What is the role of an agile coach in finance industry?

The concept of agile methodology was born in 2001, in the US state of Utah, as a result of the publication of the "Agile Manifesto". This document has been prepared by a group of 17 promoters and proposes a set of practices aimed at obtaining high performance in a short period, from a different perspective than traditional management.

In recent years, the agile training methodology in the financial area has gained evidence, benefiting the work of the CFO and his collaborators. The 12th Annual State of Agile Report indicates that 24% of the technological areas of companies adopt the method in their routines, followed by the finance areas with 17%.

The same report lists the main reasons to adopt the agile training:

- 75% – Faster deliveries

- 64% – Manage priority changes

- 55% – Increase productivity

- 49% – Greater alignment between business and IT

- 46% – The increased quality of deliveries

In this post, we will talk about the role of agile methodology in finance, its connection to digital transformation, and how organizational culture can help in this process.

How does the agile methodology work in the financial area?

Unlike what happens with traditional management planning, in which strategies are defined in their entirety, in the agile methodology deliveries occur in stages and continuously. The result is tasks performed with more efficiency and control.

The application of agile routines has a systemic impact on various financial functions and can make it easier to work with planning and budgeting. This understanding indicates, among other things, a change in mindset and greater alignment between IT departments and CFOs in the use of agile methodologies.

See some benefits of agile finance methodology listed by PwC experts:

- Cost control: The use of resources such as artificial intelligence helps to optimize processes and, consequently, reduce costs.

- Risk reduction: With smaller teams, the risks of execution errors are greatly minimized, as bottlenecks can be identified and deviations corrected more efficiently.

- Increased productivity: Another key point, since each professional will know exactly what their role is and the importance of their performance for the success of each stage of the process.

- Greater transparency and access to data: Collaborative processes generate greater transparency and security in financial routines and more dynamic access to information.

- A CFO and more integrated teams: The strengthening of the CFO's leadership, added to the direct participation of the other employees, generate a more productive and agile work environment.

- Talent attraction and retention: Businesses that experiment with new ways of working are more attractive to high-level candidates and are more likely to retain talented employees.

The connection between agile methodologies and digital transformation

Agile coaching and digital transformation go together. A connection that has been gaining strength with the use of new technologies and more innovative work models.

In finance, this connection accelerates the automation of processes, favors data mapping, and improves the monitoring of deadlines.

According to an IBM study, despite the advantages of digital transformation, 58% of medium and large companies continue to conduct their financial management traditionally, using spreadsheets in their planning and budgeting processes, but 41% of the employees of these companies say they are not able to deal with the volume of this data.

The role of technology in a more agile financial area:

In recent years, technology has assumed a transforming role in the financial area, allowing the modernization of processes and greater integration with new ways of working, including the agile training.

The result is a better delivery in shorter terms, within more dynamic and intelligent conditions. In addition, with the contribution of technology, decision-making is more fluid and secure, which helps organizations plan.