The CGMA Competency Framework guide and tool: transforming the finance function


CEOs in leading businesses today have long moved on from asking how much cost they can get out of finance to how much value they can get from finance. The challenge for modern CFOs is to provide value from the function — not just efficiency. Making the transformation from cost centre to value centre is challenging because, in most businesses, further investment into the finance function is a hard sell. The CGMA Competency Framework can help you add value by strengthening digital skills and transformation in the finance function.

Using the guide and tool you can:

  • Improved efficiency and effectiveness of the finance function
  • Relevant digital strategies and plans
  • Digital channels and customer fulfilment fit for purpose in a digital-first business ecosystem
  • Digital assets, identified, optimised and protected


Scenario

As a CFO, you are coming under increasing pressure from decision-makers across the business to improve decision-support. Your finance teams (and others around the business) are swamped by routine processes and you recognise that opportunities are being foregone to automate the routine. To address this challenge, you decide to create a “Digital Champion” award for team members who achieve the competencies and skillsets needed to drive digital transformation in the finance function and across the business.

To get the ball rolling you refer to the CGMA Competency Framework tool to identify the skills and competencies you will need.

To work through this scenario, watch the video below or download the Tool.


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Video Transcript:

Title Intro
Using the CGMA Competency Framework tool
Transforming the finance function scenario

Intro to go with CF diagram animation
The CGMA Competency Framework can help you add value by strengthening digital skills and transformation in the finance function.

Bullets on screen in paragraph format for reading
You are a CFO, and you are coming under increasing pressure from decision-makers across the business to improve decision-support. Your finance teams (and others around the business) are swamped by routine processes and you recognise that opportunities are being foregone to automate the routine. To address this challenge you create a “Digital Champion” award for team members who achieve the competencies and skillsets needed to drive digital transformation in the finance function and across the business.

Bullet on screen

  • You are a CFO
  • You are coming under increasing pressure from decision-makers across the business to improve decision-support
  • Your finance teams (and others around the business) are swamped by routine processes
  • You recognise that opportunities are being foregone to automate the routine
  • You create a “Digital Champion” award for team members who achieve the competencies and skillsets needed to drive digital transformation

Spreadsheet
Start by opening the spreadsheet and go to column C, Competency, select Digital Skills.
Now you can select from competencies that are most appropriate for your business’s needs form column A, Statement of competence.
Although helpful, this initial selection looks incomplete. You want to find out what management accounting competencies have been generally impacted by digital technology.
Navigate back to column C and ‘Select All’ competencies.
In column A use the drop-down to select Text Filters > Contains. Type “digital” in the dialogue box and click OK.
Now, if you use the Competency filter (column C) you will see People skills and Technical skills as well as Digital skills.

The list is quite long (48 statements of competence). You might want to see what would be “lost” if you were to exclude foundational level competencies.

  • In column B (Proficiency level) select Foundational.
    There is only one statement of competence you want to include in your Digital Champion competencies.
  • Use the Fill Colour tool to highlight the statement “Search for data, information and content in a digital environment” second from the bottom of the list.

Repeat this step for other filters to select only the statements of competencies you want for your final Digital Champion competencies.

  • In column B, Proficiency level, select only Intermediate.
  • The first three competencies look good; use the Fill Colour tool to highlight these three.
    Having reviewed the statements of competency for Advanced and Expert, you decide that they are all relevant, so you repeat the step, highlighting them all.
  • In column B, select only Advanced and Expert.
  • Having reviewed the statements of competency for Advanced and Expert, you decide that they are all relevant
  • Use the Fill Colour tool to highlight them all.
  • In column B, select (Select All).
  • In column A, select Filter by Colour and choose the colour you have used to highlight the statements you have chosen.

You now have your final list.
Armed with this new information, you now feel confident to fine-tune the Digital Champion specification.

End
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