Transforming the Bean Counter
The expectation that came with Finance Transformation is that AI will come in and just automatically make our lives easier. There will be opportunity for Accounting and Finance professionals to now automate their everyday mundane tasks and be able to further innovate and create the Finance and Accounting Role of the future.
Unfortunately Finance Transformation didn’t come in a box, “one-size fits all” that we could just plug in and transformation would ensue. We have seen transformation ebb and flow as technological leaps have provided better tools in software and consulting. All this was not without immense cost both in technological investment as well as professional consulting.
What are the hurdles?
Asides from the obvious hurdles of budget and good IT Support, there just isn’t enough time in an Accounting and Finance Professional’s day to IMAGINE. A key to this transformation is the ability to step back and reimagine what your role could become. What pieces of it could you chip away at to form this role of the future that would enable you to innovate new and better reporting, compliance, analysis. Imagination is often sparked by inspiration which is what one may gain at a conference or watching a webinar about new and emerging technology, but in order for that inspiration to birth innovation, you need time to imagine.
What if I could…
Another key hurdle is, the right tools. Do a search on digital transformation, and you will find countless solutions that will tout the answer to all your transformation woes. However, the complexity that lies under the covers is not something the average Finance and Accounting professional can respond to without significant engineering/IT support. Herein we come back to the obvious hurdles of budget and good support.
The gap between the technological capabilities that AI affords us and skill set is still very large. The cost of education is costly and time consuming, causing the need for third party consulting companies. This then creates the real problem, when will the profession get to transform if they are not involved in the imagination, creation and innovation of these problems?
This gap is being bridged by innovative companies like Microsoft that is constantly evolving their tools to democratize these AI capabilities to the average non-coder. Tools like Power Platform now offers low code, no code solutions to automation, reporting and data collection and storage! We are headed in the right direction as the gap narrows but the journey is still long ahead.
Things to think about …
- How can I take time to IMAGINE?
- What can I expose myself to, to MOTIVE INNOVATION and CREATION in my role?
- What learning can I be a part of to enable the democratization of this transformation process.
- What should MY role be in transformation?
