It’s no secret that the Finance and Accounting field is being transformed by technology. In a study from EY (formerly Ernst & Young), 58 percent of Finance leaders are focused on combing leading-edge technologies with process improvement. Furthermore, where organizations once relied on their IT leaders to drive these changes, CFOs are now reporting their increased involvement in the decision-making and adoption of these new technologies. According to EY, there are a number of technologies that significantly impact hiring in the Finance function.
Advanced Analytics & Forecasting
57 percent of EY’s survey respondents say hiring professionals with skills in predictive and prescriptive analytics is critical. This includes data analysis expertise, which promises to deliver greater power to the Finance function. Within all the numbers that pass through any organization in this industry, there are vast amounts of information that can reveal significant insight and improvements when harnessed appropriately. At the same time, technical expertise in cybersecurity is essential to coping with the risks that big data can bring.
Robotic Process Automation
For 65% of Finance leaders, automating processes is a major priority. Expected to greatly increase productivity, automation threatens to render many Finance and Accounting roles obsolete. As technology streamlines processes and eliminates inefficiencies, the focus shifts to building a highly strategic Finance team that acts as a true business partner to both internal and external stakeholders.
Cloud & SaaS
Furthermore, 55 percent say improved digital skills in mobility and cloud are a priority. These technologies allow for the streamlining of processes as multiple parties can easily access the same information, also increasing flexibility and agility across the organization. Additionally, costs can be greatly reduced as on-premise infrastructure is no longer as necessary, and companies can quickly increase or decrease the number of applications they use according to their workflow and demand.
Building on data analytics and RPA, artificial intelligence holds great potential in Finance and Accounting. The ability to recognize patterns, learn from them, and adapt could make addressing regulatory and tax changes and what they mean for each unique business drastically easier. The insights and recommendations that AI produces will also revolutionize many other areas, such as improving risk management.
An emerging technology making big waves in Finance and Accounting is blockchain. Countless organizations are beginning to adopt this technology that reinvents the digital ledger while increasing transparency and security at the same time. A massive number of payments and transactions can be conducted faster and more accurately than ever before, and this promises foundation-changing improvements across the industry.
A Well-Rounded Skill Set Is Necessary
So, what does a modern hiring profile look like in the industry? Simply put, Finance and Accounting professionals must develop the skills to leverage these technologies in the workplace. The future of recruiting in Finance and Accounting depends upon a building a profile significantly different from the traditional skill sets of the past. Being technologically-literate is non-negotiable, but at the same time technology expertise alone is not enough. This mentality is best summarized by former Revlon CFO Tom McGuire in his statement, “There isn’t a shortage of Finance talent per se, but there is a shortage of people who have both technical expertise and soft skills that will enable them to work well inside an organization.”
Increasingly Popular Tech Skills in Finance & Accounting
In 2017, it’s clear that there’s no avoiding technology permeating your organization. Abstaining from adopting new tech initiatives in Finance and Accounting will only allow the competition to pull ahead and out of reach. In order to take the wheel and drive business growth both now and into the future, you’ll need exceptional talent with the right balance of experience.
Looking for that rare talent with both tech and Finance skills? We can help. Contact us today.
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