Assessing Your Digital Quotient: Evaluating Skills and Strategies for a Digital Future
Sumesh Krishna, Partner
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Digital knowledge will become one of the skills of finance professionals, and it must be connected to the overall business and how it achieves goals. Proficiency in technology alone is insufficient without alignment with organizational culture. Moreover, the ethical considerations that finance professionals put play a crucial role in digital transformation.
Developing your Digital Quotient
- A digital quotient is a collection of several degrees of skills.
- You must consistently invest in your digital skills as a finance and accounting professional to take advantage of your opportunities.
- Accounting and finance professionals that are effective continue to raise their digital quotient in two areas:
- Recognize the value of the digital landscape to their position and be aware of how technology is used to accomplish the Company’s strategy.
- Use the specific skills related to the organization’s technology – Digital applications.
Four components of the digital quotient are as follows:
- Digital capabilities
- Digital practice
- Strategy
- Existing and emerging technologies
Digital Capabilities
- The skill set required to manage a transformation entails various aspects such as project management, program management, IT governance, data governance, and data labelling.
- With the abundance of data sources available, both internal and external, structured and unstructured, maintaining the credibility and reliability of the data is crucial.
- As finance professionals already possess expertise in this field, expanding by collaborating with others is necessary if needed. Therefore, in transformation management processes, finance professionals can be responsible for regulating data and technology governance.
Digital Practice
- Accountancy and finance professionals must possess skills in data management, operational data utilization, real-time visualizations, data inquiries, cybersecurity, and coding to manage the digital environment effectively.
- The use of data, including structured and unstructured operational data, requires essential skills that enable professionals to provide insight and accurate forecasting.
- Real-time visualization expertise is necessary for effective analytics and forecasting, while coding is a fundamental skill required for success in this field.
Strategy
- The organization’s strategy, which includes IT strategy, finance systems strategy, target operating model and processes, digital transformation, data strategy, and digital culture, is fundamental to any business transformation.
- Despite the growing prevalence of digital transformation in business organizations, it is interesting to note that the expertise of accountancy and finance professionals in broader technology strategy is often overlooked in favour of finance systems strategy.
- The extensive integration of processes in transformed organizations makes considering a separate finance system strategy impractical.
Existing and emerging technologies
The financial professional is well-versed in spreadsheet software. Engineers have used its versatility to develop complicated models and simulations. However, like with many tools, improved solutions are becoming accessible, and failing to use them may mean they cannot obtain the quantity of knowledge that the firm requires.
- Acknowledging the advancement of technology used to help data administration and analysis is critical.
- Audit and assurance professionals increasingly need to analyze how financial statements and predictions are created using these technologies’ assumptions and an increasing need to raise awareness of them.
- However, these latest technologies enable financial professionals to be more forward-thinking and analytical in their findings. It is critical to embrace data management and analysis technologies’ growth.
- These emerging technologies will keep expanding in reach. The development of 5G networks and the potential of the Internet of Things impact the next phase.
When discussing technological expertise, it becomes necessary to contemplate the processes involved in managing their implementation. The need to bring solutions to market rapidly necessitates ability in their management and execution. These are increasingly drawn from diverse teams in which financial experts play an essential role. We must get more familiar with the technology and techniques that enable firms to maintain a competitive advantage over their competitors in the changing business environment.
Conclusion
In today’s fast-paced digital world, it has become crucial for individuals to have a superior level of digital literacy in their personal and professional lives. This evaluation involves assessing one’s proficiency in using digital tools and technologies. It also involves identifying strengths and weaknesses and determining ways to improve digital skills.
A high digital quotient can help individuals and businesses navigate the digital landscape efficiently and effectively, leading to increased productivity, improved communication, and better decision-making.
HLB HAMT to Assist!
HLB HAMT is an independent member firm of HLB International, UK. HLB international is included in the top 10 global advisory and accounting firms. We have 24 years of service experience in the region and an impressive client base of over 3,000 organizations; HLB HAMT offers expert guidance and assistance to navigate the complexities of today’s dynamic business landscape.
For any audit-related queries or assistance, reach out to audit@hlbhamt.com
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