Key findings 5
No two transformation journeys are identical, and all encounter obstacles at some point. The changing role and mandate of finance xxi identifies three interconnected themes impacting the emerging role of the finance professional:
Capacity Accountants are too busy with workarounds and legacy systems, or simply don’t have the capacity to engage with and support the business in broader roles.
Competence Accountants may need to develop one or more of the skills needed for a broader role extending across and beyond organisational boundaries, such as developing their business understanding or improving their data analytics, interpersonal or commercial skills.
Credibility Even when accountants have the required capacity and skills, and are highly regarded for their professionalism and expertise, company culture may prevent them from gaining a reputation for the commercial skills that would enable them to fulfil a broader role.
Our survey indicates that the main issues lie in capacity and competence, without which credibility becomes a challenge, particularly in the digital age (Figure 17). Over a quarter (27%) of our respondents reported that time constraints present the most significant barrier to development for finance teams, with 56% considering this to be one of the top three barriers (Figure 17). Insufficient investment in skills development (43%) and technology (41.5%) were also key barriers.
Figure 17
Through our conversations with leading businesses, we see a growing focus on the mapping of future-ready skills and competencies, with employee-led career planning replacing traditional talent management programmes.
