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
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
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
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
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
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
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
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