Future of Finance: How CFOs can create a team now that’s ready for challenges later

In today’s economic climate, CFOs have more challenges than ever before. You and your peers must be ready to adapt to a future shaped by new demands that emerged during the pandemic.

This includes an increased need for tech that “future proofs” your Finance pros. How? Because with new tech, they’ll adjust more easily to the changing nature of work and the evolving role of Finance.

So how are CFOs planning to move their Finance teams into the future? According to Workday’s CFO Indicator Survey, your peers are using several strategies to ensure they’re ready.

Tactics to face the future

Even with talent and budget constraints, forward-thinking CFOs are:

• Prioritizing the user experience for employees. Per the survey, 48% of respondents will be investing in solutions with user-friendly interfaces for the Finance team. The interfaces typically mimic those of popular consumer websites. And they’re designed to make tasks in the software more intuitive.
• Using tech to attract talent. Nearly all CFOs who plan to invest in user-friendly solutions for their Finance team agreed that tech updates will be critical to attract and retain talent. It’s key to work with IT and your CIO to find cost-effective software options that’ll allow you to keep up in the current competitive job market.
• Looking for tech-savvy job-seekers to join the team. Two key skillsets that 57% of CFOs are looking for in their new hires to help Finance thrive in the future are knowledge of artificial intelligence (AI) and machine learning technology.
• Investing in data insights. Data analytics that offers businesses real-time insights into financial data will help Finance teams become more strategic partners in their companies. That’s why 41% of your peers surveyed plan to prioritize analytics and data storytelling skills when recruiting for new hires. Having data storytellers on board makes it easier to access these insights and interpret them for a wider audience.