As global competition intensifies, organizations recognize continuous operational streamlining as vital for maintaining their competitive edge. Financial management is also expected to actively participate in the ongoing streamlining of its functions. In many organizations, core financial management tasks have been outsourced, leading to the growth of global service centers in regions with lower labor costs. 

While focusing on operational efficiency, financial functions are also increasingly expected to make a more profound and strategic contribution to supporting and developing core business activities. 

Digitalization has rapidly reshaped business operations, creating innovative service and business models alongside unprecedentedly effective methods and tools for value creation. Digital transformation has also significantly impacted financial management functions, leading to substantial reforms in practices. The pace of this change continues to accelerate. The widespread adoption of automation and robotic process automation (RPA) as well as artificial intelligence has significantly expedited data management and drastically reduced the incidence of human errors. Digitalization is enhancing fundamental financial management tasks, improving accuracy, and boosting overall quality. The ability to work independently of time and location has also increased the flexibility of work processes. 

While the digitalization of financial management and the automation of many routine tasks understandably raise concerns among financial managers, they also present significant opportunities for financial management experts to leverage their expertise in solving more complex problems, thereby generating greater value for businesses. As automation reduces the need for human input in routine financial tasks, it frees up valuable resources for in-depth data analysis and integration, enabling a genuine focus on supporting core business operations and evaluating emerging commercial opportunities. 

However, there is increasing pressure to develop the essential skills and competencies required to thrive in this evolving landscape. Automation is driving significant changes in the job descriptions and required skill sets of financial managers and professionals. A new mindset characterized by adaptability and openness to embracing new work methods and changing practices is crucial. Both organizations and individuals bear the responsibility for developing the necessary processes and know-how to meet the growing expectations placed on an organization's financial management function. 

As the role of financial management undergoes significant transformation, traditional job descriptions and skill requirements are being redefined. A critical skill is the ability to comprehensively understand the intricate relationship between financial performance and the performance of various business functions across the organization. This, in turn, necessitates closer collaboration between financial management and other business units, with financial management experts primarily supporting strategic decision-making and operational management. Moving beyond the traditional role of merely producing reports and vast quantities of data for decision-makers, the finance function is becoming an active user and insightful interpreter of information. The focus is shifting towards proactively identifying and analyzing future opportunities rather than solely reporting historical data. 

The landscape of financial management and financing is increasingly shaped by a growing number of international rules and regulations. Financial experts must proactively upgrade their skills and knowledge regarding topical issues such as taxation, transfer pricing, and international accounting standards (IFRS). 

While the identification and management of financial risks require a strong understanding of regulations and international legislation, other critical business risks and their effective management are receiving greater emphasis in the daily work of financial and financing experts. To mitigate potential negative impacts, financial management needs to go beyond simply identifying business opportunities and actively identify potential risks and uncertainties that could disrupt business activities. This requires continuous skill development, active monitoring of industry trends, and close attention to international economic cycles and political developments. 

As the role of the finance function becomes increasingly strategic, financial management and its experts will require deeper business acumen and a broader understanding of the key drivers of commercial success. Numerical skills alone are no longer sufficient; a deeper insight into the underlying causes and effects behind financial figures, as well as the formation of phenomena such as customer value, is essential. 

As the responsibilities of financial experts evolve, collaboration, interaction, communication skills, and the ability to effectively shape opinions are becoming increasingly important. Financial experts need to collaborate effectively with other departments and colleagues to gather and analyze relevant data from diverse sources. The crucial ability to discern essential information from vast datasets, summarize it concisely, and present it intuitively and persuasively to management and colleagues is taking center stage. 

The finance function serves as an internal service provider with the fundamental task of promoting and supporting the overall success of the enterprise. Consequently, an exceptional service-oriented mindset will be an increasingly critical requirement for the financial professionals of the future.