how effective is your finance team
TRANSCRIPT
How Effective is Your Finance Team?
Meet the Presenter
Chris Ortega, MBA, Manager, Financial Planning & Analysis (FP&A)
Presentation Agenda
Market Forces Affecting Finance
Evolution of Finance Teams•Why it is important to you?•How do you get started?
Questions
Market Forces Affecting Finance
Source: AICPA FP&A
Social Networks – Market Focus
Finance professionals now have access to expert advice through various social media channels.
LinkedIn has empowered finance professionals to engage with others outside their traditional team to expand skills and leverage resources.
Social media has also affected the talent management of traditional finance teams.
Big Data – Market Force
Big Data• Extremely large data sets that maybe analyzed
computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions
Access to these data sets is greatly improving the value added capabilities of finance teams to provide new insights into their organizations.
Finance teams in associations or chambers benefit from big data as they are looking for new ways to gain insights into their members and other aspects of their organization.
Big Data – Market Force
With the focus on big data, business intelligence and data analysis tools become hugely valuable in extracting these large data sets and producing actionable insights.
Tools such as Power BI, Tableau, Qlik, and other business intelligence tools provide forward thinking financial professionals the ability to accelerate their decision making.
• Helps to scale ways to identify emerging trends
Big data analytics can help associations and chambers by providing insights by:
• Targeting new programs or events for underserved locations
• Driving new members with informed analysis
Demographic Shift– Market Force
Millennials- a person reaching young adulthood around the 2000’s.
• By the year 2025, millennials are expected to make up as much as 75% of the American workforce.
Characteristics of millennials on the finance team.• Analytical
• Risk taking
• New Perspective
• Connected
• Tech Savvy
• Curiosity
Millennials drivers in finance team and organization.• Instant Gratification & Recognition
• Flexibility
• Collaboration
• Career Advancement
• Shaping future of finance team and organization
Evolution of Finance TeamsHow finance teams are evolving and driving change
Evolution of Traditional Finance
Finance Teams - Now
Currently, in many organizations finance team members are viewed as “Scorekeepers” or “Disciplined Operators”
This is low in providing finance efficiency and business insights.
• For example, many finance teams are closing the books, invoicing customers, reconciling accounts, or applying cash.
This limits your organization from providing key business insights in the following areas:
• Insights into driving decision making for prioritization of resources
• Increasing membership engagement and retention
• Driving strong operational cash
Finance Teams - Future
Given the previously mentioned market focus affecting finance, it should be the goal of your organization to move to becoming a value integrator.
Value integrators for finance teams are where you are balanced in finance efficiency and providing high value business insights.
• Helps by providing business insights to make better business decisions
• Driving organization agility and ability to navigate an ever changing environment.
Finance Teams - Future
Why this important for you?
With changing market forces in finance, evolving the finance team is vital to organizational success.
Attracting the right talent and developing existing staff will work toward providing better insights to your organization.
Understanding these forces now will help position your organization to begin implementing processes and procedures to drive change.
You have an active role in shaping your finance team and this all starts with moving toward being value integrators to your organization.
How do I get started?
Why are we doing
this?
What capabilities do
we need?Where are we today?
How will we get
there?
Who will be
responsible?
Organization Vision Team Scoping Establishing Baseline PlanningBuild, Measure, and
Learn
1. Clear team
goals and
objectives
1. Skills and
Passion required
in the team
1. Assessment
current skills of
existing team
1. Establish
process to bring
about change
1. Executive
leadership
2. Aligning team
goals with
organization
strategy
2. New roles and
functions within
the team
2. Understanding
career goals
2. Training and
acquire of
required skills
2. Incentivize
team for change
3. Establishing a
learning culture
3. Establishing
milestones for
achieving
transformation
3. Identify gaps
within in the tem
for future
planning
3. Instill continual
transformation in
the company
culture
3. Ongoing
learning within
the team
4. Understanding
Market forces
4. Establish
strategic plan for
change
4. Ensure
consistent
commitment to
team
transformation
In Closing…
Finance, like many other operational functions inside of associations and chambers, is evolving.
Lastly, as your members are growing and adapting it is equally important for your organization to meet their needs and drive the wheel for economic growth!
Questions ?