What are the most progressive companies looking for in their finance teams? I’ve spent some time reviewing numerous job descriptions and these were my findings.

APPLE is looking for an individual who is extraordinarily detail-oriented while able to keep sight of the big picture with outstanding verbal and written communication skills and the ability to work comfortably with incomplete information while dealing with ambiguity.

NETFLIX wants a proactive and innovative self-starter, who can drive projects and problem-solve. 

An ideal candidate for AMAZON has the ability to get into the details, while also seeing and understanding the big picture.  Experienced at communicating complex analysis clearly and concisely and the ability to work independently in a fast-paced and rapidly changing environment.

I found it refreshing that the focus is not on a particular finance application, analytics software, or programming language.  These are merely tools of the trade. The future of finance is not about the latest technology that will revolutionise processes or the next big thing in AI for finance. It is about the DNA of future finance professionals.  The soft-skills which are actually the hard skills. 

I want to introduce you to the rise of the finance business partner.   

Presently, Amazon has 200+ finance business partner roles advertised worldwide.  The need for finance departments to stretch beyond operational, control, and technical activities has been brewing for the past 10 years. It’s not a coincidence that this coincided with the aftermath of the 2008 financial crisis where business challenges became greater and the world more uncertain.

My finance business partner journey began 8 years ago when I stepped out of the comfort of traditional finance and into a rather abstract role termed “Business Unit Liaison.” Yes, it confused me too.

The intent was to focus on the link between business strategy, financial levers, and the future trajectory of the business. It took a while for me to break old accounting habits and over-come my obsession with the third decimal point and the five-cent reconciliation difference. 

Ironically, it was many years later when I moved out of finance that the penny dropped. I undertook a role in business where I was a trusted commercial and strategic advisor.  There was no admin, journals, month-end, reconciliations, or loading of budgets.

My role was to consistently explore the “SO WHAT?” question.  The strategy looks great. Everyone is busy. So why aren’t the financial dials moving? The answer lay in getting the correct financial models in place, built on a deep understanding of business drivers. 

Per an article by FM magazine, future finance professionals are called to be strategists and catalysts.  A finance business partner must collaborate with business to support strategy formulation and decision-making and challenge the status quo.

So right now, I’m expecting you are feeling very excited and a little nervous. 

Finance functions, worldwide are grappling with the transformation required of them.  The desired state of business partnering can only be achieved if a few hygiene factors are addressed. 

This is where the TECH will set us free.  Technology is key for creating efficiency in operational finance, streamlining month-end close, and automating reporting.

I have reviewed 2 use-cases from large corporates who are using predictive analytics, machine learning, and AI to transform their finance function.  Both Johnson and Johnson and Microsoft have been on this journey for a few years now.

For Johnson and Johnson their focus was automating their forecasting process.  Microsoft looks to transition the static reporting of Excel, which indicates the past, to the predictions and recommendations of Machine Learning models. The universal aim is to shorten the time from data to action by automating manual processes.

The key take-outs from these case-studies where as follows. 

Strong finance leadership is required to sponsor and drive this change.  Second, a dedicated transformation team with the right skills is needed.  Finally, this transition takes time, so stay the course.

As the world and our discipline change around us, do we stand still and await further instruction?  Absolutely NOT!  We need to take individual accountability for our careers and their longevity. 

So, what will keep finance professionals relevant when the machines come…the answer… our humanity?

We are CALLED to transition from “bean-counters” to business partners by building relationships, becoming big picture thinkers, and getting comfortable with uncertainty.

Are you AFRAID yet?

Believe it or not, it is possible to learn to build better business relationships by seeking a mentor.  Become a strategic advisor to your business. Not just on the problems posed, but on everything you can. Employ empathy by seeking to understand the perspective of others and asking open-ended questions. LISTEN.  STOP SAYING NO all the time and be creative with solutions.

In the book “How successful people think.” John Maxwell says this…

“Big-picture thinkers realize there is a world out there besides their own, and they make an effort to get outside of themselves and see other people’s worlds through their eyes. It’s hard to see the picture while inside the frame.”

As accountants at heart, finance professionals pride themselves on being detailed.  And yes, that is important.  But every now and again we have to lift our heads up for air and see the BIGGER PICTURE! And no! It isn’t corporate jargon. It’s a thing. Seasoned finance professionals must pivot between detail and the BIGGER PICTURE, Pausing from the number crunching. This is enriching both personally and professionally and, work will become enjoyable, fulfilling, and meaningful.

The most challenging concept for accountants to face is dealing with ambiguity.  The reality is…the numbers are not always going to reconcile, the data WILL be dirty and incomplete and, the models do have errors.  To survive and thrive into the future we need to get comfortable with being uncomfortable and adopt a bias to action, not excuses.

I know these concepts seem abstract but that is exactly where we find ourselves in history.  To navigate this ERA of exponential change and uncertainty we need a new set of skills.  Skills that are art as much as they are a science.  We have dormant muscles that need to be trained through creativity, exploration, challenging conversations, and stepping out of our comfort zones.

So, do you think you have what it takes to transform from a “bean-counter” to a business partner?

Then answer this, when last did you do something that scared you?

XXX