The root of most problems in the corporate world is the mismanagement of finances. Without a foolproof financial plan and a CFO that leverages modern technologies, you cannot survive and thrive in any industry. With massive layoffs, AI creeping into the mainstream, and increasing unpredictability across the board, the need to revamp your financial strategies is now more than ever!
For this, it is important to upskill your finance team. You can no longer work on legacy platforms and let your team members perform repetitive tasks manually while expecting your business to grow. It is important to bring your finance employees in sync with the ongoing tech trends and industry norms to attain your core business goals.
While there is no standard procedure for this, here are a few major steps you should follow to upskill your finance team:
Identify Major Skill Gaps
Without understanding the skill gaps to be filled, you will never be able to create a successful plan to upskill your finance team. It all starts with identifying the areas where your team needs improvement.
Most companies prefer conducting a skills audit to clearly define the skill gaps. This helps you identify the gaps that should be filled by upskilling your employees and the ones that can only be filled by making new hires.
Analyze Different Learning Strategies
When it comes to learning new skills and enhancing the existing ones, the sky is the limit! There is a plethora of learning strategies you can choose from to upskill your finance team. Today, CFOs rarely rely on traditional classroom training strategies to enhance their team members’ skills. They adopt strategies like intentional learning (understanding the relevance of a skill to one’s role), reciprocal peer learning (learning by sharing knowledge between peers), reflective learning (understanding the broader implications of the skills learned), and more.
Promote Innovation And Experimentation
Considering the dynamic environment that we live in, CFOs often provide a low-risk environment to their team members to cultivate new skills, especially in the realm of data analytics. Continuous experimentation and innovation help your finance team stay in tune with the ongoing technologies and keeps their services relevant.
You can also leverage a framework revolving around business impact against tech complexity to analyze the risk involved in implementing new skills and technologies. A safe environment encourages free thinking and allows your employees to embrace skills that they deem useful in their projects.
Finally, it is important to get on the digital wagon to upskill your employees the right way. Implement modern software solutions and seek user adoption support from your tech partners. This will not only help your team members enhance their services but also add new skill sets to their resumes!
Allow VIZIO To Help Your Finance Team Work On State-of-the-art Software Solutions
If you want to upskill your finance team by implementing modern software solutions revolving around SAP, FP&A, and other elements of comprehensive financial management, VIZIO helps you set up robust solutions within your organization. Our team of trained and passionate IT professionals also provides seamless user adoption support, ensuring that your finance team knows the tools they use like the back of their hands!