Do you get it? Are you strategic? How often have you overheard a group talking about a finance professional & saying, “She/he just doesn’t get it”? Do they say that about you?
Well, accounting & finance professionals have always been perceived as less strategic & less innovative
So, let’s focus this week on how to build your strategic thinking & innovation skills.
Ability to think strategically & innovatively is essential for every individual for his/her career success (as it can help them differentiate from the crowd) as well as it can add tremendous amount of value to the organization.
These are the 3 disciplines of strategic thinking you can develop. Acumen, Allocation & Action.
1 Acumen– It’s all about generating key business insights. One of the interesting paradoxes of strategy is that in order to elevate one’s thinking to see “the big picture,” one must first dive below the surface of the issues to uncover insight. A strategic insight is a new idea that combines two or more pieces of information to affect the overall success of the business and lead to competitive advantage. Question to ask is “What is the key insight driving this initiative, project or activity?”
2 Allocation- Once the insights have been generated through the Acumen discipline, one has the key ingredient in making resource allocation decisions. The definition of strategy begins with “The intelligent allocation of limited resources…”. Resource allocation is at the core of strategy & the key role of finance leaders. Discussions of strategy boil down to how to allocate limited resources to maximize business potential. Question to ask is “What trade-offs will I make to focus resources?”
3. Action- It’s often assumed that once a sound strategy has been formulated, the execution of that strategy will take care of itself. Research seems to indicate otherwise. A survey of more than 400 companies showed 49 percent of business leaders report a gap between their organization’s ability to articulate a strategic vision & their effectiveness in executing that vision. The effective action or execution of strategy involves the discipline to focus on the important issues, not the urgent ones filling up our email Inbox. Question to ask Is What actions can I take to achieve advantage?
Following are the 3 key skills you need to build & hone in order to enhance your innovator’s DNA to act more strategically:
1, Courage to innovate- Successful innovators consistently show the courage to Innovate, which means they challenge the status quo, take smart risks to make change happen & feel confident in their
2, Discovery Skills- These skills refer to the set of skills that contribute to one’s ability to generate novel insights that result in new products, processes, or business models.
3, Delivery Skills- These skills refer to the important set of skills that contribute to one’s ability to execute on a business plan, thereby delivering impressive financial results.
If you would like to develop these skills and competencies and aspire to transform your finance & accounting careers in order to become world class strategic finance leader by learning from globally renowned experts in Finance Transformation , Emerging Technologies, Analytics, Finance Business Partnering & Leadership, then you should explore our variety of virtual training programs using below link