The Critical Role of Agility in Finance Processes
Enhancing Finance Processes through Agility
Matt, Services CFO at Kainos, explains that increased agility can enhance nearly all finance processes within an organisation. Tasks like accounts payable and month-end closings can be expedited through agile methodologies.
Agile Financial Planning
Matt continues, "Agile financial planning processes like budgeting and forecasting gain significantly from increased agility." Regular reviews and updates ensure they remain adaptive to changing business needs and market conditions.
Flexibility and Adaptation in Finance
Agility in finance allows organisations to accommodate new strategies and capitalise on emerging opportunities. Baron Anyangwe, a GENCFO Exec Member states, “We need to be more flexible and address things differently than how they were done previously.”
Decision-Making and Scenario Planning
Agility helps prepare for diverse scenarios, informing better decision-making. Premal Parekh, a GENCFO Exec Member, explains that understanding different scenarios aids in decision-making, budgeting, and cash flow management.
The Future of Agile Mindsets
Christine Fromont, Chief Financial Officer insists that an agile mindset is the future. “We need an open mindset to overcome roadblocks creatively, whether by digging a tunnel, building a ladder, or diverting.”
Creative Problem-Solving and Agility
Christine continues, “Each roadblock is an opportunity for creative problem-solving.” Agility is essential to navigate the complex and ever-evolving financial terrain.
Long-Term Benefits of Agility in Finance
The benefits of adopting agile financial planning are expected to remain paramount. Swift and efficient adaptation ensures organisations stay competitive and resilient.
Emphasising Agility for Sustained Success
Emphasising agile financial planning in all aspects of finance enables finance teams to support their organisations more effectively. As the business environment evolves, agility in finance becomes increasingly critical for sustained success.
Access the Full Report
To dive deeper into the evolving landscape of agility in finance, access the full report here. Gain valuable insights, real-world examples, and actionable strategies to help your finance department navigate and thrive in today’s dynamic business environment.
Author
Former CFO, Analytics & Finance Transformation Lead, and Founder of GENCFO, Chris is also the creator of the Digital Finance Function Model. Chris specialises in guiding organisations through the shift towards digital transformation in accounting and finance, demonstrating what success looks like and providing the support needed to achieve it.