The meteoric rise of artificial intelligence (AI) has had a profound impact on the way accounting and finance professionals work. While it has enabled greater efficiency and scale across organizations, there is a very real fear that AI is coming for our jobs. Media headlines continue to reinforce this narrative year-over-year.
In Asana’s State of AI at Work 2023 report, employees said that 29% of their work tasks are replaceable by AI. But that doesn’t mean employees themselves are replaceable. Automation is best paired with human expertise, and those who leverage AI to augment their position within an organization will future-proof their career in the new work era. Below are key strategies for outpacing AI at work.
Many people are looking to AI as a catch-all solution to business problems. However, like any technology, AI has unique strengths and weaknesses. Accounting and finance professionals should understand where they can best leverage the technology in day-to-day work and where human expertise is more valuable.
A McKinsey study noted improved efficiency in transactional functions like accounts payable or receivable but less impact in more strategic areas, such as FP&A or tax planning. This will evolve as AI becomes more sophisticated. Those working in accounting and finance who navigate these nuances with confidence and understand where their talent is uniquely valuable will strengthen their personal brand and win in this new era.
Reskilling initiatives have become more commonplace as organizations seek to align employee skills with business objectives and incorporate AI into daily work. Hiring for skills remains a top priority for employers in 2024.
Accounting and finance professionals looking to outpace AI should lean into programs available through their workplace or actively seek outside resources to conduct training and scale their knowledge.
For example, consider learning how to incorporate data visualization or advanced analytics into your decision-making process.
Concerns about data security, privacy and cyber risks are rampant in the accounting and finance industry, amplified by the democratization of AI. That’s why it’s essential to recognize how these risks factor into their daily work and manage them appropriately. This starts with transparent reporting and communication about how AI is being used across your organization and adhering to shared guidelines that enhance user experiences rather than infringe on them.
We’re still in the early stages of AI’s impact on the finance industry. This allows professionals to test out different applications and tailor use cases to get ahead with AI effectively.
Efficiency, for example, remains a top priority for business leaders, so track your time when implementing AI tools to your workflow to see how it has enabled you to get more done faster. Leverage those data-driven insights to prove the value of your innovation and demonstrate how you effectively use AI to augment your work.
Are you a finance or accounting professional looking to outpace AI at work? Connect with our team today to learn about how you can propel your career and find success in your next opportunity.
