8.1 Competencies required by FF & Data strategy and planning

Question 1

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

Answer 1

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

Question 2

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

Answer 2

• Technical skills
• Business skills
• People skills
• Leadership skills
• Digital skills

Question 3

Technical skills

Answer 3

• 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

Question 4

Business skills:

Answer 4

• 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

Question 5

People skills:

Answer 5

• 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

Question 6

Leadership skills:

Answer 6

• 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

Question 7

Digital skills

Answer 7

• 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

Question 8

Data strategy and planning - Data requirements and stakeholders:

Answer 8

• 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