Finance and accounting leaders have identified artificial intelligence, digital transformation, and the need for new skills as the predominant challenges facing their profession, according to a recent poll conducted by the Association of International CPAs and the Chartered Institute of Management Accountants. The survey, which took place during the Future of Finance Summit last week, included responses from 175 senior finance and accounting professionals.
Nearly three-quarters, or 73%, of the leaders surveyed pointed to generative AI and AI as the foremost issue. This was followed by 60% who cited the acceleration of digital transformation, and 58% who emphasized the necessity for new skills within their teams. Notably, innovation and growth were identified by 56% of respondents, placing them as the fourth most significant concern.
“Those four are all related,” explained Tom Hood, executive vice president of business growth and engagement at the AICPA. He noted that the pathway to innovation and growth is increasingly being paved through AI technologies and digital transformation, alongside the cultivation of new skills. Hood predicts that these themes will continue to dominate discussions in the coming year.
Leaders also outlined essential skills required for future success. A significant majority—82%—highlighted the importance of strategic and critical thinking, while 62% pointed to AI fusion and digital skills as crucial. Communication and storytelling were deemed vital by 60% of respondents. “Most of these skills and the top issues are not new surprises,” Hood remarked, emphasizing that the profession is at a strategic inflection point. He believes the focus is shifting from historical number-crunching to projecting future business impacts.
This evolving landscape underscores the broader implications of AI and digital transformation in finance. As organizations strive to adapt, the integration of advanced technologies is becoming not just advantageous, but essential for maintaining competitive viability. The ability to harness AI tools effectively could determine the future of finance roles, shifting the focus towards analytical capabilities and forward-thinking strategies.
In a world where the velocity of change is accelerating, finance leaders must not only adapt but also prepare their teams for the challenges ahead. The emphasis on upskilling and reskilling within finance departments signals a recognition that traditional accounting practices are transforming. As firms navigate this transitional phase, a clear vision for integrating technology will be critical.
Looking forward, the finance and accounting sector appears poised for substantial change. The drive for innovation, coupled with the imperative of adopting digital tools and fostering an adaptable workforce, indicates that the profession is on the cusp of a significant transformation. As Hood aptly noted, the future of corporate finance and accounting will demand a new orientation towards impact rather than mere historical analysis.
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