The Ability of Financial Professionals To Be Creative
In 2022, finance professionals must learn new ways to not only demonstrate the depth of their expertise but also to illuminate their ability to think outside the box. Regardless of whether you specialize in mergers and acquisitions, commercial finance, internal risk, control, etc., your team must unlock financial creativity to keep your clients ahead of the curve. How do you do this? It’s simple: Tap into true collaboration-focused financial business intelligence.
What it takes to be a Creative and Innovative Finance Professional
Being a finance pro means more than offering financial services using “by-the-numbers” methods. Your knowledge of certain laws and accounting principles simply is not enough to turn the tides of the battle against rising inflation, bear markets, and declining economic optimism. Today, there are many firms dedicated to knowing the tried-and-true methods inside and out. Therefore, having an idea-friendly culture within your organization can quite literally become a game-changer.
Here are some of the primary attributes of the creative financial professional and how implementing them can change the trajectory of your firm.
1. Let the Office of Finance become a safe place for ideas
The main problem with cultivating and maintaining an idea-friendly culture within your organization is not idea proposals – it is the bureaucracy involved. When a team member offers a viable strategy, give them the resources and mobility to bring it to fruition. Do not let the red tape stand in the way of an innovative idea.
2. Upskill your finance professionals with technology learning
Technology is changing how finance and accounting work, as well as how financial professionals perform their work. Because of this trend toward cloud-based financial tools, AI, Machine Learning, Analytics, and more, financial pros must be ready to maximize their potential to automate redundant tasks and free up more time for creative thinking.
In fact, as a financial professional, you can prepare in advance on how to use these tools efficiently, solve common problems, and use them to solve problems and unleash creative solutions in ways you couldn’t before.
3. Let your desire to succeed let you start over again unafraid
Sometimes we become so knowledgeable within our own industry that we do not realize that things are changing right under our noses. We become blinded by our own success that we do not realize that we are stuck in place, not changing. To become truly creative as a finance professional, you must be unafraid to take things back to formula. You must be willing to start all over again; continuing education, learning new methods, and gaining a new understanding of what clients really want.
4. Become acquainted with analytics
Understanding analytics is paramount to financial best practices in 2022. Partnering with experienced performance management consultants can provide services such as Business Analytics, Data Integrations, Dashboards, Reporting, Data Warehousing, and more for finance professionals. These tools will allow you to take your analytics and use them in new and unconventional ways, giving your business leverage, and elevating the services you provide.
Six Key Components of Creative Thinking
What do you need to do to be a creative Finance Professional? For Finance leaders, they must tap into all these areas to succeed in the face of complexity, ambiguity, and digitalization in Finance.
Problem Sensitivity
Sensitivity to detect subtle gaps, trends, anomalies, and contradictions
Re-definition
Process of defining and reframing a challenge differently
Flexibility
Ability to see problems from diverse angles and perspectives to understand
Liquidity
Freedom and safe environment for ideas to become actualized
Originality of Thought
Courage to try out new opportunities that other people won't even consider
Collaboration
Working together with multiple perspectives to create new solutions
Be Open to Change and Innovation
Become open to new ideas and implementing change, in addition to the use of analytics in accordance with performance management, finance professionals will benefit through creative methods and thinking. To take advantage of the most powerful financial analytics and Enterprise Performance Management tools available, contact our team today at contact@prolyticsgroup.com
20/20 Vision into Your Budgets
Budgeting season will be fast approaching again. Before opening your systems to the budget owners, it's time to upgrade your systems for the year.
About ProLytics
ProLytics Consulting Group is a business and technology consulting firm specializing in the areas of Enterprise Performance Management and Financial Business Intelligence Analytics. Our team brings decades of successful implementation experience across industries and verticals. We understand and value that each company is unique. We are committed to working closely with customers to find and deliver value-added technology solutions that solve their one-of-a-kind challenges.
