Digital Finance Skills: Building the Foundation for the Future of Finance

Introduction: Why Digital Skills Matter More Than Ever

Finance is undergoing one of the biggest shifts in its history. As AI, automation, and data-driven insights become central to business, the skills finance teams need are changing. Traditional expertise in accounting and reporting is no longer enough. The modern finance professional needs digital finance skills - the ability to work with technology, interpret data, and use digital tools to deliver faster, smarter insights.

The problem? Most teams are not ready. Half of finance employees only have basic digital capabilities, about 20% are digitally literate, and fewer than 30% have advanced expertise in areas like AI and automation. Without stronger finance digital skills, organizations risk underutilizing expensive technology investments and falling short of expectations from business leaders who demand more than just backward-looking reports.

For CFOs, closing this gap is urgent. Building digital skills for finance professionals and improving finance data literacy are no longer side projects - they are essential to keeping finance relevant and effective in an AI-driven world.

The Current State of Finance Digital Skills

The skills gap shows up in day-to-day operations. Workflows remain slow and inefficient, even when automation is available. Teams often struggle to provide forward-looking insights because they lack the tools or confidence to fully leverage data. And technology investments don’t deliver their full value because finance professionals cannot use them to their potential.

At the heart of this issue is data literacy for finance professionals. Without the ability to understand, structure, and communicate data, finance teams cannot keep pace with the demands of modern business. Developing these skills is no longer optional - it is a defining requirement for the future of the function.

Building Skills Through Process Improvement

Upskilling is most effective when tied directly to real business challenges. That’s why process improvement initiatives are one of the best ways to develop finance digital skills. They allow employees to learn by doing - solving real problems while building capabilities that stick.

For example:

• Collecting data builds skills in Python coding, modifying scripts, and spotting bias in machine learning models.
  
• Preparing data develops data modeling expertise and collaboration with IT on data architecture.
  
• Analyzing data strengthens storytelling skills using visualization tools like Power BI or Tableau.

By embedding skill development into projects that also improve processes, CFOs can accelerate learning and deliver immediate value to the business.

How to Prioritize Upskilling Opportunities

Not every project is suitable for building digital finance skills. The most effective opportunities balance three elements:

• Strategic relevance – Does the project align with finance transformation goals and build skills needed for the future?
  
• Technical depth – Will it give employees exposure to advanced automation, AI, or data literacy?
  
• Practical viability – Is it safe to experiment without creating major risks, and can new skills be applied quickly in everyday work?
  

An example is standardizing revenue definitions across the business. While simple in concept, it forces employees to improve data structuring, metadata tagging, and AI-assisted documentation. The payoff is immediate: cleaner data, better forecasting, and stronger analytical foundations.

Identifying the Right People for Digital Upskilling

Not everyone in finance needs the same training. CFOs should focus on employees who are best positioned to benefit and influence others. These include:

• Process owners with deep knowledge of current workflows.
  
• High-potential employees aiming for more strategic or digital roles.
  
• Trusted performers with credibility and the ability to set examples.
  
• Motivated learners eager to evolve into digital-first roles.
  

By targeting these individuals, organizations amplify the impact of upskilling. The right people not only gain finance digital skills, but also spread them across the team.

Embedding Support Before, During, and After Learning

Skill-building doesn’t stop once a training session or project ends. For digital skills to take root, employees need consistent support:

• Before a project begins, set clear goals that connect skill development with business outcomes - for example, using machine learning to improve forecast accuracy.
  
• During the project, encourage collaboration and peer-to-peer learning so employees can share expertise and reinforce understanding.
  
• After the initiative, capture lessons learned and ensure they are applied to future challenges.
  

This approach ensures that data literacy for finance professionals and other digital skills become part of everyday work, rather than isolated exercises.

Conclusion: The Future of Finance Is Digital-First

Finance is shifting from transaction-heavy processes to a digital-first, insight-driven function. To succeed, teams need more than accounting expertise. They need digital finance skills and strong finance data literacy to unlock the full potential of AI and automation.

For CFOs, the path forward is clear: use process improvement initiatives as engines of skill-building, choose the right opportunities, and support employees through the entire journey. By doing so, finance evolves from a support function into a strategic partner - one that delivers the digital insights businesses need to thrive in the years ahead.