How the finance function can harness the power of AI

Host Myles Corson talks to Noah Barsky, a professor at Villanova University, about the use of artificial intelligence (AI) in the finance function. Noah brings his insights from an article he wrote for Forbes and a survey conducted by EY teams.

Noah dives into the exciting opportunities and challenges that AI presents in finance. He highlights why senior leaders in the C-suite and boards should have meaningful discussions about incorporating AI into their operations. However, many organizations can struggle with this because of distractions and ineffective leadership.

Noah explains what can make a true leader — someone with the ability to think critically, communicate clearly and have a strong sense of purpose. He emphasizes the importance of leaders who can guide their teams, make informed decisions and build trust. He also warns against being dependent on specialized knowledge, as it can hinder decision-making and hold back progress.

Noah stresses that successful AI adoption can require not only understanding the business, but also anticipating future outcomes. He emphasizes the role of bold leadership in setting clear goals and creating a practical plan to achieve them. Additionally, Noah underlines the need for a culture that encourages open discussions about effectively integrating AI into company practices.

Key takeaways:

• Understand the importance of meaningful discussions among senior leaders in incorporating AI into financial operations
• Identify the key qualities of future finance leaders
• Recognize the importance of guiding teams, making informed decisions, and building trust as a leader in the finance function
• Understand the potential drawbacks of relying solely on specialized knowledge and the impact it can have on decision-making and progress
• Appreciate the significance of setting clear goals, creating practical plans and fostering a culture of open discussion to successfully adopt AI in financial practices

For your convenience, full text transcript of this podcast is also available. Read the transcript.