Funny how wearing a shirt and tie to work used to be the norm with few questioning why it was necessary. A similar degree of mystery shrouded decision-making in the board room…
Today, transparency has become an expectation and this is where your finance team can provide you with visionary insights with which to build your company and a lot less mystery with the arrival of AI and financial modelling tools.
AI, by its very nature, removes the mystery of finance – it ensures binary and objective outputs, with no hidden meanings or layers of complexity – it is what it is, and finance teams can harness it to their advantage as such.
The ability to grasp and work with technology is increasingly important, but not at the expense of the knowledge contained within an employee’s lived experience; indeed, AI should be seen as a co-worker, rather than a replacement.
By delegating manual tasks to AI to automate, employees can make a positive pivot on their career path and become more highly skilled workers. AI is allowing those within finance departments to do more and have a bigger impact.
As a financial recruiting company, we’re aware of this shift and are constantly on the lookout for candidates who can work with technology, and who recognise the role it plays not only for them but also alongside them. These same candidates are entering the workforce with a different worldview and value set compared to previous generations; gone are the days of the 9-5, suit and tie, and number-crunching in the back office. These candidates are about purpose, not position, and transparency rather than titles.
Employing us as your financial recruiting company is the first step to building and developing a finance team who are tech-savvy and able to take your business to the next level.
So in what ways are innovative technologies shaping finance, and how can employees harness them to improve the transparency, relevance, and influence of your business?
- Machine Learning (ML)
Computers can make decisions without human intervention, by learning from a set of data points.
- Robotic Process Automation (RPA)
Automation of routine manual processes and rules-based activities.
- Predictive Analytics
Determines which scenarios are most likely to happen by analysing past data.
- Data Visualisation
Creates graphs, charts, and dashboards to represent data.
All of these technologies help to reduce the workload surrounding traditional accounting activities by automating tasks and reducing repetitive work. As well as transaction processing, AI can offer activities such as auditing, reporting, compliance, fraud detection, eradication of error, and ultimately cost reductions.
We must remember that any technology is only as good as the individuals using it, so while finance professionals don’t need extensive qualifications to harness AI, employee training should still be on the agenda to ensure your business is harnessing the benefits of technology to the full. We must continue to place great importance on our most valuable asset – people – only then will we be able to draw maximum value from AI emerging technologies.
As your financial recruiting company, we can help you identify finance professionals who not only have the foundational qualifications to do the job but also the right mindset and worldview to embrace AI and help grow your business. You can be confident in knowing your staff can follow up and build upon the basics that have been laid by AI, thus enabling transparency, innovation, and growth for your business.
What basics can AI deal with? And what meaningful tasks can your staff then focus on instead?
- Automation of Manual Tasks
Applying ML and RPA to maintain spreadsheets, reconcile data and prepare reports means your finance team are no longer overwhelmed or preoccupied with monotonous and time-consuming tasks. Instead, they are freed up for value-adding work which will provide a boost to your overall productivity.
With the newest generation entering the finance workplace, comes the expectation of their employers to be utilising the latest systems and processes. But it’s not just from Gen Z that this expectation arises, but also from the seasoned and experienced staff members. Many Gen X and Y have put much effort into upskilling and remaining abreast of tech developments, and so a workplace that still employs outdated accounting software and processes will be a huge deterrent to many, if not most, candidates of today.
- More Time for Value-added Work
As mentioned above, when AI automates numerical and data-driven activities, your finance professionals have the opportunity to focus more on rewarding, fulfilling and value-adding work. This means they have the time to develop their soft skills – whether that’s within the workplace itself, or customer-facing and with this feel more engaged and aligned with your company’s values and objectives.
With your values more visible, you will not only engage staff already within the business but also attract new candidates. This freedom will foster creativity, and encourage relationship-building; ultimately, it will drive your growth because staff from all areas of the business will feel invigorated to engage and contribute to the growth strategy.
- Reducing Human Error and Improving Transparency
The very nature of manual workings and systems means they lend themselves to human errors and incorrect inputs on occasion too. With AI, calculations are completed automatically, and there is no tiredness to be taken into consideration – AI can work continuously, without a break. Not only does it prevent mistakes from being made, but it can also identify and pinpoint errors very quickly, which is impossible for any human to do as it takes the greatest mathematical whiz hours to comb through data and spot any anomalies.
In this current economic climate, the ability to create accurate and timely updates and reports is more important than ever. Knowing that AI can take care of the data means that your staff have the time to think about how best to present and deliver that information in the most relevant, sensitive, and transparent way.
Transparency has become an expectation, and finance companies can no longer hide any inconsistencies or anomalies behind the cloud of complication. Clients and staff alike want to know the facts for what they are, so they can make informed and objective decisions on how to move forward.
When the basics are taken care of, and the mystery is removed with the use of AI and financial modelling tools, your finance team can provide you with visionary insights with which to build your company. Your staff can develop and grow as individuals, as a team, and ultimately impact your growth strategy as a business too.
With AI, your finance business can hope to see increased trust with your customers as well as your staff, due to transparent outputs that are undisputed and verified. This trust is further enhanced by the enriched and quality package it is delivered in by your staff who have been empowered and enabled to be creative and innovative.
