Finance leaders and CFOs must stay current with the emerging issues and latest developments in the evolving profession.
Three of the most significant trends to watch in 2024 are emerging technology, environmental, social and governance (ESG) and staffing.
The AICPA® & CIMA® CFO Conference in April will cover these topics and more, allowing you to stay far ahead the competition and make well-informed choices for your organization.
AI: Shaping the way you work and do business
Imagine increasing your team's productivity by completing a full day's work or lists of tasks quickly, which frees up more time for strategic planning and data-driven decision-making.
Integrating artificial intelligence (AI) and robotic process automation (RPA) into the finance function presents practical workflow and security applications for accounting professionals, making technology one of the top CFO trends in 2024.
Outdated work practices, such as paper-based systems, hinder workflow and company progression. Companies can get new ideas and fresh perspectives that challenge previous ways of doing things by embracing updated processes, allowing them to reach business goals and stay competitive in today's dynamic economy.
AI-powered tools, such as Vic.ai and Booke AI, can improve accuracy and reduce errors in financial reporting. As machine learning algorithms advance, they can identify unusual or abnormal changes in data, which helps with compliance and detecting potential risks.
The rise of an advanced language model tool, such as ChatGPT, has opened opportunities for businesses. With the Leveraging AI and ChatGPT webcast, offered in Jan. and Feb. 2024, you’ll learn how to use the AI in ChatGPT and Excel to streamline everyday tasks and increase productivity, which saves time and resources for more high-priority activities such as data analysis and strategy development.
ESG: Sustainability planning and reporting are gaining more attention
Transparency with investors and consumers is maintained through ESG and sustainability reporting, promoting responsible business practices. However, a comprehensive understanding of ESG strategies and reporting can be more complex than at first glance.
It's important to learn ESG and sustainable financial strategies to build reports, governance structures and develop effective actions. Analyzing nonfinancial data like carbon emissions, workplace health and safety, or community relations along with standard financial data allows you to identify risks and opportunities in your business operations.
Incorporating ESG principles in your business and being able to demonstrate your progress improves your company's reputation with customers, employees, regulators and shareholders. Transparent sustainability reporting ensures compliance and builds trust with potential investors.
Hiring and retaining talent
Significant talent acquisition and retention challenges have occurred in the accounting profession and are likely to continue in 2024, including unconscious bias regarding talent management and staffing shortage.
Companies face a challenge in attracting and keeping the best employees, which has created a need to develop new hiring practices and tactics to promote an appealing work culture.
As a finance leader, addressing unconscious biases in the workplace allows you to lead, coach, and develop a winning team by creating a welcoming and supportive space where everyone, no matter their background, feels respected and heard.
Businesses must actively find and retain skilled workers as experienced employees retire or move on to other professions. Failing to prioritize talent management results in increased competition for qualified candidates and potential gaps in staffing.
The AICPA & CIMA CFO Conference is a great experience for leaders to learn from experts about strategies to lead, grow and adapt.
Join us in Charleston, SC, or live online April 24–26 to get the information and tools you need to make strategic choices and stay competitive. Register by March 10 and save $150.