This is causing a rising tide of worries among CFOs and finance leaders.
There’s a lot going on in 2024.
Not least, 50 countries will hold high-stakes elections.
Plus the pace of technology change is not slowing down.
What’s interesting is that during times of uncertainty, Finance teams revert to old ways of doing things. When they should be innovating and finding new ways to solve new problems.
Here are three strategies to start Finance innovation:
1) 🧑🤝🧑Talent: Start with you people. Develop, train and retain your brightest and best. These folks will lead your innovation, come up with new ideas and deliver solutions. Plus, great people attract other great people.
2) 🛠️Efficiency: Ask your team, stakeholders and clients what slows them down. Too many reports? Manual entry of invoices? Slow approval of new initiatives? If they could change one thing, what would it be? What can you do better or faster?
3) 💻Digitization: Research new technologies, what are other departments using? Ask IT what tools are available. Talk to your peers and friends in industry. Start with the back-office, for example, reporting, AI for communication writing, integration of systems, automation of workflow.
“The best way to predict the future is to create it.”
Finance Innovation is a sure fire way to prepare and deal with uncertainty.
