The importance of the finance role in the era of data and the digital transformation of companies

Evolution and uncertainty are two constants in the business world. However, as humans we need certainty, or at least evidence-based strategies, and not only with regard to indeterminate beliefs or truths, that guide us in our professional work.

Digitalisation, in particular, which expands like a drop of oil in water in all organisations, could be what those of us in the finance area have been waiting for to ‘reinvent’ our role.

Digitalisation is making millions of data available to us, which is driving a deep transformation in our business. In this new reality, the financial role emerges as a critical pillar. It redefines traditional skills and competencies to increase its influence in strategic decision making, anticipating trends and providing differential value to organisations.

During my almost six years as financial director at Ikusi in Mexico, I have seen how organisations have experienced this evolution, accelerated by the now distant pandemic. This period has proved to be a catalyst for the adoption and adaptation to new technologies, involving a significant change in the required skill set. According to a PwC study, 63% of the professionals interviewed believe that their skills will need to change in the next five years, evidencing the rapid change we are facing.

Finance managers are witnessing this transformation first-hand. We have made data a cornerstone of our role. It has enabled us to anticipate and to interpret trends and predictability, thanks to visualisation tools, data analytics and the real-time availability of this information.

This has led to greater efficiency in decision making, allowing finance mangers to transform uncertainty into opportunity.

However, the challenge lies in how we as organisations can prepare ourselves and adapt our systems and tools to accompany this transformation.

In summary, the era of data has not only revolutionised the finance role but has also strengthened its importance within organisations. The ability to adapt to new technologies, together with a proactive approach to data management and the anticipation of trends, improves strategic decision making and makes the finance role essential for innovation and business success in the 21st century. A conclusion to which I would add the need to work on approachability and understanding of the customer’s business as two fundamental pillars for the finance role to take on a new dimension.