What does the research reveal?
It was discovered that 35% of C-suite respondents say their finance and accounting (F&A) department is failing to keep up with the speed of digital transformation in the rest of the company.
Only 20% of respondents believe F&A presently has the requisite competence, indicating a substantial skills gap that "threatens" F&A's capacity to deliver the advice, analysis, planning, and due diligence required to support broader business goals.
In the finance department, 31% of global CFOs say they don't have enough individuals with software and technology knowledge, and 36% of all respondents say it's tough to find applicants who have both technology and F&A abilities.
Maintaining a strong financial sheet is the most critical business worry for 32% of CFOs in the next five years while obtaining fresh talent is the same for 30%.
BlackLine CEO Marc Huffman stated:
“Finding people with the right technology and F&A skills seems to be at the heart of the issue. To attract the best and the brightest finance talent moving forward, we must reevaluate tools, training and development, in addition to the perceived role that F&A plays within the business.”
Has COVID-19 had an impact on this problem?
The rapid digital change has driven many firms from a variety of industries and sectors to adjust their skills and expertise to meet the digital environment, especially with the emergence of the COVID-19 pandemic.
According to research produced by ACCA (Association of Chartered Certified Accountants), digital transformations in the workplace have ‘grown exponentially’ during the COVID-19 pandemic, with organisations becoming increasingly reliant on digital products and services to thrive.
The maturation of digital apps has ushered in this shift, making them broadly accessible and important to businesses in the present economic context.
The 'Digitisation and the Global Epidemic' research examines the consequences of this "immense transformation" following the pandemic, using case studies from KPMG and SAP Asia Pacific Japan executives.
What can be done?
ACCA's research uses its 'Act, Analyze, and Anticipate path to recovery' digital paradigm to give organisations practical recommendations on how to manage this digital transition.
The first stage is to verify operability, then analyse future prospects before defining a digital strategy for the company and determining technology's long and short-term role in supporting the workforce online and physically.
The report's author, Narayanan Vaidyanathan, stated:
“Technology and digital have helped many organisations to continue to operate – those already thinking about digitisation adapted better, while those who had historically resisted it found their problems amplified.”
He added: ‘‘Home working has become the norm, and for managers this has demanded a change in style and approach – the rise of digital has meant the need for even more leadership from the front, with a strong human touch.’’
Working from home is a useful hybrid working model that can be very effective when executed properly. For more information on how you can work from home effectively, visit our blog post on, “Working from Home: Best Tips to Maximise Productivity during a Pandemic”, where we highlight some of the best tips and methods on how to create an ideal working environment in your own home.
Sam Ellis, head of the ACCA's global technology forum, stated that COVID-19 has limited tolerance for conventional hard-charging corporate practices, at least for the time being. Organizations are taking a closer look at what their digital footprint says about their beliefs and community respect. She continued, “‘‘But we are very much still in uncharted waters, and I know that the accountancy profession is working hard to navigate ahead, facing these challenges head-on and leading from the front.’’
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