WORLD ACADEMY OF INFORMATICS AND MANAGEMENT SCIENCES
ISSN : 2278-1315
TECHNOLOGY
AND
INTELLIGENCE
AUGMENTATION
Looking to the future, technology is impacting both
competencies and mindsets. The use of technology in the
finance function is creating a model of ‘intelligence
augmentation’, where technology augments human
intelligence. In the finance function of the future, the technical
capabilities of robotics and algorithms combine with the
creativity and empathy of human accountants.
Technology is augmenting finance professionals’ capabilities
– making them faster, more efficient and more productive. It’s
no longer human versus machine, because new technologies
can learn from the accountant and be customized to fit the
specific needs of your finance function. Thanks to technology,
we now live in a world where answers are cheap, plentiful and
instant. However, in this world, the finance professional’s
ability to construct a good question becomes paramount. The
CHANGING COMPETENCIES AND MINDSETS
curiosity of a good question is worth a million good answers.
Dr Martin Farrar
It has the ability to inspire and compel people to think and act.
future.finance@aicpa-cima.com
Associate Technical Director, Research and Development –
Dr Kevin Kelly, founding executive editor of ‘Wired’
Management Accounting
Magazine, and the futurist advisor on the 2002 Spielberg
Association of International Certified Professional
science fiction film ‘Minority Report’, defines a good
Accountants (AICPA)
question as:
ABSTRACT
This briefing paper will:
a. Explore how technological automation is shifting
the competency skills set required by finance
professionals,
b. Introduce the concept of a growth mindset, and
c. Demonstrate the increasing need for us all to learn
and relearn continually, as new technologies
replace our timeworn skills and knowledge.
Finance and the Mindset
“Finance people need a mindset that enables them to adapt
through continuous learning”.
In one interview (quote above), a banking sector
representative explained that, when hiring finance
professionals, their organization looked for “broad
capability and a mindset, rather than
the ability to use certain tools and techniques”.
They described this mindset as “being able to challenge the
status quo, adapt, and make an impact when driving
change”. Adopting it enables employees to be more resilient
and gain a higher level of emotional intelligence.
Until recently, we have assumed that competencies
influence and enable performance. However, throughout our
research, many interviewees made reference to ‘the mindset
of the management accountant’ when presenting personal
views of what makes a good finance professional.
In this and other ways, our research is challenging current
competency assumptions. While competencies are still very
important for the finance professional, it’s a specific mindset
that makes the greatest difference in the working
environment.
www.waims.co.in
A good question is not concerned with a correct
answer.
A good question cannot be answered immediately.
A good question challenges existing answers.
A good question is one to which you want the
answer, but had no inkling of your interest before it
was asked.
A good question creates new territory of thinking.
A good question reframes its own answers.
A good question is the seed of innovation in science,
technology, art, politics and business.
A good question is a probe, a what-if scenario.
A good question skirts on the edge of what’s known
and not known, neither silly nor obvious.
A good question cannot be predicted.
A good question will be the sign of an educated
mind.
Good question is one that generates other good
questions.
A good question may be the last job a machine will
learn to do.
A good question is what humans are for.
We all need to build time for fluid contemplation and the
construction of the good question into our working lives,
instead of rushing for the instant answer. A desire to reduce
complexity is motivating interviewees to make further
investment in technological solutions.
In organizations where mergers and acquisitions have recently
taken place, the drive is to harmonize a number of different
systems across many sites. In other organizations, the
motivation is to ensure information systems talk to each other
through automation, so that resource can be freed up.
The freed finance resource can then move away from
transactional processing (technical and business analytical
ENDEAVOR 2019 | WAIMS ACADMIC PRESS
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