Embracing Agility in Finance

Embracing Agility in Finance: 

In recent years, a seismic shift has transformed the accounting and finance landscape, prompting finance leaders like you to rethink traditional approaches and embrace agility in finance as a core principle. This change, driven by technological advancements and rapidly evolving business dynamics, has necessitated a more adaptive and responsive approach within finance teams.

Shorter Planning Horizons: The New Norm

Gone are the days of long-term strategic planning. Today’s market fluctuations demand a quicker response, necessitating shorter planning horizons. Baron Anyangwe, a GENCFO Exec member, emphasises, “There’s a lot more tech readily available, and a lot more good tech to be used. Businesses and teams are using a lot more technologically advanced solutions for their problems. It’s enabling teams to be more nimble and address problems quicker.”

The confluence of advanced technology, evolving business dynamics, and the need for swift responses to market uncertainties have set the stage for a more adaptive approach in finance. As a finance leader, you can leverage these advanced solutions to empower your team to address challenges dynamically, highlighting the importance of agility in finance.

Hybrid Work Models and Efficient Communication

Hybrid work models, efficient team communication, and rapidly evolving digital tools are redefining agility in finance. However, this transition is not without its challenges. Sarah Courtman, one of our Exec Members, notes, “A lot of people have their own agendas, like building teams or getting up the rungs. Sometimes agility goes against that because it takes away headcount or responsibility from them. People don’t like to relinquish that control.”

Balancing Standardisation and Adaptability

GENCFO Exec Member Premal Parekh offers a compelling perspective, suggesting that finance leaders like you should strive for standardisation in processes while maintaining a margin for dynamic, responsive decision-making. “Agility in finance to me is about standardising as much as you can, let’s say 80%. That 20% is where you can then be dynamic enough to respond to anything reactively where possible, and more productively.”

This balance between standardisation and adaptability indicates an ongoing transformation in finance towards a more balanced approach. As you challenge traditional hierarchies, the meaning of agility in finance is being redefined.

Embracing the Journey

The journey towards agility in finance is still relatively new. Embracing this dynamic path will require new ways of working, learning from mistakes, and maintaining a balance between standardisation and responsiveness. As Matt McManus highlights, you must consider both predictable impacts and unknown impacts. “A new office in a new location to serve a well-established market within the current business model has foreseeable outcomes. But there are unknown impacts too, like the pandemic, which significantly influence a company’s agility in finance and operational flexibility.”

The shift towards agility in finance is essential for navigating the complexities of today’s business environment. As you adopt advanced technologies and embrace hybrid work models, you must also balance standardisation with the flexibility to respond to unforeseen challenges. This ongoing transformation requires a commitment to continuous learning and adaptation, ensuring your finance department remains agile and responsive in an ever-changing world.

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.

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