A few weeks ago, I joined a talk hosted by GENCFO, drawn in by the promise of hearing finance leaders discuss something close to my heart: making impactful changes with technology without losing the goodwill of our people. The panel, made up of industry leaders with decades of experience, took us through a journey of tech integration in finance, sharing actionable strategies and a few unexpected insights along the way.
The conversation kicked off with a big question: Is technology eroding the human touch in finance? It’s a question that has echoed through our industry as digital transformation sweeps through every aspect of the finance function. Some fear that increased reliance on technology might push us toward a future where human intuition and relationships take a backseat. Yet, as one panelist emphasized, the impact of technology depends significantly on the organization’s maturity level and the leader’s approach. For instance, leaders still need to keep a strong focus on their people. “In finance, tech should be an enabler, not a replacement,” they reminded us.
The other panelist felt differently, arguing that, if anything, finance leaders aren’t tapping into technology’s full potential. Their stance was that industry practitioners should embrace these tools, not shy away from them. “Innovation and disruption are expected,” they noted. “If we want to remain relevant, we should be at the forefront of this wave.” This push to move forward had us reflecting on a profound reality: while finance has evolved tremendously, it still relies on the human touch for true interpretation to stakeholders.
Technology as an Enabler, Not a Replacement
Reflecting on how far the profession has come, another panelist shared a story from their time at a large UK-based company. Technology had become deeply embedded in every aspect of the finance department there. “Eighty-five percent of our processes ran on tech, but that last 15%? It still needed human oversight,” they shared. It was a great reminder that technology, while advanced, still benefits from human insight. For instance, AI can point out anomalies in a dataset, but someone needs to analyze those red flags and assess the context before making a final call.
This balance underscores a truth many of us know well but sometimes forget in the face of tech advancements: finance is, at its heart, a bridge. Once, it was merely about balancing books. Then, software like SAP came along, enabling us to track and manage a wealth of information. However, all this data meant little without interpretation. We accumulated data without fully utilizing it. Today, technology gives us the chance to turn numbers into stories—but only if we actively interpret and share those insights.
Tech as a Value-Add, Not a Shortcut
One takeaway that resonated was the role finance plays in supporting non-financial people across the business. Technology can pull data together, but it doesn’t answer questions. “Interpretation is essential,” the panelist stated. “Our teams need finance people to tell them: what does this data mean for us?” It was a powerful point, underscoring the evolving role of finance from merely a numbers- driven department to a storytelling partner within the business.
Ultimately, tech frees us to focus on what truly adds value. Today, finance professionals can spend less time on repetitive processing and more time answering strategic questions. Rather than merely processing data, we’re interpreting it—adding a dimension of understanding that technology alone can’t provide. As the panelist put it, “Technology won’t replace gut feeling or intuition. We’ll always need those.”
Communication and Change Management: The Human Side of Tech
Yet, as useful as tech may be, implementing it thoughtfully requires more than flipping a switch. Successful adoption hinges on change management and effective communication. As one panelist emphasized, “Most of my day involves talking to stakeholders and explaining how our data impacts them.” If our colleagues don’t understand how the data was gathered or how it impacts their role, it won’t drive meaningful change. Finance may be data-driven, but it’s still people-focused.
Attending the talk was an eye-opener, underscoring the need for balance in tech adoption. By embracing technology without forgetting the human touch, finance can remain both a strategic partner and a trusted advisor—a bridge between data and decision-making.