Future-Proofing Finance: Skills for a New Era of Artificial Intelligence

The landscape of finance organisations is being redefined by the rapid advancement of artificial intelligence (AI) and machine learning technologies. This unprecedented shift is transforming the traditional roles and responsibilities of accountants, auditors, and financial analysts, demanding a strategic approach to talent acquisition and development. 

To thrive in this era of AI, finance organisations must adapt by seeking out new skills that complement and elevate human expertise. What skills should finance organisations prioritise, so they can successfully navigate the complex, constantly-evolving world of AI? 

The importance of digital literacy in the finance industry cannot be overstated, especially in the age of AI. 

Digital literacy is an individual's ability to effectively navigate, understand, and use digital tools, technologies, and platforms in various contexts. It encompasses a range of skills, including the ability to access and evaluate information, communicate and collaborate digitally, create and share digital content, and understand the ethical and security implications of using digital technologies. 

Your team of finance professionals must be able to navigate digital tools and platforms, adapt to new technologies, and leverage automation to improve efficiency and effectiveness within your organisation. 

By recruiting for these skills and investing in the digital literacy of your existing team, you can create a workforce that is comfortable with AI-driven software and platforms, making it easier for your organisation to adopt these technologies and reap their benefits.  

Data is the lifeblood of AI. 

Data literacy — the ability to access, interpret, analyse, communicate, and question data effectively — is essential for finance professionals to excel in an increasingly data-driven environment. 

By developing data literacy skills, finance professionals will be better equipped to navigate the vast amounts of financial data generated daily, ensuring that they can derive meaningful insights from it. 

A data-literate workforce can leverage data to make informed decisions and identify trends, ultimately leading to more accurate financial forecasting and strategy development.  

As a business leader, it is crucial to ensure that your finance professionals possess a strong foundation of technical skills. These skills enable your finance teams to work effectively with AI systems and customise algorithms for your organisation's specific needs.

The technical skills financial organisations should prioritise include programming languages (like R or Python) but might also include:

• Familiarity with data visualisation tools and data analysis platforms  

• Customer relationship management 

• Data science, AI, and machine learning 

• User experience (UX) 

• Blockchain 
  

A robust set of technical skills helps you maintain a competitive edge in the industry by ensuring your team can take full advantage of the opportunities AI presents. 

As the reliance on digital tools and AI-driven technologies grows, finance teams must be aware of potential digital threats. Cybersecurity risks, such as data breaches and cyberattacks, are a growing concern for organisations worldwide. 

By developing an understanding of these threats and the best practices for securing sensitive financial information, your team can contribute to the development of robust security measures and protocols. By investing in building digital threat awareness through training and development, you can safeguard your organisation's valuable data and reputation. 

In the age of AI, critical thinking is more important than ever before.

While AI-driven tools can provide valuable insights, finance professionals must apply critical thinking skills to evaluate and validate this information and use it to make decisions.

Encourage your finance team to question assumptions, challenge biases, and consider alternative explanations to ensure well-informed decisions based on AI-generated findings. Promoting critical thinking within your organisation will help professionals identify potential limitations of AI systems, leading to improvements in these tools and contributing to your organisation's long-term success. 

For finance teams to succeed in the evolving landscape of AI and digital innovation, curiosity, and continuous learning are indispensable skills. 

Foster a curious mindset within your team, and encourage team members to ask questions, explore new ideas, and seek a deeper understanding of the technologies and trends shaping the finance industry.

Embrace continuous learning by providing professional development opportunities, access to industry conferences, and online resources that enable your employees to stay ahead of the curve and adapt to rapid advancements in AI, machine learning, and data analytics. 

The future of finance in the age of AI presents both significant challenges and immense opportunities for organisations. By identifying and nurturing these essential skills, business leaders in the finance industry can equip their teams to adapt and excel in this rapidly changing environment.

To find out more about how you can shape your organisation's journey in an AI-driven world, explore my latest book, Future Skills: The 20 Skills and Competencies Everyone Needs to Succeed in a Digital World.