In this instalment of the Future of Finance 2.0 interview series, we speak to Nawees Dad, FCMA, senior global product manager, Omnichannel Commerce, part of the artificial intelligence (AI) and automation function at Reckitt, based in Stoke Poges, England. Nawees oversees products from inception to delivery and beyond. He believes that technology is here to make our lives easier.
Finance handles a great deal of data and there is an enormous amount of value within that data waiting to be unlocked. Data, if strategically leveraged, can provide a huge amount of insight but needs to be protected, stored and optimised in a way that can best serve the company. Nawees likes to call this ‘fuel for [artificial intelligence]’.
Although AI is undoubtedly changing the role of the finance professional, Nawees feels strongly that AI is not going to take over the world nor replace humans at work. ‘It’s my belief that AI will not replace humans but a human using AI will replace those that don’t’. Nawees also senses that the boundary between technology and finance is blurring. He offers that there are plenty of low code solutions available — an application development method that elevates coding from textual to visual — that can help management accountants to enhance their skills.
Leading finance into the future
Management accountants will need new technology skills because the role will continue to expand. Simply producing numbers and interpreting those numbers is not enough to deal with complex challenges. Nawees concludes that management accountants will move away from transactional tasks to more strategic ones, but to do that well, there are three key skills that professionals will need:
Data proficiency — Management accountants must become comfortable with using large data sets. They need an appreciation of the vast quantities of available data and how best to use that data to extract value.
Technology literacy — It’s important to understand the art of the possible with the latest technology and have an understanding and appreciation of how AI works. With the rise of automated machine learning, organisations are likely to need a ‘super-user’ who can help bridge the gap between IT and the business.
Strengthening people skills — As we move away from transactional tasks and reveal deeper layers of insight, it’ll be vital to convey a compelling vision to the rest of the business in order to take them, as stakeholders, on the same journey.
The right mindset, together with the right skill set, can propel the management accountant to success. Listen to learn more.