In this presentation by L’Oreal Giles, Vice President of Research and Thought Leadership at The Institute of Management Accountants (IMA), several key points about the future of Finance and Accounting are discussed:
1. **Mega Trends**: Giles mentions some major trends impacting the profession, including the shift to remote work, the increasing importance of ESG (Environmental, Social, and Governance) reporting, greater emphasis on sustainable business practices, and the growing role of Enterprise Risk Management. Diversity in leadership teams and the rise of automation are also highlighted.
2. **Impetus for Transformation**: The rapid pace of technological change and the accessibility of data are driving businesses to seek agile, data-driven insights from Finance and Accounting functions. Business leaders are demanding more strategic decision support, leading to a need for transformation.
3. **Automation**: Giles emphasizes the accelerating pace of automation and its potential impact on accounting and auditing jobs. Traditional RPA (Robotic Process Automation) tools and intelligent automation are discussed, with an emphasis on the need for upskilling and continuing education for professionals.
4. **Data Analytics and AI**: The presentation highlights the various applications of data analytics and artificial intelligence (AI) across different business functions, such as HR, procurement, and legal. Use cases related to COVID-19, including medical imaging and combating misinformation, are also mentioned.
5. **Research Findings**: Giles shares insights from recent research conducted by IMA and Deloitte. The research indicates that many controllership functions are not fully prepared for the digital age, with a focus needed on talent, technology, and transformation. Financial Planning and Analysis (FP&A) is identified as an area requiring significant progress.
6. **Corporate Use Cases**: Giles provides examples of how corporate partners like Masco Corporation, Johnson & Johnson, and Arcadis are investing in talent development and transformation programs to meet future demands in the digital age.
7. **Recommendations**: The presentation concludes with recommendations for preparing for the future, emphasizing the importance of focusing on data analytics, programming languages
