This morning’s general session at the CT CPA Technology Conference is about big data, data scientists, and AI. They discussed how leveraging artificial intelligence and machine learning will help us understand data. Accounting software platforms are noticing this shift and implementing machine learning. “AI and machine learning will allow organizations to take large and complex data sets and make high-quality predictions from the data, potentially giving clients an edge in their field of business.” – The Power of AI Accounting.
On the same topic, Aaron Harris at Sage Intacct wrote an article for Forbes Magazine entitled: With AI, CFOs Are Poised To Evolve Their Role Within Organizations. In it Aaron discusses:
- The CFO’s role as a data scientist
- The rising role of technology
- AI and machine learning
“Today’s CFOs have more responsibility than managing financial transactions and producing reports that explain where a company has been. Today’s CFOs are asked to look to the future. They’re asked to be more strategic so they can define the path forward and serve as a guide in order to maximize results. We’re getting to a point where the future role of the CFO resembles that of a data scientist more so than an accountant.”
Aaron also talks about Sage Intacct’s involvement with AI and Pacioli. “My company, Sage Intacct, is involved in this trend with a product we’re working on called Pacioli. Named after the inventor of double-entry accounting, Pacioli is an AI chatbot that will collaborate with our users to detect anomalies, shrink the aforementioned monthly close, accelerate and support predictive analytics and think differently about entire processes.” It’s an innovating product that will help CFOs utilize the full force of technology.
Your data is an untapped treasure trove of information. It tells the financial story of your organization and where it is headed in the future. To continue the conversation about the changing role of the CFO we've linked a couple of blogs that you might find interesting:
DON’T BE A WORKAHOLIC CFO OR CONTROLLER
CFO Magazine recently wrote an article on the 10 habits of highly effective CFOs. One of the first things that they stressed was that being a workaholic CFO is a mistake. “Workaholics are not the best long-term performers. There are times in all our careers when we have to work 80 or 90 hours a week and forgo other things. But it’s not a wise long-term strategy.” Striking that healthy work-life balance is essential. Read more here >
HOW TO THINK LIKE A STARTUP CFO
Over the last ten years, we’ve worked with a lot of startups as a trusted middle-market accounting software reseller for Sage Intacct. On a daily basis, we work with CFOs and their teams. We to get to know their businesses and see the ins and outs of the organizational magic that happens behind the scenes at startups. Read more here >