The future is now: your new role as a finance pro.

• Author: Ibarra, Parick
• Position: Management & Careers

Over the past few years and into the foreseeable future, public-sector finance will continue to experience transformational change. Today's workplace is inundated with trends including elastic regulations, fluctuating public policy, increased public scrutiny, a stronger emphasis on reducing costs--including the expanded use of shared services--shifting workforce demographics, emerging technologies, and rising expectations about the need for transparency "Business as usual" is over and has been for some time; playing it safe is no longer playing it smart.

The forces of change present finance professionals with opportunities to redefine themselves. The question is, what are the capabilities and competencies you will need? The major principle underlying the reinvented role for the finance professional is CIP: change, innovation, and progress. Following is a recommended blueprint for the evolution of the finance professional.

THE SKILLS YOU'LL NEED

Chief Innovation Officer. It is past the time to discard the "we've always done it that way" approach and to replace it with "let's try it and see." Finance professionals should be on the forefront of change in their organizations, acting as a catalyst for the active pursuit of innovation and helping with the transition from best practices to "next practices." Chief innovation officers recognize that "doing things different and doing different things" is a prerequisite for innovating and moving beyond a traditionally risk-averse culture.

Environmental Scanner. Finance professionals need to help determine the potential effects of change on government in general and their organizations in particular. Scanning the environment for potential pitfalls and opportunities is a constant task that requires a keen focus on merging information from all sectors--public, private, and non-profit--and evaluating it to find the information governments need to act on to ensure better government.

Strategist. According to a recent study, becoming a strategic partner with their organization's leaders was low on public-sector chief financial officers' lists of priorities. (1) It is time to decide what business your organization is committed to providing and what you can contribute, in addition to finance and accounting services, to its continued effectiveness. Finance officers are members of the organization's "brain trust" and need to provide valid input toward its strategic goals and objectives. Understand the operations...