CFOs: Rise of automation forces a re-think on skills
19 July 2018 London
Image: Shutterstock
Automation and digitalisation have had a significant impact on team dynamics and collaboration, a study of CFO’s views has found.
The study, which was conducted by Robert Half UK, found that digitalisation and automation have led to improved collaboration (66 percent) and innovation (63 percent) in CFO’s teams.
Meanwhile, digitalisation and automation also improved communication (57 percent) and team spirit (45 percent).
According to the study, the rise of automation and digitisation is forcing finance leaders to rethink the characteristics they look for in new recruits.
CFOs are increasingly valuing an openness to change (46 percent), adaptability (42 percent), and good communication skills (40 percent), the study revealed.
Additionally, openness to new ideas (39 percent) also marked a critical component for a successful team.
Matt Weston, UK managing director at Robert Half, said: “While some fear that automation could lead to job losses, our research from CFOs tells a different story—one where automation actually creates opportunities for finance professionals to expand their skill sets and careers.”
He continued: “Finance leaders know that automation has the capacity to improve communication and culture if managed correctly.”
“These technologies can allow employees to concentrate on value-added tasks, such as data analysis, business partnering or identifying commercial or growth opportunities, thereby improving satisfaction and productivity.”
He added: “As finance teams are faced with ever-increasing workloads, automation and technology can help to shift focus from meeting operational finance responsibilities to value-added tasks.”
“Those who can adapt to embrace technology are at a competitive advantage as they become more productive, innovative and motivated.”
Weston concluded: “But finance leaders must also be able to train their staff to take advantage of the new digital world—not just to boost their technical expertise, but also those increasingly important soft skills.”
The study, which was conducted by Robert Half UK, found that digitalisation and automation have led to improved collaboration (66 percent) and innovation (63 percent) in CFO’s teams.
Meanwhile, digitalisation and automation also improved communication (57 percent) and team spirit (45 percent).
According to the study, the rise of automation and digitisation is forcing finance leaders to rethink the characteristics they look for in new recruits.
CFOs are increasingly valuing an openness to change (46 percent), adaptability (42 percent), and good communication skills (40 percent), the study revealed.
Additionally, openness to new ideas (39 percent) also marked a critical component for a successful team.
Matt Weston, UK managing director at Robert Half, said: “While some fear that automation could lead to job losses, our research from CFOs tells a different story—one where automation actually creates opportunities for finance professionals to expand their skill sets and careers.”
He continued: “Finance leaders know that automation has the capacity to improve communication and culture if managed correctly.”
“These technologies can allow employees to concentrate on value-added tasks, such as data analysis, business partnering or identifying commercial or growth opportunities, thereby improving satisfaction and productivity.”
He added: “As finance teams are faced with ever-increasing workloads, automation and technology can help to shift focus from meeting operational finance responsibilities to value-added tasks.”
“Those who can adapt to embrace technology are at a competitive advantage as they become more productive, innovative and motivated.”
Weston concluded: “But finance leaders must also be able to train their staff to take advantage of the new digital world—not just to boost their technical expertise, but also those increasingly important soft skills.”
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