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Celebrate International Management Accounting Day with a special episode of the Count Me In Podcast, featuring an enlightening discussion between two esteemed guests: Travis Willard, Senior Vice President of Product and Innovation at IMA, and Susie Duong, Director of Research at IMA, bringing unique perspectives on the integration of AI into accounting and finance.
As they exchange insights on how artificial intelligence is reshaping the landscape of talent retention and career development, listeners will uncover cutting-edge strategies to stay ahead in an ever-evolving field. This episode is a perfect salute to the day that honors the significance of management accounting, providing actionable intelligence for professionals eager to navigate an AI-driven business environment. Tune in for an engaging conversation that marks International Management Accounting Day with forward-thinking dialogue and expert analysis on the Count Me In Podcast.
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What is Count Me In®?
IMA® (Institute of Management Accountants) brings you the latest perspectives and learnings on all things affecting the accounting and finance world, as told by the experts working in the field and the thought leaders shaping the profession. Listen in to gain valuable insight and be included in the future of accounting and finance!
Hello. I'm Adam Larson. And today, celebrating International Management Accounting Day, this special episode of Count Me In features Susie Dong, director of research at IMA, and Travis Willard, senior vice president of product and innovation at IMA. They delve into the impact of AI on talent retention and the importance of building a culture that embraces continuous learning in the finance and accounting industry. Listen as they dissect primary applications of AI, confront the human barriers to adoption, share insights on attracting a new generation of professionals through innovative technology.
Adam Larson:Join us for a conversation that promises to enlighten and inspire, underscoring the evolution of our profession in the age of AI. Stay tuned again for this special episode of Count Me In.
Susie Duong:It's great to be here with you to unpack IMA's research on AI and talent retention. As we know, in a world rapidly embracing artificial intelligence, it's fascinating to see how the technology is transforming accounting and finance, not just in operations, but also in shaping the future workforce. Yeah.
Travis Willard:It's great to be with you, Susie. AI's role in accounting and finance is really becoming, increasingly indispensable. From predictive analytics to natural language processing, these tools are redefining traditional roles and tasks. And beyond these applications, there's a broader narrative about AI's potential to foster a skills culture, ensuring that workforce remains agile and equipped for the future.
Susie Duong:That's absolutely right, Travis. At IMA this year, we've also conducted research on the adoption of AI by accounting and finance teams, examining not only how they are this technology, but also identifying the barriers that prevent these teams from fully harnessing its potential benefits. But before we dive into these barriers and the potential prerequisites of successful AI integration, Travis, Could you shed some light on which accounting and finance applications will potentially gain the most from AI integration?
Travis Willard:Yeah. Absolutely. I think the landscape of AI in accounting and finance is really evolving right in front of us. It encompasses a variety of different applications, and that are really set to redefine the industry. I think at top of mind, I think of predictive and prescriptive analytics.
Travis Willard:This is where AI can not only help forecast future financial trends, but also think about suggesting strategies, underscoring the need for analytics skills that can interpret and act, as on, AI generated insights. The next area, I think, is really around the way that we think about using AI powered chat box and text analytics. This can transform our client interactions and document analysis. It'll emphasize the importance of understanding and overseeing AI based customer service and data extraction technologies. Mhmm.
Travis Willard:Finally, I think that text and image recognition alongside a natural language processing are technologies that seek to automate the input, and interpretation of both spoken word and visual data. Mhmm. And such as, like, invoices. You know? So I think it's something that advancements in this technology highlights a growing need for professionals to be, adept in integrating and managing AI tools within financial functions.
Travis Willard:As we integrate these AI technologies into areas like financial planning, reporting, and strategic planning, we also think about, the the parallel needs to cultivate a workforce skilled in navigating this new landscape. This is where our skills initiative becomes crucial. We are focusing on the development of AI literacy, data analytics capabilities, and strategic oversight. We're not only enhancing the efficiency and accuracy of the work, but also ensuring the professionals are equipped for the future. Mhmm.
Travis Willard:Our goal is to foster a culture of continuous learning where the acquisition of new and sometimes exciting AI related skills is seen as a journey, not just a destination. This will prepare our workforce to lead in an AI driven environment.
Susie Duong:Thank you so much, Travis. That's very insightful. So nowadays, we hear a lot about generative AI. What does this mean for accounting and finance professionals in your view?
