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The AI Transformation in Finance

The landscape of finance is changing rapidly, fueled by the advancements in artificial intelligence (AI). According to a recent survey conducted by AICPA and CIMA, titled Future-Ready Finance: Technology, Productivity, and Skills, a significant gap exists between finance professionals' expectations regarding AI's impact and their organizations' preparedness to leverage it. This survey, which captured insights from 1,446 senior finance and accounting leaders globally, emphasizes the essential role of upskilling in harnessing AI's full potential.

Discovering the Skills Gap

The findings show that while a remarkable 88% of finance professionals regard AI as the most transformative trend affecting their industry in the next 12 to 24 months, a mere 8% feel that their organization is fully equipped to manage this shift. In fact, 21% cite their readiness as “well prepared,” indicating a complex challenge ahead.

Furthermore, 56% of respondents identified generative AI (GenAI) as the most significant skills gap they face. This signals a troubling trend where the necessary skills in IT and technology have transitioned from being a secondary concern (20% in 2021) to taking precedence as a critical priority now at 46%.

Tom Hood, EVP of Business Growth Engagement at AICPA and CIMA, underscores the urgency for finance professionals to adapt: "AI is here and reshaping finance, creating opportunities for finance professionals to build future-ready skills. Organizations that invest in talent and technology today can turn disruption into a competitive advantage and be best positioned to lead the way tomorrow."

Key Barriers to Technology Adoption

Despite recognizing the potential of AI, several barriers hinder progress. The survey pinpointed that 50% of finance professionals recognize the lack of skilled human capital, while 47% cite safety and security concerns. 42% express doubts regarding the maturity of technologies, creating additional obstacles to embracing AI within organizations.

In addition to these challenges, other factors influencing productivity levels include:

• - 41% of respondents cite a lack of skills.
• - 37% think low motivation within the organization affects overall productivity.
• - Both incompatible technology systems and poor coordination in tech implementation were attributed by 32% of respondents.

These issues not only slow down the adoption of technologies but also impede the overall productivity of finance teams, highlighting an urgent need for organizations to implement effective strategies to address these gaps.

Learning Preferences and Future Directions

On-the-job training emerged as the preferred method for effective technology upskilling, with 61% of finance professionals advocating for practical, just-in-time learning integrated into their daily workflows. This preference signifies a shift towards more hands-on, adaptive learning styles in an era defined by rapid technological evolution.

Moreover, broader technology skills beyond GenAI still present challenges. Concerns about skill deficiencies in artificial intelligence, big data, cloud computing, IoT, and robotics persist, highlighted by 37% of participants. Additionally, gaps remain in essential soft skills such as communication and business partnering, cited by 33% and 32% of respondents respectively.

Conclusion

The emerging AI landscape poses both a challenge and an opportunity for finance professionals. By prioritizing the acquisition of essential skills, organizations can position themselves favorably in an increasingly AI-centric world. The findings from the AICPA and CIMA survey illustrate not just the necessity for upskilling but also the significant potential for those who embrace this transformation effectively.

Organizations that take initiative in developing their human capital and integrating advanced technologies stand the chance to not only adapt but thrive in the AI era. As finance professionals navigate this shift, embracing lifelong learning and adaptability will be key to unlocking a future filled with extraordinary possibilities.