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Data, Insight and Collaboration – The New Finance Function

about 1 month ago by Sean Scott
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In recent years, we've seen the Finance Function evolve rapidly into a department that doesn't just look backwards but is stepping forward to become valued business partners, included in strategic decision making, and at the forefront of technological advances. The current climate has only solidified the importance of the Finance Function and it's continuing need to evolve with business requirements. 
 
In the wake of the country-wide lockdown, businesses are starting to return to a version of normal. This means that businesses will be rushing to obtain accurate forecasting so they can get a tighter grip on costs and are able to navigate the effects of COVID-19. The Finance Function is being called upon for anything from rapid, short-term Forecasting/Modelling and revised cost allocation to 3-phase Strategic Planning and Funding to relieve a mighty headache for Share and Stakeholders. 
 
As a response to this, we've seen an increase in demand for data from all areas of finance that are traditionally associated with the FP&A and commercial Finance Functions. Financial Controllers are now increasing their modelling capabilities too and using this to drive their decision-making process and increase visibility for the C-Suite/SLT. This core trend is expanding the Modelling capabilities across the whole Finance Function meaning that data analytics tools such as SQL, Power BI and Tableau are being used more than ever to satisfy the demand for Scenario Planning and Modelling at very short notice. 
 
It is because of this focus on data, insight and collaboration that Finance Functions have been less affected by COVID-19 than other professions. Their role is rapidly evolving to solidify their place in helping businesses to weather the storm. Fewer people have been let go and these are some of the first hires we're seeing in the market as business starts to get going again. 
 
If you'd like to discuss how your role is evolving or are interested in seeking new opportunities, please do not hesitate to contact me.