A recent Gartner survey with CFOs revealed that the top priority for 2024 is “Leading transformation efforts.” This finding is particularly insightful when considering how tools and technology can significantly enable CFOs and finance teams to accelerate this transformation.

In a conversation with a finance controller at a major global airline, the discussion centered around the growing need for accountants to understand technology and its applications. While the potential for technology to drive transformation is widely recognized, there remains a common thread of uncertainty among accountants, controllers, and CFOs we talk to, when it comes to implementing these changes.

One of the critical barriers to successful change is the anxious and apprehensive mindset that can pervade within teams, particularly when technology plays a central role. This mindset is frequently rooted in a limited understanding of technology and its potential applications within the finance function.

A decade ago, the onus was primarily on technocrats and technologists to immerse themselves in the domain, learning the functional requirements needed to deliver effective technology-driven solutions. However, the landscape has shifted dramatically. Today, an abundance of resources is available online, enabling anyone to gain a working knowledge of technology. But while technology can be learnt, deep domain expertise remains irreplaceable. Whether it’s accounting reconciliations, preparing financial reports, or tracking tasks with intuitive and efficient workflows, core functional knowledge is the most important prerequisite for applying any tech-based solution effectively. Without this foundational expertise, even the most advanced technology may fall short of delivering real value.