By Tim Hird, Executive Vice President, Enterprise Optimization, Robert Half and ProtivitiThe “people, process, technology” framework has been around for more than a half-century. But its value as a tool to help company leaders, including chief financial officers (CFOs), drive organizational effectiveness and efficiency has perhaps never been more valuable than in today’s complex, dynamic and uncertain business environment.That’s especially true when two powerful and closely linked elements are included in the traditional lineup: data and AI.Many leading organizations are already thinking this way, and turning an “old” framework into a key that can help them open the door to future transformation, innovation and accelerated growth. They recognize that the effective alignment of people, process, technology, data and AI can help them realize, among many other positive outcomes:Greater agility and adaptabilityBusinesses can anticipate and adapt to changing market conditions and other trends with speed and precision when they strategically apply enhanced data analytics — which often incorporates machine learning algorithms and AI technologies to analyze large and complex datasets — and processes like scenario planning. They can also more readily identify unmet customer needs and uncover opportunities for market disruption.Increased productivity and accuracy in the finance functionThis function is, in many ways, the heart of a business, so it must operate optimally — and AI can help. Future-forward finance and accounting teams were quick to adopt robotic process automation (RPA) years ago to manage mundane, repetitive tasks like data entry and routine financial reporting. Many now embrace intelligent process automation (IPA) — RPA amplified with AI — to streamline and improve more complex work, from tax and compliance reporting to financial statement reconciliation.
Enhanced risk managementBy analyzing data about risks — from safety incidents to compliance violations to cybersecurity threats — companies can identify potential vulnerabilities and implement appropriate controls and other preventive measures to minimize their exposure. They can also implement effective plans to ensure business continuity. And with purpose-built tools like AI-powered fraud detection systems, businesses can analyze data in real time to identify red flags and reduce risk.Better customer experiences and journeysBy using AI algorithms to analyze customer data, companies can gain deep insights into their customers’ behavior, preferences and needs, so they can optimize customer-facing processes to deliver more seamless and personalized experiences and overall journeys. That, in turn, helps them build stronger customer relationships, foster customer loyalty and drive revenue growth.An empowered workforce of innovative thinkersBy equipping employees with access to relevant data, tools and training, businesses can enable their workers to build new skills faster, make more informed decisions and help drive performance improvements.When companies make it a priority for their workforce to engage in continuous learning — and get hands-on with new tools like generative AI to build their confidence and inspire innovative thinking — they can unleash the full potential of their employees to help position the company for future success. They can also be more effective at attracting in-demand talent and retaining valued staff.
All of the outcomes outlined above can help strengthen a business inside and out, increasing its competitive edge and potential longevity in the marketplace. But few companies, if any, have yet to “crack the code” when it comes to harmonizing these elements — people, process, technology, data and AI — in a way that allows them to say with confidence that they are indeed future-ready.Companies that struggle with the “people” component of the framework, in particular, often have underlying issues that prevent them from making effective and strategic decisions in all aspects of the talent management process. That includes hiring, training, leadership development and succession planning. Those underlying issues are poor data, poor processes and poor technology.It’s easy to point to bad hiring decisions as a root cause for a company’s talent management issues, and to blame those decisions on factors like the persistent shortage of skilled talent available for hire. But if employers don’t have high-quality data to help them recruit and hire the right people, how can they not make missteps?Of course, they can’t access this data if the company isn’t using the right mix of techology, from AI tools to modern enterprise resource planning (ERP) systems, to bring together relevant information for analysis and insights. Ineffective and outmoded processes that don’t support data-driven talent strategies can be an even greater obstacle to success.
CFOs and other finance leaders can play a critical role in helping their organizations overcome the hurdles to harmonizing people, process, technology, data and AI, starting with how they staff their own teams.For example, the latest Global Finance Trends Survey report from global consulting firm and Robert Half subsidiary, Protiviti, emphasizes that CFOs need to identify and access the skills required to work with and make the most of technologies like generative AI apps, process mining and other recent breakthroughs used to generate predictive insights.The report also suggests that finance leaders perform regular assessments of technology talent and skills in the finance function and “map this inventory to competencies required to achieve [the function’s] short- and long-term technology enablement-related objectives.”With a proactive and strategic approach to talent management that includes a focus on training and development, finance leaders will be well-positioned to maintain the workforce they need to compete now and for the long term. And by helping to align people, process, technology, data and AI into a framework for driving continuous improvement, they can help their organization create an environment where employees not only feel valued and productive, but truly are.When that happens, finance leaders can feel confident they have cracked the code and enabled a future-ready workforce.Follow Tim Hird on LinkedIn.
Transform your finance function with the help of our strategy and advisory services, custom-built teams, and blended delivery models.
