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
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.
Intro to go with CF diagram animation
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.
Repeat this step for other filters to select only the statements of competencies you want for your final Digital Champion competencies.
You now have your final list.