AI is having a significant impact on private equity (PE) and financial services, fundamentally transforming how decisions are made and executed.
‘Reshaping Finance’, the latest podcast from AICPA & CIMA, explores the intersection of technology, data, organisational resilience, sustainability, and leadership, focusing on how to effectively lead and manage through change.
Via real-world examples, subject matter experts share insights on the Future of Finance and on practical tools related to AI, digital transformation and much more.
The first episode features an in-depth conversation with Didem Un Ates, CEO of LotusAI, a UK-based company offering AI advisory services, such as value-creation analysis, use-case identification, go-to-market strategy, and implementation planning.
LotusAI’s clients include established PE firms, large financial service enterprises like Goldman Sachs, digital technology consulting firms, and PE-backed ventures.
‘The biggest challenge for firms in implementing AI successfully and with scale today is actually not data, but culture’, Un Ates said.
Overcoming resistance to AI within organisations
Primary obstacles to the adoption of AI are workplace culture and employees’ mindsets.
Some professionals perceive AI with fear, concern, or scepticism, viewing it as a risk or a threat rather than a tool for enhancement.
According to Un Ates, many professionals subconsciously believe that using AI is ‘cheating’.
Un Ates explained, ‘Others, especially in financial services, may think, “I’m already good at Excel, so I don’t need Copilot for Excel.”’
‘However, these tools get smarter rapidly over time, and even if a professional is better in Excel than Copilot or similar GenAI tools, they can still save hours every week, which is a precious commodity in finance.’
Another challenge lies in the fact that AI sometimes operates in ways similar to humans, which can be unsettling. Un Ates emphasised, ‘Overcoming this mindset and starting to feel comfortable in teaming up with AI is crucial for true transformation.’
The role of leadership in integrating AI into workflows
Visionary leaders who embrace AI and navigate its complexities are essential to organisations.
Forward-thinking leaders understand that digitally transforming with AI requires commitment, which means investing time and resources to prepare their staff for AI integration.
Successful AI adoption involves developing a comprehensive strategy that considers training and professional development for employees, research, and ongoing development to ensure that the team members can adapt to changes and complexities as they arise.
AI as a collaborative tool
AI has tremendous potential as a collaborative tool — it can significantly enhance productivity by automating routine tasks and providing data-driven insights.
Management accountants can now focus on higher-level strategic thinking and decision-making.
The key is to view AI as a tool that can work alongside human teams to achieve better outcomes.
‘I can already envision a future where private equity analysts and partners are empowered by AI applications,’ Un Ates said.
‘The goal isn’t to replace professionals — it’s to enhance their capabilities and free up valuable time for higher-level thinking.’
Integrating AI into an organisation is not a quick fix but a gradual process; it requires strategic planning and ongoing guidance to ensure successful adoption.
AI must be incorporated into an organisation at a pace that aligns with its workplace culture and cadence of business operations.
As AI influences PE and financial services, it’s up to accounting and finance professionals to embrace it as a powerful tool rather than resisting its potential.
Listen to Un Ates directly in the debut episode of the ‘Reshaping Finance’ podcast.
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