AI is not just another tool for finance—it’s the key to unlocking your team’s full strategic potential. As businesses accelerate their AI adoption, finance leaders must prepare to surf the wave or risk sinking. At The MindBridge Conference 2024, Tom Hood, Executive Vice President of Business Engagement & Growth for AICPA & CIMA, delivered a keynote titled Riding the Waves of Transformation. Hood provided a roadmap for finance and accounting professionals to navigate these shifts, focusing on how AI and strategic innovation can drive success.
For finance professionals, this session emphasized the importance of understanding and adapting to the waves of transformation washing over the industry. With AI advancing at an exponential pace, professionals must be ready to act now or risk falling behind.
The Fifth Industrial Revolution: why finance can’t afford to wait
The world of finance and accounting has already seen significant shifts due to technological advancements. Hood framed this in the context of the “fifth industrial revolution,” driven by the convergence of AI, quantum computing, and automation. He explained that while earlier revolutions—steam, electricity, and digital computing—transformed industries slowly, today’s advancements are moving at lightning speed. The launch of ChatGPT, quantum computing breakthroughs, and the rise of Microsoft Copilot illustrate just how quickly this change is occurring.
Businesses that adopt AI for financial analysis, anomaly detection, and decision support will gain a powerful tailwind, while those that hesitate risk being left behind in the competitive race.
Why future-ready finance teams need new skills and mindsets
The success of any financial transformation is rooted not only in adopting new technologies, but also in building the right skill sets and mindsets. Hood shared insights from AICPA & CIMA’s research on the future of finance, revealing that the most successful finance transformations are driven by people—not just technology. According to their findings, 89% of transformation success depends on mindset, skills, and culture.
Hood introduced the concept of the “T-shaped professional,” emphasizing the need for finance teams to develop deep technical knowledge alongside strategic thinking, communication, and leadership skills. He highlighted that finance professionals must move beyond transactional accounting and embrace roles as value creators and partners to their organizations.
For CFOs, auditors, and finance leaders, this means focusing on skills like data and tech savviness, agile thinking, and critical decision-making. Finance leaders must empower their teams to stay ahead of the curve by investing in continuous learning and growth.
The role of AI in enhancing productivity and fraud detection
One of the most significant opportunities Hood discussed was the potential of AI to enhance productivity and fraud detection. AI-driven anomaly detection, such as the solutions offered by MindBridge, can sift through vast amounts of financial data to identify unusual transactions far more efficiently than manual processes. By integrating AI, financial teams can reduce time spent on closing the books, improve accuracy, and shift their focus to higher-value activities like strategic forecasting.
For those hesitant to invest, Hood posed a crucial question: What is the risk of not investing in AI? In today’s fast-paced environment, those who fail to adopt AI risk losing their competitive edge to more agile organizations. AI’s potential to automate routine tasks and enhance decision-making means finance professionals can spend more time as strategic advisors rather than data processors.
From automation to elevation: shifting from transactional to strategic finance
Adopting AI doesn’t just automate tasks—it elevates the role of finance within organizations. Hood shared a key insight from Mike Walsh’s book, “The Algorithmic Leader,” stating, “If you automate, you must elevate.” This means that as AI takes on more routine work, finance teams must elevate their roles by focusing on strategic tasks that add value to the business.
For finance and accounting professionals, this requires a mindset shift. Instead of fearing AI as a job displacer, Hood encouraged teams to see it as a tool for enhancing their strategic capabilities. He noted that organizations that embrace this shift are positioning their finance teams as leaders in cross-functional, value-creating initiatives.
Building the business case for AI in finance
One of the most frequent challenges financial professionals face is building the business case for AI. Hood advised focusing on use cases that highlight AI’s ability to drive productivity. By showcasing how AI tools like ChatGPT or MindBridge’s anomaly detection can save time and reduce errors, finance leaders can demonstrate the return on investment (ROI) for adopting these technologies.
More importantly, Hood emphasized the risk of not investing (RONI) in AI. Competitors that adopt AI will gain a significant advantage, potentially widening the performance gap between organizations. For financial leaders, the question is no longer whether to adopt AI but how quickly they can implement it to stay ahead.
The future of finance: staying agile in a continuous transformation
As finance teams ride the waves of transformation, Hood offered a final piece of advice: Embrace continuous learning. With technology evolving rapidly, the only way to stay competitive is to ensure that your team’s learning outpaces the rate of change. Finance professionals must adopt a mindset of lifelong learning, focusing on both the technological and strategic skills needed for the future.
For organizations navigating this shift, the message is clear: AI is a game changer, and those who embrace it will lead the future of finance.
Watch the full session on-demand to learn more about how AI and transformation trends are shaping the future of finance. Ready to explore how MindBridge can help your organization harness AI? Reach out to a MindBridge expert to discuss your next steps.
