Five Digital Competencies Finance Teams Will Need to Reach Their Goals in 2021
CFOs will fail to realize the full value of new technology investments unless their staff are equipped with five key digital competencies which are most crucial for delivering high business impact, according to Gartner. Gartner’s survey of 173 global CFOs in November 2020 revealed that plans for substantial digital investments topped CFOs’ agendas in 2021. Without improving digital competencies, finance departments will likely struggle to fully benefit from a range of incoming investments including advanced analytics, RPA and AI.
“CFOs are leaning into the ‘digital mandate’ and are investing heavily in next-generation technologies,” said Alexander Bant, chief of research in the Gartner Finance practice. “However, they must remember that digital transformation is a two-part equation involving not only the technologies themselves, but also ensuring they have the staff who know how, when, where and why to leverage these new technologies.”
To help CFOs focus in the right areas, Gartner analysts sorted through 50 digital competencies and assessed them according to three criteria. Firstly, they were ranked according to their newness, the extent to which these are genuinely new competencies. Secondly, according to staying power or how relevant they are to practical real-world technologies in use in finance. Thirdly, according to applicability,the extent to which a digital competency relates to finance specifically.
The top five digital competencies for finance staff are:
“CFOs tell us that it is a struggle to secure just one of these competencies, let alone all five among their teams,” said Bant. “However, the majority of these competencies are trainable and can serve as building blocks for a better return on finance technology investments.”