1434

0-35

9

Looking for a

Competitive edge? Cgma designation Holders Save an extra 10%

Sharpen your knowledge and gain practical guidance with publications to help you face the complex challenges of management accounting in a global market.

visit cgma.org to order publications, such as:

Product Code: PCG1304P (Paperback) PCG1304E (E-book)

Expert solutions for executives with budget oversight responsibilities who want to improve their marketing returns. This book introduces the reasons most marketing plans fail, shares the secrets of market leaders and provides practical advice to managers who want to learn how marketing can contribute to their companies’ financial success.

Marketing ManageMent for non-Marketing Managers

Product Code: PCG1301P (Paperback) PCG1301E (E-book)

Effective communication is one of the most important — and challenging — skills for management accountants. Get crucial advice on effective techniques for both entry-level accountants and executives in the world’s largest corporations.

CoMMuniCations: Methods and appliCations for finanCial Managers

CGMA, CHARTERED GLOBAL MANAGEMENT ACCOUNTANT, and the CGMA logo are trademarks of the Association of International Certified Professional Accountants. These trademarks are registered in the United States and in other countries.

data scientists who can perform advanced types of analysis on that data; and finally business leaders who can ensure new ideas are turned into concrete action. This requires financial professionals to have a broader range of management skills: clear communication, the ability to lead and influence, and a strategic understanding of the business – all of which are essential for the business partnering role that many firms want finance to play.

• Delivering on new data insights is as much an opportunity for small and mid-size companies, as it is for large ones. Companies of all sizes see the scope to benefit from building a more data-centric business. Although smaller businesses have fewer resources for data projects, they have less legacy IT complexity to deal with, as compared with their larger counterparts, along with a willingness to move quickly. They can also tap into a growing number of easy-to-use

January 2014

applications and data services, which can help them benefit from data at minimal cost or risk. However, the key to success for small as well as large firms is to develop clear objectives for their data projects, and only then to select the tools or services that are best aligned to their particular goals.

• Data also holds opportunities for finance professionals to unlock new career openings. The data-enabled era creates an opportunity for today’s management accountants to develop new skills and competencies. Indeed, 85% of survey respondents believe that increasing their ability to work with big data will enhance their career and employability. Although some will no doubt seek to bolster their data analysis skills, the ability to play a central role in converting the potential of data into real commercial value could act as a boost for those with an aspiration to play a more strategic role in the organisation.

WHAT’S NEXT FOR FINANCE?It is clear that with the right attitude, finance can become an effective co-pilot on innovation, helping guide the rest of the business towards its goals. It can target and prioritise company resources, both financial and human, to make innovations a reality, while managing known and unknown risks.

Management accountants have much to gain from and contribute to today’s data-driven era. They already know how to work with data, they understand the inner workings of the business and they are well placed to help turn new data insights into commercial advantage. Their involvement also adds credibility to the end product. The finance professionals who deliver best on this will be those willing to adapt their focus to include big data, and push to become a more proactive business partner to the rest of the business.

The implications of the shift to data-enabled businesses for finance are far-reaching. Companies need their finance teams to play a pivotal role, working with data specialists to drive meaningful commercial insights from corporate data and, most importantly of all, helping the broader management team to interpret and apply the power of that data to make better strategic decisions.

Inevitably, this will push finance professionals into new and unfamiliar areas, and require them to develop new skills and new ways of thinking. For those who can manage that transition successfully, however, there are clear opportunities to play a decisive role in an area that will become an increasing source of competitive advantage for firms of all types and sizes in the coming years.

Organisations are now looking to their finance teams to put rigour and

credibility around information.David Axson, Managing Director of Management Consulting, Accenture

“ “