As a business, investing in the latest technology to bolster performance and security is a must. Being near the start of a new year, the preparations and purchases have likely already been made.
However, to make the most of this investment, businesses must leverage 5 key digital competencies, according to Gartner.
These five pillars emerge from the direction of where the businesses world is heading, and to handle the new technologies quickly gaining traction - such as Robotic Process Automation (RBA) and advanced AI - technological literacy, digital translation, digital learning, digital bias management and digital ambition need to be implemented to ensure functionality and future endeavours.
Technological literacy
The first of these, technological literacy, is essential for staff to further understand how to drive digital technology towards projected and organisational outcomes.
Gartner says this competency is critical to deriving value from advanced analytics, machine learning, AI and other emerging technologies.
With technological literacy among staff, real value will be added to new technologies to not only the business now, but also support the business in the future as growth is made.
Digital Translation
This pillar is crucial in explaining the relationship technology has with finance stakeholders, processes and systems.
It enables business partnerships to flourish, and when effective digital translators come into the picture, a flow between business partners and digital experts is established. This ensures that digital technologies deliver relevant insights and can be acted on by business partners.
Digital Learning
The influx of new digital environments has likely left many feeling like they have been thrown in the deep end. This competency revolves around learning to swim in the deeper waters, in other words meeting the learning requirements for these new environments.
Manager-led training sessions at set points in time are out in such environments, Gartner says, and employees themselves must move to quickly adapt to new technologies and incorporate them into the current stack.
Digital bias management
In the world of technology, machine learning is quickly becoming a regular occurrence however there is a bias regarding the legitimacy of such technologies, finance personnel must cultivate the ability to both detect and articulate such biases as they come across them.
Despite the bias, it has become evident that technology will be a standard-issue product in any modern business. However, this competency is vital for improving Machine Learning (ML) models, monitoring data quality and increasing stakeholder trust in these technologies.
Therefore this competency will allow finance and other teams to have a higher awareness for flawed results generated by ML and can better mitigate and prevent them.
Digital ambitions
Ambition is one of the many driving forces behind a business. This competency represents a want to embrace new technologies to further business growth and educate ourselves on new ways of working. Finance employees should execute a proactive mindset and desire to further improve their digital skillset. By doing so successfully, they will have an authentic interest in how new technologies can improve their work and business outcomes.
Although there is a lot of information to take in, all competencies can be learned through training and serve as foundations for a better return on financial technology investments.
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