The inevitable has a habit of coming about gradually, then suddenly. In the 25 years since Amazon opened as an online bookstore, there has been a gradual shift towards online commerce. Over recent years, a virtual wave of new digital technologies has been threatening further disruption.
Now, suddenly, as business responds to the shock of the COVID-19 pandemic, there is a more urgent impetus to take advantage of new technologies to transform business models.
As we emerge into the digital age, where margins are tight and change is constant, it will be more important than ever to be able to respond promptly to threats or opportunities and to manage performance tightly. Business Partnering will be very much in demand.
The CGMA report Reinventing finance for a digital world1 tells the story of how we updated the CGMA Competency Framework (2019 edition)2 and the 2019 CIMA® Professional Qualification Syllabus.3
Our research first considered how the world of business is changing. Next, we looked at how business is responding. Then we explored the role of finance in supporting the business’ response. This allowed us to determine the competencies that our qualification must address.
As they prepare for the digital age, business leaders speak in terms of how they are transforming their business models, the importance of data analytics and the need for agile performance management. In progressive businesses, as business leaders steer the enterprise through the challenges ahead, there is an expectation that finance should be able to support as navigators or co-pilots.
1 CGMA report Reinventing finance for a digital world 2 CGMA Competency Framework (2019 edition) 3 2019 CIMA Professional Qualification Syllabus
To help you rise to this challenge, this brief report provides an overview of the expectations of business partners in the digital age. It outlines some disruptive technologies and business model frameworks that you can use to frame conversations about business transformation and performance management.
The technology used by the first management accountants was a stylus and a tablet.
The earliest evidence of writing, Cuneiform script, dates from 3,000+ years BC. It was how Sumerian scribes kept the records that enabled trade and commerce. The stylus was a stick or reed and the tablet was of soft clay.
In the digital age, the discipline will still be as important as ever. But the technology will be different.
