The Future of Work - The Finance Business Partner

FD Capital's Podcast.

Welcome to "The Future of Work," the podcast that delves into the ever-changing landscape of various professions in 2024 and beyond. I’m your host, Adrian Lawrence, and today, we’re focusing on Finance Business Partners—those crucial figures who bridge the gap between finance and the rest of the business.

In today’s episode, we’ll explore how the role of Finance Business Partners is evolving, their increasing influence on strategic decision-making, and how technology is shaping their work. We’ll hear from industry experts and current finance business partners about their experiences and insights. Whether you’re in finance or just curious about the future of business strategy, stay with us!

Let’s start by exploring how the role of Finance Business Partners has evolved in 2024. Traditionally, finance roles were seen as strictly number-focused, providing financial reports and budgets. Today, Finance Business Partners are key strategic advisors within their organizations.

In 2024, Finance Business Partners are much more than number crunchers. They are strategic partners who use financial data to influence business decisions, drive performance, and support long-term goals. Their role is about understanding the business deeply and helping shape its future direction.

They’re involved in strategic planning sessions, using data analysis to highlight opportunities and risks. For example, they might identify emerging market trends that could affect the company’s product lines or supply chain, allowing the business to pivot effectively. They also work closely with department heads to ensure financial goals align with broader business objectives.

How are Finance Business Partners adapting to this expanded role?

They are focusing on developing strong communication and relationship-building skills, along with their financial expertise. Many are also enhancing their data analytics capabilities to better interpret and present complex data in a way that’s accessible to non-financial stakeholders.

Technology is a driving force behind the transformation of Finance Business Partnering. From AI to advanced analytics, tech is reshaping how these professionals operate.

In 2024, technology is integral to the role of Finance Business Partners. AI and machine learning are automating routine financial tasks, enabling partners to focus more on strategic activities.

Can you give us some examples of how technology is being used by Finance Business Partners?

AI-powered analytics tools can sift through large datasets to uncover insights that might not be obvious at first glance. These tools can predict market trends, assess financial risks, and optimize resource allocation. Additionally, real-time financial dashboards provide instant access to key performance metrics, allowing partners to make more informed decisions quickly.

What are some of the challenges Finance Business Partners face when integrating technology?

One major challenge is data quality and integration. Ensuring that data from various sources is accurate and compatible is crucial for reliable analysis. There’s also the challenge of change management—helping teams adapt to new technologies and ensuring they are used effectively.

With technology and strategic insights playing an increasing role, what does the future hold for Finance Business Partners?

How do you see the role of Finance Business Partners evolving in the next few years?

I see Finance Business Partners becoming more embedded within various business units, acting as key advisors to department leaders. Our role will be to help identify growth opportunities and provide insights that drive strategic initiatives. The focus will be on agility and innovation, leveraging data to support rapid decision-making.

Data analytics and digital literacy will be crucial, as well as the ability to translate complex data into actionable insights.

FD Capital are a leading Finance Business Partner Recruiter.