Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/696186
W hen chief f inancial off icers (CFOs) in a Robert Half Manage- ment Resources survey were asked to rate the level of difculty their jobs pose now compared to fve years ago, 66 percent of respondents said their roles are more challenging today, and 30 percent said it is just as challenging. Only 4 percent reported it is now less difcult. Tese fgures might not be sur- prising to individuals who work in a profession where ever y sector is facing disruption — from emerg- ing technologies, global competi- tion and a changing workforce. As accounting and fnance executives are increasingly called upon to lead strategy, they fnd themselves under tremendous pressure to guide their frms to success. Tose who thrive amid shif- ing workplace demands are those who keep up with industry trends. Here are four essential skills every accounting and f inance leader should have: 1 Data-Driven Decision Making (DDDM) In less than a decade, most compa n ies have moved from data scarcity to data abundance — some would argue overabundance. Te Internet and Business Leaders Juggle a Host of Demands in Today's Economy By Paul McDonald FEATURE 36 June 2016 • w ww.CPAPracticeAdvisor.com L eading a business is hard, and research suggests it's not geting any easier. sophisticated data mining tools have allowed companies and business leaders to extract useful information on customer behavior, operational efciency and general market trends. PRO TIP: Te challenge then is to arm yourself and your team with the necessar y data analysis tools to translate raw information into insights, and then action. DDDM describes a range of skills needed, including business analytics, project management and communication. Organizations are increasingly auto- mating the DDDM function, but the human touch — for discernment, vision and accountability — will always be at the forefront. 2 The acumen to identify and react to disrup- tive threats Executives have long had to watch out for disruptors — those adaptations that rock their business model. In an environment where whole sectors can be transformed in a mater of years, a business leader's ability to identif y and understand emerging trends is vital to long-term frm strategy. PRO TIP: Business leaders need to see the broader context and apply discernment as to how to proceed. Options can include warding of dis- ruptors, acquiring them and direct- ing R&D; to come up with a superior alternative. New technologies bring opportunities to embrace, and even become, the disruptive threats. Te alternative is obsolescence. 3 Knowledge of compliance Regulatory requirements seem to multiply ever y year — and don't show signs of slowing. Te Benchmark- ing the Accounting and Finance Function report from Robert Half and Financial Executives Research Foundation shows only a tiny per- centage of fnancial leaders expect the compliance burden to ease in the coming years. PRO TIP: Maintaining compli-