Our latest independent research study has revealed that finance teams are not moving fast enough to stay up to date with the future skills demands, and could be lacking essential skills.
With technology driving rapid change in finance, 86% of respondents believe there will be a shift in the required skill set for finance professionals due to the increasing reliance on technology.
We can reveal that half of respondents (50%) feel their finance team is not adapting quickly enough to the changing technological landscape.
Essential Future Accounts Payable Skills
According to our study, the top AP skills that will be most in demand in the future are:
- Technology proficiency
- Process optimization
- Data analysis
- Adaptability and continuous learning
Despite 50% of respondents rating their AP skills as proficient, 85% identified gaps in their current skills that may need improvement for future roles.
Finance Technology Skills
86% predict an increased demand for finance professionals with a hybrid skill set encompassing both financial expertise and technology proficiency.
When it comes to finance technology skills, our study highlights the importance for finance professionals to be proficient in:
- Financial systems and ERPs
- AI and Machine Learning
- Cyber security awareness
- Data analytics and visualization
With this in mind, encouragingly, 86% feel that automation has a positive impact on finance roles and job prospects. Only 7% feel it has a negative impact.
Finance Skills Development
In the last 12 months, 78% respondents have had training to bridge the gap in their future finance skills. 22% have received no training in the last 12 months. They cited the following challenges they face in acquiring future finance skills:
- Resistance to change
- Time constraints
- Cost and availability of relevant training
When developing future finance skills, the top training methods are:
- Online courses and learning
- Professional Certifications
- Networking and Professional Associations
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Want to learn more?
Access our range of additional reading materials and resources on this topic.
- Digital Guide: Future Finance Technology Skills
- IFOL Insights: Building the Next Generation Finance Team
Or sign up for our webinar ‘Top Five Essential Future Finance Skills‘
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The independent IFOL ‘Future Finance Skills and Technology’ Research Study was conducted in 2023. For more information please contact marketing@acarp-edu.org
