Elevating Finance Business Partnerships: Unlocking Their Potential
Sep 12, 2023
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Learn about the importance of effective communication and building relationships in finance business partnering. Discover the value of qualitative skills and the potential of generative AI in finance. Connect with the FPP team and explore the concept of finance business partnering.
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Quick takeaways
Finance professionals need to become effective influencers and build impactful relationships with non-finance professionals.
Automation and AI technologies are shifting the role of finance professionals towards qualitative skills.
Deep dives
The Importance of Finance Business Partnering
Finance professionals need to be effective influencers and build impactful relationships with non-finance professionals. Finance business partnering involves translating technical finance skills into a language that non-finance professionals can understand and working effectively with them. It is crucial to use a communication style that works for non-finance individuals and to build strong relationships. By being collaborative and understanding the activities and drivers that lead to financial outcomes, finance professionals can become valuable business partners.
The FBP Team's Approach to Developing Finance Professionals
The FBP team provides a modular roadmap for finance professionals to become effective finance business partners. The program addresses common challenges faced by finance professionals, such as lacking time, understanding of finance business partnering, and difficulty in building relationships with non-finance colleagues. The FBP team offers workshops that address these challenges and provide tools and techniques to improve communication, understanding of the business, and influencing skills. By focusing on the build, connect, and impact stages, finance professionals can become more successful business partners.
The Shift towards Qualitative Skills in Finance
As automation and AI technologies advance, the role of finance professionals is shifting towards qualitative skills. While robots can handle quantitative tasks, finance professionals can leverage their human skills, such as influencing, relationship building, and communication, to provide unique value. The ability to influence others, understand the business, and effectively communicate complex ideas will become increasingly important. By honing these qualitative skills, finance professionals can position themselves for long-term success and avoid being replaced by automation.
The Rise of Generative AI and its Impact on Finance
Generative AI, such as chat GPT, is a hot trend in finance that can enhance productivity and communication. Chat GPT can help finance professionals craft effective messages and streamline tasks like formula creation in Excel. By leveraging generative AI tools, finance professionals can save time and improve accuracy. However, it is important to understand how to use these tools without relying solely on automation. The ability to translate the outputs of generative AI to non-finance professionals and engage in meaningful conversations will remain critical.
Finance business partnering (FBP) is how finance teams create value by providing data-led insights to help their business counterparts to make better decisions. In this insightful episode, join Andrew Jepson, the CEO of The FBP Team, as he imparts invaluable strategies and tactics to enhance FBP proficiency within your teams and enterprise.
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