The 3 pillars to build your next-gen finance team

In the dynamic and rapidly evolving world of finance, leadership has never been more critical. As economic conditions fluctuate, regulations change, and technology advances at breakneck speed, the need for innovative processes, forward-thinking strategies, and transformative technology becomes paramount. Today’s finance leaders are not merely managers; they are strategic visionaries who drive decisions and foster innovation within their organizations, guiding them through reinvention to ensure resilience and long-term success.

This year—and the years that follow—finance teams must transcend isolated processes and adopt transparent, multi-dimensional workflows. The key to success lies in embracing next-generation finance technology.

It’s imperative to move beyond traditional roles and enter an era of transformation, unlocking new opportunities and driving untapped potential. This journey begins with recognizing who your future leaders are and understanding what motivates them. Central to this evolution is a next-gen financial performance platform, designed to equip your team with the tools they need to excel. This approach not only attracts top talent but also enhances job satisfaction, ensuring you retain them.

In today’s post, we’ll look at the three pillars to build your next-gen finance team—from people to processes.

The 3 pillars of next-gen finance

Building your next-gen finance team hinges on three fundamental pillars: ultra-adaptability, dramatic performance, and hyper precision. These pillars are the bedrock of a finance function that is capable of thriving in a fast-paced, ever-changing landscape. By embracing these principles, you will not only boost your team’s effectiveness but also empower them to drive innovation and achieve remarkable results.

Focusing on these principles equips your team to respond swiftly to challenges, seize opportunities, and deliver exceptional results in an ever-evolving environment.

What is hyper precision?

Hyper precision ensures unparalleled accuracy in managing financial outcomes. This capability allows you to execute financial tasks with such exactitude that results become predictable and reliable, significantly enhancing your overall financial management.

What is dramatic performance?

Dramatic performance centers on elevating both financial and individual achievements. By leveraging next-generation technology, you can accelerate operations, enhance cash flow accuracy, and improve forecasting. This approach leads to substantial overall performance improvements, positioning your team for sustained success.

What is ultra-adaptability?

Ultra-adaptability signifies the flexibility to streamline comprehensive financial processes and seamlessly integrate data from various sources. This pillar empowers your finance team to respond rapidly to changes, ensuring financial operations remain uninterrupted while offering a clear, unified view of your financial information.

Defining next-gen finance technology

In the swiftly changing landscape of finance, technology is the backbone that supports transformation. A next-gen financial performance platform is more than just a tool; it is the engine that drives ultra-adaptability, dramatic performance, and hyper precision. By embracing these three pillars, finance teams unlock new capabilities essential for thriving in the modern world.

Ultra-adaptability ensures that the platform can integrate seamlessly with other systems and adjust to real-time changes in financial data. Dramatic performance leverages technology to enhance the speed and accuracy of financial operations, allowing teams to stay ahead of the curve. Hyper precision guarantees that every financial decision is supported by data-driven insights, reducing errors and increasing confidence in forecasting and reporting.

Automation is the key to unlocking your team’s full potential. By streamlining financial processes through automation, your team can shift their focus from time-consuming manual tasks to high-impact, strategic activities. This shift enables faster decision-making, improved data accuracy, and more efficient operations. Whether it’s automating expense management, simplifying budgeting processes, or optimizing financial reporting, next-gen platforms remove the complexity from finance, ensuring smooth, uninterrupted workflows that significantly boost overall productivity.

In today’s finance environment, traditional tools and processes can no longer keep pace with the demands of modern business. A next-gen finance platform is vital because it empowers teams to respond to changes with speed and precision. Whether navigating new regulations, managing fluctuating market conditions, or aligning with long-term business strategy, having the right platform allows your finance team to be proactive rather than reactive. The ability to harness real-time data, automate repetitive tasks, and ensure pinpoint accuracy creates a competitive edge that is critical for success in 2024 and beyond.

How to transform your finance team with the 3 pillars of next-gen finance

Our customers have experienced significant and tangible benefits by adopting Prophix One, a Financial Performance Platform. Through this platform, they’ve revolutionized their financial processes, championed innovation, and achieved greater accuracy in their operations.

By harnessing these capabilities, organizations have unlocked new opportunities, streamlined workflows, and elevated decision-making with real-time, data-driven insights. Prophix One is not just a tool; it’s a transformative platform that empowers finance teams to adapt, perform, and achieve with unmatched precision.

Hyper precision for Electra Link

Hyper precision ensures that every financial decision is backed by accurate, data-driven insights. Electra Link experienced this firsthand when they transitioned to Prophix One, unlocking a new level of detail and accuracy in their financial analysis. Reflecting on the shift, they said:

“As we continued through our model development, the seemingly limitless potential of Prophix was astonishing as compared to our previous budgeting software. To ‘reframe the usual’ we incorporated our entire job cost module, including metrics for analysis. This allows both a macro view of our financial data and enhances the analytics by including visibility at a granular level.”

– Amy Sallee, Controller, Electra Link

Ultra-adaptability for Boulay Group

Boulay Group experienced rapid growth that demanded a more dynamic approach to financial management. By leveraging Prophix One’s ultra-adaptability, they streamlined their processes and unlocked greater control over their financial forecasting. As they put it:

“We grew faster than we ever could, and we saw a need for projecting cash. We felt like our hands were tied because we couldn’t do it all. With our financial performance platform, we can do so much more. This tool can help us. And so that was sort of what locked it in for us.”

- Kris Braaten, Director of Business Intelligence, Boulay Group

Dramatic performance for Jamul Indian Village Development Corporation

Dramatic performance isn’t just about speed; it’s about achieving significant improvements in efficiency and scalability. Jamul Indian Village Development Corporation saw the value in Prophix One’s capabilities as they prepared for a period of unprecedented growth, using the platform to streamline processes and ensure their operations were ready to meet future demands.

“Prophix One Account Reconciliation was a vital decision in our ever-evolving quest for expansion and having more efficient processes when doing so. We’re gearing up for a historical year in 2025 and want to make sure we have the correct key players to further support our core mission of both innovation and seamless experiences.”

- Yu Gnezil, Controller, Jamul Indian Village Development Corporation

Conclusion: Build your next-gen finance team

Constructing a forward-thinking finance team is imperative in the rapidly evolving business landscape of today and beyond. As we navigate the world, the role of the finance leader transforms into that of a strategic pioneer. They are not just overseeing the financial operations but are at the forefront of driving strategic decisions, fostering innovation, and guiding their organizations towards resilience and long-term prosperity.

The integration of the three pillars of next-gen finance—ultra-adaptability, dramatic performance, and hyper precision—serves as the foundation for a dynamic finance function capable of thriving in an ever-changing environment.

By leveraging next-gen finance technology, teams can unlock new capabilities, streamline operations, and ensure precision in their financial management, setting the stage for unprecedented growth and success. As we look towards the future, the importance of adopting and adapting to next-gen financial platforms cannot be overstated. It is the key to not only surviving but thriving in the modern world of finance.