As finance leaders ponder how the profession is changing, a consistent theme is the rapid pace of digitisation and the changes this transformation will bring.  

The human part of being a finance professional becomes more important as the role of artificial intelligence (AI) gains a foothold, a data expert said during AICPA & CIMA's UK and Ireland ENGAGE.

For Michelle Govindsamy, AI will create a new era for finance leaders to explore new opportunities. "The biggest place where we as finance professionals are going to play is in being able to communicate our information and tell stories," she said. "I mean, that is the essence of being human. I don't see AI doing that."

These advancements will allow leaders to use their skills in more rewarding ways, while technology handles mundane tasks.

As duties such as the month-end close and reconciliations become less a part of finance professionals' routine, Govindsamy said, those professionals are provided "more time, more opportunity, more space to bring their humanity into the work we do by building relationships, and truly adding value".

However, traditional finance is still relevant, she explained. "Data infrastructure is the backbone. In a financial institution, it is survival to get your data skills on track." Excel is not going anywhere, she said, and those skills are ingrained in everything financial professionals do.

Where is the profession heading?

How will roles transform throughout this era? According to Govindsamy, the data ecosystem of finance is underpinned by the way professionals can drive informed conversations from jargon.

Storytelling and communication are critical in the data ecosystem, she said. Clients want to know what AI means to them, and how it moves the business forward. Finance professionals are in the room to advise on strategy during this period of excessive change, she said.

Data and digitisation will streamline traditional finance, freeing professionals to move into next-generation finance, she said. They must advocate for the decisions businesses can make to grow and meet targets.

For finance professionals looking to upskill in this new era, it's all about finding resources and attending conferences. Don't wait for your organisation to send you on that course, she warned; it may not happen.

The new era of finance will be defined by how professionals can bring human skills into the equation, she said. "[It's] our ability to influence, our ability to have relationships. We aren't going to be behind spreadsheets. We need to build relationships; to think critically; to gather information; to spend time with people so that we're valued business partners and can influence decisions."

LeackStat 2023