According to a recent survey, nearly 70% of CFOs are feeling the pressure to deliver immediate results due to inflation and economic uncertainties. CFOs, caught in the crossfire, are being directed by stakeholders to find ways to enhance efficiency with limited resources in order to support business goals.
However, beyond the pressures of an uncertain economy, CFOs are combating:
- Budget constraints (32%)
- Raised prices (29%)
- A lack of skill present in their team members (27%)
These insights highlight a disconnect between expectations of finance teams and the availability of go-to resources to improve efficiency.
So how can CFOs become more efficient while overcoming the current finance talent skills gap? In this article we’ll explore key solutions that can help you drastically increase efficiency and aid in upskilling your team.
Overcoming the Finance Talent Skills Gap
Skill shortages remain a significant roadblock for CFOs, with 41% citing talent woes as a top external factor affecting efficiency. The demand for skilled finance professionals continues to outstrip supply. Despite the labor market gradually cooling, conditions remain tight.
Instead of fighting the uphill battle to get approval for increasing headcount and then competing for talent in a tight labor market, CFOs must progress towards digitization and automation. By leveraging emerging technologies such as APIs, AI, and machine learning, CFOs can dramatically improve efficiency.
Enabling teams with the best tools not only streamlines processes but also helps attract and retain top talent. Consider this, according to a recent study from PwC, more than half of finance professionals are considering changing jobs to boost career development. Additionally, the research shows that:
- Changes taking place in organizations
- Process redesign
- New IT tools
- Shifting attitudes towards greater added value
All result in an increased interest in professional development and growth. Simply put, with more and more businesses prioritizing digital transformation, finance professionals are actively considering leaving their roles to move to companies with the tools and resources to help them upskill.
That means if you aren’t already implementing new tech solutions you’re already behind, and you’re at risk of losing talent. By adopting and implementing automation software you’ll be in a prime position to attract and retain talent.
How Technology can Help to Attract and Retain Finance Talent
Automation emerges as a crucial component in easing the pressure on finance teams.
51% of finance professionals indicated that they feel symptoms of professional burnout.
That comes as no surprise given the labor-intensive processes within traditional finance operations.
Treasurers, for example, spend countless hours:
- Collating daily balances in spreadsheets
- Manually generating reports and forecasts
- and conducting rigorous quality assurance checks to guarantee the accuracy of forecasts.
The right treasury management software can eliminate these manual processes to help save time and funds, and reduce burnout (which ultimately helps your chances of retaining talent).
Furthermore, the right platform won’t require your team to acquire new technical skills. Instead it would provide an intuitive user experience that simplifies workflows for your treasury team.
The Digital Skills Finance Professionals Want
Among digital skills, finance professionals consider the knowledge of:
- Data visualization tools (82%)
- AI/machine learning (81%)
- Database management systems (67%)
As their top three priorities. If your finance team isn’t equipped with these tools you’re not providing them with the resources they want to further develop their skills.
Additionally, CFOs must focus on software implementation and automation to improve efficiency without drastically increasing costs. Technology and automation sit at the intersection of increasing efficiency and upskilling your team members.
However, with so many platforms on the market it’s difficult discerning which platform offers the right solutions. Don’t worry, we’ve got you covered.
Embracing Modern Treasury Management Technology
AI and APIs have advanced to the point where there are concrete and practical ways in which they can enhance the efficiency and capabilities of your finance team on a daily basis. Here’s how a modern treasury management platform can transform your operations while also providing your team with the tools they need to upskill.
Real-Time Data with Open Banking APIs
While cloud computing enables collaboration, open banking APIs enhance the accuracy and reliability of financial data. By providing read-only access between corporate treasury software and banks, open banking APIs create a real-time dashboard for cash positions.
This also ensures 100% accuracy reducing risk of error for your team, and the organizational risk of making decisions based on incorrect information. Furthermore, this streamlines the traditionally manual process of bank reconciliation.
Remember that statistic about 51% of finance professionals feeling symptoms of burnout? APIs dramatically decrease your team’s workload and time spent on labor-intensive processes.
Detailed Analytics with Machine Learning and Data Visualization Tools
Building on real-time data, modern cash management software leverages detailed analytics and machine learning. The automation of data aggregation allows for quick answers to critical questions, enabling treasurers to provide forecasts and insights to senior management.
Furthermore, treasury professionals want to upskill their ability to work with data visualization tools. It’s literally their top priority in terms of upskilling. By implementing a modern treasury platform complete with AI and machine learning to automate reporting, your team will have more time to focus on analysis.
Generative AI
CFOs and treasurers alike feel a reasonable level of skepticism regarding generative AI. While some are cautiously incorporating this technology into their team’s workflow, there remains uncertainty about the actual benefits it can bring.
However, when generative AI is backed by the aforementioned technologies it can be a powerful assistant to treasury teams that allows for deeper insights and improved, streamlined forecasting.
It can empower teams to explore and engage with their financial data in unprecedented ways, eliminating the necessity to acquire coding skills or any technical expertise. Your team will be empowered to execute advanced scenario plans, create customized models and reports, detect and analyze trends, and obtain immediate insights on various aspects, ranging from cash burn and currency holdings to details on recurring transactions.
This will help your team learn prompts to work with generative AI to get the data, reports, and forecasts they need. It will also position your organization as an ideal landing spot for finance professionals actively seeking new opportunities to advance their skill set by working with this emerging technology.
Overcome the Finance Talent Skills Gap with Trovata
CFOs challenged with talent shortages, budget constraints, and increased responsibilities must turn to modern treasury management technology for solutions.
Trovata combines the power of Open Banking APIs, AI, and machine learning to offer the promise of increased efficiency, streamlined processes, and access to real-time data to help you overcome the talent skills gap.
That may sound great, but you might be wondering how easy it is to implement? Let’s face it, most legacy treasury management systems require a massive amount of time and resources to implement. But, as McKenzie Knudson, Senior Treasury Analyst at Sealaska Corporation, put it:
Trovata offers a modern treasury management platform that is easy to implement, flexible, and, most importantly, easy to use. It optimizes cash management, ensuring efficiency, transparency, and strategic insights. Opting for Trovata’s solution empowers your team with the digital skills they want and need to keep up with business changes, while also advancing their career development.
Embrace transformation and elevate your treasury operations putting you in a prime position to overcome the finance talent skills gap. Book a demo with Trovata today to witness firsthand how our platform can transform your approach to cash management.
