Advances in technology are transforming the Finance and Accounting field. A study conducted by the former Ernst & Young discovered that 58 percent of leaders in the Finance field spent much of their time and resources on finding new technologies that enhance process improvement. It was also discovered that CFOs are becoming much more involved in the decision-making and adoption processes of choosing and implementing Financial technologies, whereas, in the past, IT leaders were largely leaned on for these tasks. For now, let's take a quick look at five popular tech skills needed by those working in the finance and accounting field.
1) Cloud and SaaS
55 percent of study respondents agreed that digital skills relating to mobility and cloud are of the utmost importance in the Finance and Accounting field. By taking advantage of these technologies, processes involving multiple parties can easily be streamlined, thus increasing accessibility to pertinent information and optimizing the flexibility and agility of the company. Furthermore, expenses can be reduced because there is no longer a need for on-premise infrastructure. Instead, the infrastructure and necessary security protocols are provided by the cloud service provider.
2) Progressive Analytics and Forecasting
57 percent of study respondents testified to the fact that hiring professionals who possess skills relating to predictive and prescriptive analytics are vital. With expertise related to data analysis, this helps optimize Finance functions. Respondents went on to say that there is a vast amount of insight available through the information that flows through a business, but advanced analytics are needed to pinpoint hidden insight. When used appropriately, these insights can be used to harness process improvement; this is why technical cybersecurity expertise and forecasting knowledge are essential to working with Big Data in the Finance and Accounting field.
3) Artificial Intelligence
Artificial intelligence (AI) is expected to be of immense value in the Finance and Accounting field. AI can be used to recognize patterns among regulatory and tax changes, which makes compliance much simpler. The insights that are produced through AI can greatly revolutionize a variety of business aspects, especially risk management.
4) Robotic Process Automation
The study also found that 65 percent of Finance leaders deem process automation as a major priority. It is through automation that productivity can be greatly increased, which, unfortunately, has a downside too -- it is causing many Finance and Accounting roles to become outdated and obsolete. On the upside, as technology continues to improve streamlining processes, this helps to eliminate inefficiencies, which is helping Finance teams to become more strategic in their practices; this allows them to better meet the needs of both internal and external stakeholders.
Finance and Accounting professionals must possess a well-rounded skill set to be successful in today's age and time. They must be able to leverage new technologies, but it is pertinent to understand that expertise alone is not going to make a person successful as a Finance and Accounting professional. In addition to expertise, a person needs to possess soft skills; this helps ensure they are able to work interdependently within the organization they are employed by. There isn’t a shortage of Finance talent, but there are few people who have both technical expertise and soft skills that will allow them to succeed inside a company.
To remain competitive, have that perfect blend. If you consider yourself to be a candidate with many of these needed skills, contact ICS. We want to hear from you and place you where your talents are needed. Don't waste your special skills in places that won't value them. Search our open jobs now.