knowledge and skills necessary to add more value to the business.
Here are some ways that reskilling the finance team can provide more value to the business:
Better Data Analysis And Reporting
In today’s data-driven business environment, data analysis and reporting are critical to success. Reskilling the finance team to be more proficient in data analysis can help them uncover valuable insights that can inform strategic decision-making. By analyzing financial data, finance teams can identify areas of the business that are underperforming, track key performance indicators (KPIs), and forecast future trends.
In addition to data analysis, reskilling can also help finance teams to produce better reports. By improving their skills in data visualization, for example, finance teams can create reports that are easier to understand and more actionable for other departments within the business.
Improved Risk Management
Finance teams are responsible for managing risk within the business, from identifying potential risks to developing strategies to mitigate them. Reskilling the finance team in risk management techniques can help them to identify and analyze risks more effectively, which can lead to better decision-making and reduced risk exposure for the business.
Reskilling in risk management could involve training in areas such as scenario analysis, stress testing, and risk modeling. With these skills, finance teams can more accurately assess the potential impact of different risks on the business and develop strategies to mitigate them.
Greater Efficiency And Productivity
Reskilling the finance team can also lead to greater efficiency and productivity within the department. For example, training team members in process automation can help to streamline repetitive tasks and free up time for more strategic activities. Similarly, reskilling in project management can help finance teams to manage projects more effectively, improving collaboration and communication across the department.
Increased Innovation
Reskilling can also help to foster a culture of innovation within the finance team. By encouraging team members to learn new skills and explore new areas of finance, businesses can create a more dynamic and forward-thinking team. For example, training team members in emerging technologies such as blockchain or artificial intelligence can help them to develop innovative solutions to complex financial problems.
Improved Cross-Functional Collaboration
Finally, reskilling the finance team can also improve collaboration and communication with other departments within the business. By training team members in skills such as data visualization, finance teams can create reports and presentations that are more accessible to non-financial stakeholders. This can lead to better understanding and alignment across different departments, improving overall business performance.
In conclusion, reskilling the finance team can provide significant benefits for businesses of all sizes. By investing in training and development, businesses can ensure that their finance teams are equipped with the skills and knowledge necessary to add more value to the business. From better data analysis and reporting to improved risk management and productivity, reskilling can help finance teams to become more effective and innovative in their roles. As such, it is an investment that is likely to pay off in the long run.
For finance leaders who want to find out more on how to further drive value from the finance teams in this new era of finance, you can sign up for any of DigitalCFO Asia’s Symposiums happening in your local country. Do note that the Indonesian Symposium 2023 will be happening in a week’s time on the 16th of March 2023. If you have not reserved your spot, click here!
