As a corporate finance professional, your role demands more than just traditional accounting expertise. The rapid evolution of digital technologies, including artificial intelligence, automation, and data analytics, is reshaping the controller’s function.
It’s time to master digital fluency so you can stay competitive and continue delivering meaningful value for your organization. However, identifying which technologies to focus on can be a challenge. Learn about the emerging solutions that you should master first.
The Rise of AI in Finance
Artificial intelligence is perhaps the most disruptive technology in history. New AI tools are changing how finance teams operate by automating repetitive tasks like accounts reconciliation, expense tracking, and financial reporting.
Implementing these tools could allow you to focus on high-value activities. For instance, machine learning algorithms can analyze historical data to identify patterns and make your forecasts more accurate. Other use cases for finance AI include:
- Streamlining workflows
- Transitioning away from manual processes
- Reducing or preventing errors
- Accelerating approval processes
- Cutting labor hours
By mastering artificial intelligence, you can enhance decision-making and provide real-time insights to stakeholders. Many of the other technologies on our list are augmented by AI, which is why you should learn more about this powerful solution.
Streamlining the Finance Function With Automation
Automation is another cornerstone of digital fluency. Tools like robotic process automation (RPA) were once the gold standard for accelerating routine tasks like invoice processing and payroll.
However, the next generation of automation technologies takes this to the next level. They use advanced reasoning capabilities to reduce processing times, prevent errors, and allow you to automate more workflows faster.
For controllers, automation means fewer hours spent on manual data entry and more time for strategic analysis. However, successful implementation requires a phased approach. Start with high-volume tasks first and scale up from there.
You’ll need automation tools that integrate seamlessly with existing systems, such as your ERP and CRM platforms. Training your team to manage automated workflows is another prerequisite for adoption. Every staff member should understand when, how, and how often to intervene in these processes for oversight and verification purposes.
Data Analytics for Strategic Insights
Data analytics empowers you to transform raw numbers into actionable insights. While analytics is not a new concept, modern platforms take it to the next level.
With the right automation and AI tools, you can perform real-time analyses of financial and operational data. Getting actionable intelligence into the hands of the C-suite sooner means optimized budgets and precision in decision-making.
For example, predictive analytics can flag potential cash flow issues months in advance. You’ll have time to adjust your finance strategy and collaborate with the C-suite to tighten up the budget.
Digital fluency in analytics involves not just using these tools but also interpreting their outputs to guide business decisions. Mastering this skill will make you indispensable to the organization.
Overcoming Challenges in Adoption
Transformative leadership requires emotional intelligence and tact. The mastery of digital fluency is no different, and to implement change in this area, you must be ready to identify and overcome common adoption challenges. A few barriers you will encounter include:
- Legacy systems
- Change resistance
- Skills gaps
Integrating new tools into outdated infrastructure can lead to data silos and unexpected project costs, which can crush the ROI of your technology investments. If you fail to address change hesitancy, the result may be poor adoption and pushback from your workforce.
To increase buy-in for new technology, invest in upskilling your staff. This will demonstrate that they are part of the company’s future and prepare them to use the tech.
Building a Culture of Digital Fluency
Digital fluency isn’t just about tools; it’s about mindset. Encourage your team to embrace continuous learning and experimentation. Here are a few strategies to try:
- Host regular workshops
- Put together a webinar
- Organize industry events
Foster a culture where testing new solutions is valued, even if it involves initial failures. Encourage your team to level up their digital fluency as they try new tools and break away from the typical “We’ve always done it this way” mindset.
Most importantly, remember that change starts at the top. Get out of your comfort zone and model the sort of behavior you want to see in your team.
Restructuring Corporate Finance for Technology
Preparing your team for the next generation of finance technology means more than investing in the latest tools. You’ll also need to reorganize workflows, address change resistance, and highlight the benefits of adapting.
Assess your department’s needs and upskill where necessary to set your team up for success. As you begin, resist the urge to change everything all at once. Instead, automating just one high-volume manual process can yield measurable returns and free up resources for the next stage. This type of measured, incremental approach can minimize friction while building momentum.
Digital fluency is a journey, but with the right tools and mindset, you can transform your role and deliver meaningful results.
