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Image shows a computer chip and reads: 5 Qualities of a Tech-Savvy Finance Leader

5 Minute Read

There’s a huge amount of pressure on Finance Leaders in modern business to be able to spin dozens of plates at once.

From people management to money management, forecasting, budgeting and so much more, the role can be overwhelming.

When we throw digital transformation into the mix, it’s hard to know where a finance leader’s priorities should be.

It is possible to be a tech savvy finance leader and do it all at once. But there are a few things you need to consider to get there. Here, we look at 5 core qualities that we believe makes a successful, tech savvy finance leader…

1. A tech savvy finance leader embraces developments

A tech savvy finance leader keeps up with developments in the tech world.

Most recently, automation has become an enormous influence on the finance function, and something that all finance leaders need to be familiar with.

It is important that finance leaders understand how and where automation can help your business, and which aspects of your business need it.

Embracing automation in the finance function, allows you to streamline repetitive, manual day-to-day tasks such as accounting, recordkeeping, and report generation in order to shift focus and allocate time and resources to activities that require more attention.

With automation in place, you can make informed decisions to ensure you prioritise activities that drive profit. As a result, you’ll quickly see an improvement in visibility.

2. A tech savvy finance leader balances risk with caution

On-premises solutions can be a drag; implementation can take months, if not years, to fully complete, and bi-annually, quarterly, or ad-hoc updates mean that “playing it safe” is no longer the same as “playing it smart”.

Now, instead of a bread-and-butter solution, you’ve got a growing beast that needs more and more attention and maintenance.

On the other hand, cloud solutions are incredibly attractive. But the difference between a good finance leader and a tech savvy finance leader is this: knowing whether – and to what extent – cloud solutions can help and improve the business.

You must resist rushing into strategic decisions. Do the work; evaluate the pros and cons and get the facts first.

A responsible finance leader will evaluate all options and all components that affect the decision.

To make an informed decision on whether a solution is right for you, make sure you:

  • Understand it
  • Assess its value
  • And consider its uses and features in relation to your business’ needs and alternative options.

If the solution isn’t future-ready and can’t accommodate your business needs or the rises and falls associated with the non-linear growth of a business, it’s not the right choice!

3. A tech savvy leader is future-forward

Finance leaders can’t just focus on the here and now. They also need to be able to look to the future; it’s your job to think long-term.

The buzzwords for a finance leader here are agility and future-ready. Be sure to always bare these in mind.

A finance leader must be agile in their approach and able to change their strategy quickly. By remaining flexible, you ensure you aren’t limiting your company’s growth, keeping your options open and your business agile.

An agile business is a competitive one; being ahead of the competition brings enormous advantages. Just be sure to do your research first!

4. A tech savvy leader values people

For your business to succeed, you must understand the value of your team.

No single group or individual can drive and provide the results your business needs; instead, you need a vast range of talent, knowledge, and skills across the organisation. It’s also vital that you understand that you won’t find all three of these qualities in a single person.

When hiring, ensure you first know what gaps need to be filled in your business and find the right person to fill that gap and improve your business’ output.

Collaboration and communication close gaps and boosts progress in all aspects of a business.

With the right people, you can become proactive instead of reactive and use insights to forecast what your business needs to implement the right actions ahead of time.

Pair the right team with the right technology, and your busines will thrive.

5. A tech savvy leader prioritises insight

In many businesses, insight or visibility is seen as the ability to use data and information to look back or look forward.

While it’s true that you need to be able to understand what has happened in the past to assess performance, a tech savvy finance leader uses the right tools to access deeper insights.

With that data, they are able to pinpoint the problems, why and how they happened, how they can be avoided in future and take steps more quickly to turn these situations into opportunities.

A tech savvy leader can empower the whole business to use the information at their fingertips to take a deeper look at past performance and understand how it can be used to better the business.

With the right technology, a tech savvy finance leader and their team can use a single system of record in a dozen different ways, to produce insights to better all aspects of the organisation.

If you’d like to discuss your digitalisation journey with our experts, get in touch here.

Find out more about how you can become a Tech Savvy Finance Leader in our eBook.

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