Travis Willard:Yeah. Gen AI is really exciting, and and a lot of people see it as a game changer. It's not just about automating task, it's about enhancing decision making. And that goes into everything from strategic planning to how we make, decisions driven and based upon data. So as we delve deeper, we see its potential as identifying skill gaps and and pointing out emerging trends, which lays the groundwork for a learner journey that evolves with industry needs.
Travis Willard:This adaptability is key to retaining talent, especially among our younger workforce who value continuous learning and growth.
Susie Duong:Yeah. I, absolutely agree with you, Travis. You know, from our most recent research on the impact of AI, we found that organizations are facing challenges pertaining to, for example, human aspect, the technology aspect, the operational aspect, as well as ethics and the governance considerations when it comes to AI adoption. But interestingly, we found that it is the human aspect that is the biggest barrier for those embarking on their AI journey. And just to give you some example, from our research we learned that the human related barrier could include skill gaps, like you mentioned earlier, and the lack of stakeholder buy in as well as absence of support from top leaders.
Susie Duong:Let me just give you some small examples like the skill gaps. This could include the current workforce lacking the analytical skills in dealing with the data necessary for AI implementation. It could also include, you know, the skills needed to interpret the results generated from AI algorithms, right? And also include responsible use of AI, AI governance, protocols, and things like that. Regarding the lack of stakeholder buy in, this is actually very important because it involves not only the resistance from the senior or mid level management due to the fear of losing control to algorithm, it could also include, the resistance from lower level staff because they're simply just the anxiety of being replaced by algorithms, right?
Susie Duong:And regarding the absence of support from top leaders, and this is usually related to the alignment of AI strategy with their overall organizational objectives and strategy, deployment of resources necessary to support their AI strategy, and so on. So what are your thoughts on these specific barriers and how can organizations address them?
Travis Willard:Yeah. I think it's a really critical question that all organizations are be grappling with. But I do think addressing the human barriers to AI adoption is absolutely critical. It's about fostering environment where technology is seen as enabler and not, you know, other than a disruptor. Mhmm.
Travis Willard:And this mindset shift is essential for creating a culture of lifelong learning. The AI tools that are being leveraged, cannot only streamline operations, but can also anticipate and prepare our workers for the skills of tomorrow.
Susie Duong:Yes. I agree with you, Travis. This is actually very, very important. In parallel with our, AR research, as you know, we also conducted significant research on global talent retention. What that is, how organizations can recruit and retain the best accounting and finance talent.
Susie Duong:So recruiting and retaining young talent is especially critical to ensure that there's a strong pipeline for our profession. And we also learned from our talent retention study that this younger generation, they are more likely to embrace new technologies such as AI. And when we ask in our study, their recommendations to leaders to retain talent. And some of these younger, younger professionals actually called out the adoption of advanced technologies to automate tedious and routine accounting and finance tasks so that they will have the opportunity to focus more on or contribute more to strategic decision making of the organization. So, Travis, in your view, how does technology adoption such as AI help recruiting and retaining younger talent?
Travis Willard:Yeah. I think, you know, young professionals are indeed, they're looking for employers who are not just tech savvy. They're also committed to their growth. And by integrating AI, companies don't just embrace their opportunities to enhance their operational efficiencies, they also signal a commitment to innovation. And professionals, see this as a clear sign that these are companies they wanna work for.
Travis Willard:Mhmm. This is where IMA's vision aligns by supporting employers and professionals alike on a lifelong learner journey ensuring that the workforce remains dynamic and future ready for any consequence.
Susie Duong:Thank you so much, Travis. As we conclude our today's conversation, it is clear that AI's influence extends way beyond the immediate benefits of automation and efficiency improvement. Right? It's about shaping the future with AI where continuous learning and adaptability are at the forefront. And while today we focus on AI and employee retention, there's a larger conversation that need to have about the role of AI in developing a skills culture.
Susie Duong:And that's a journey IMA is very excited to lead, supporting both employers and employees in navigating the evolving landscape of our profession. So with that, we are going to conclude our company in podcast for today. Travis, thank you so much for speaking with me.
Travis Willard:Thank you, Susie. Great to be with you.
Announcer:This has been Count Me In, IMA's podcast providing you with the latest perspectives of thought leaders from the accounting and finance profession. If you like what you heard and you'd like to be counted in for more relevant accounting and finance education, visit IMA's website at www.ima net.org.