8.1 Competencies required by FF & Data strategy and planning Flashcards

1
Q

To use data to create and preserve value for the org the FF will need to be competent in:

A
  • Data strategy and planning
  • Data engineering, extraction and mining
  • Data modelling, manipulation and analysis
  • Data insight and communication
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2
Q

The skills needed by FF can be grouped into give types of competency:

A
  • Technical skills
  • Business skills
  • People skills
  • Leadership skills
  • Digital skills
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3
Q

Technical skills

A
  • FF will be required to apply accounting and finance skills
  • technical skills will enable FF to collect, store, process and analyse info to be shared with various stakeholders
  • activities such as data collection and processing are increasingly automated however FF will have to act as guardian of these automated processes
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4
Q

Business skills:

A
  • Understanding the bus and the environment is important to be able to make effective decisions and transform data into insight
  • FF will increasingly require good knowledge of data sources, analytical skills and judgement
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5
Q

People skills:

A
  • FF will need people skills and ability to communicate
  • they will work alongside other parts of bus as a partner, collaborating to generate insight
  • they will focus on building empathy, understanding and interactions with stakeholders
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6
Q

Leadership skills:

A
  • FF increasingly occupies a central position in org
  • leadership skills will centre on team building, coaching and mentoring, driving performance and change management, and the ability to motivate and inspire
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7
Q

Digital skills

A
  • are essential for FF to understand info and data in a digital environment, data strategy and planning, planning/use of data analytics and applying existing / developing new data visualisation tools
  • FF needs to keep pace with advances in tech and guide the FF
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8
Q

Data strategy and planning - Data requirements and stakeholders:

A
  • stakeholders are anybody you who can affect or be affected by an org actions.
  • the stakeholders of the FF include:
    • other departments and managers - provides important financial info to all functions
    • external stakeholders - shareholders, lenders and investors would be users of financial statements
    • employees - staff in finance dep will be a significant stakeholder and will need to be considered in future strategies
    • Directors - key metrics and performance reports are given to board
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