Data and Disruption:  Mastering AI and Machine Learning 

    “A computer would deserve to be called intelligent if it could deceive a human into believing that it was human.”
    -- Alan Turing

     AI Isn't Coming -- It's Here!

     It’s already transforming industry. “Mastering AI and Machine Learning” is a comprehensive guide to meeting this transformation head-on.

    In five insight-packed sessions, you’ll learn how to harness the full potential of AI and machine learning from experts at MIT, Stanford, Babson, Deloitte, AICPA-CIMA, and Workday.

    • Recognize finance’s role in the AI productivity boom.
    • Build effective data strategies with the help of new AI models.
    • Use AI to automate your workflows and increase productivity. 
    • Understand coming AI regulations and their impact on finance.
    • Train your talent for success in an AI-augmented workforce. 

    AI Trends Report: https://wordpressvip.turtl.co/story/ai-trends-report/page/1

    Table of Contents

    1. AI and the Coming Productivity Boom

    • The lesson discusses the impact of generative artificial intelligence on productivity and the emergence of new business models. It also highlights the growing importance of finance in the AI revolution. The lesson is presented by Erik Brynjolfsson, director of the Stanford Digital Economy Lab and cofounder of Workhelix.
    1. AI and the Coming Productivity Boom
    2. Generative AI and New Business Models
    3. Finance's Role in Leading the AI Revolution

    Sentiment Analysis

    We identified 60 positive sentences, and 16 negative ones.

    Keywords

    • generative AI
    • artificial intelligence
    • Human centered AI Institute
    • whole new business models
    • new opportunities, new ways, new things
    • new market opportunities, new products, new text, new content
    • new images, new marketing campaigns

    Summarization

    • Joining us to kick things off is Eric Brinyolfsen of the Stanford Digital Economy Lab. Eric will define generative AI and explain how it's likely to affect productivity.
    • Today we'll talk about generative AI. He says the technology is reshaping business and the role of finance. He predicts it will more than double the productivity growth rate of the US economy.
    • Generative AI allows senior executives to bring analysis to a whole new set of data. With this technology, it's a mistake to delegate it to just the IT department or marketing group. CFOs and CIOs working together can create a solution that creates a lot of value.
    • AI is one of the real revolutionary technologies of our era. Like all general purpose technologies, the real payoff comes from when people like you use it to change their businesses. If you're listening to this lesson today, you're going to be on the vanguard of that transformation.

    Related Reading

     “Working With Robots in a Post-Pandemic World,” by Erik Brynjolfsson, MIT Sloan Management Review, September 2020.

    “Machines of Mind: The Case for an AI-Powered Productivity Boom,” by Martin Neil Baily, Erik Brynjolfsson, and Anton Korinek, Brookings Institution, May 2023.

    Additional Resources

    “Generative AI at Work,” by Erik Brynjolfsson, Danielle Li, and Lindsey R. Raymond, National Bureau of Economic Research, April 2023. May require subscription.

    “The Business of Artificial Intelligence,” by Erik Brynjolfsson and Andrew McAfee, Harvard Business Review, July 2017. May require subscription.

    Data and Disruption

    2. Explainable AI: Finance's Role in Creating an Effective Data Strategy

    • This lesson defines explainable and interpretable artificial intelligence, discusses considerations for developing flexible data strategies for AI and machine learning, and offers insights on establishing new performance and value-creation metrics.

    1. Explainable and Interpretable AI
    2. Flexible Data Strategy and Governance
    3. New Performance and Value Metrics

    Related Reading

    download button“How the Wrong KPIs Doom Digital Transformation,” by Michael Schrage, Vansh Muttreja, and Anne Kwan, MIT Sloan Management Review, March 2022.

    download button “Smart Strategies Require Smarter KPIs,” by Michael Schrage, MIT Sloan Management Review, September 2019.

    download button “Strategy For and With AI,” by David Kiron and Michael Schrage, MIT Sloan Management Review, June 2019.

    Data and Disruption

    3. AI-Fueled Finance: Practical Use Cases for Intelligent Automation

    • This lesson describes how companies can become AI-fueled, discusses building the business case for AI-enabled automation, and offers practical use cases for both accounting and financial planning and analysis (FP&A).

    1. Best Practices for Becoming an AI-fueled Organization
    2. Tips for Building a Strong Business Case for AI-enabled Automation
    3. Practical Use Cases and Considerations for Accounting and FP&A

    Additional Resources

    All-In On AI: How Smart Companies Win Big With Artificial Intelligence, by Thomas H. Davenport and Nitin Mittal (Harvard Business Review Press, 2023). Book for purchase.

    “8 Strategies for Chief Data Officers to Create — and Demonstrate — Value,” by Thomas H. Davenport, Richard Y. Wang, and Priyanka Tiwari, Harvard Business Review, January 2023. May require subscription.

    Related Reading

    download button “Action and Inaction on Data, Analytics, and AI,” by Thomas H. Davenport and Randy Bean, MIT Sloan Management Review, January 2023.

    download button “How Digitally Mature Is Your Finance Office,” by Kristof Stouthuysen, MIT Sloan Management Review, January 2023.

    “Generative AI in the Finance Function of the Future,” by Michael Demyttenaere, Alexander Roos, Hardik Sheth, et al., Boston Consulting Group, August 2023.

    “Gartner Experts on AI in Finance: The Next Industrial Revolution,” short video featuring Alexander Bant, Mark McDonald, and Judy Romano, Gartner Inc., November 2023.

     

    Data and Disruption

    4. Lesson 4. Regulatory and Business Implications for AI

    • This lesson explains why AI needs to be regulated, what businesses need to understand about AI regulation, and how the United States and other nations worldwide are regulating this new technology.

    1. Insights into the Reasons for Regulating AI
    2. Practical Business Implications of Emerging AI Regulations
    3. Key Aspects of the Global Regulatory Environment

     

    Related Reading

    “Who Will Write the Rules for AI? How Nations Are Racing to Regulate Artificial Intelligence,” by Fan Yang and Ausma Bernot, The Conversation, November 2023.

    “The Three Challenges of AI Regulation,” by Tom Wheeler, the Brookings Institution, June 2023.

    The Trustworthy & Responsible Artificial Intelligence Resource Center, the National Institute of Standards and Technology (NIST). Offers details about the NIST AI Risk Management Framework released in early 2023, including an explainer video, a playbook, and other information.

    “Maximizing the Benefits of AI With Smart Public Policy,” video with Jim Stratton and Chandler Morse, Workday, July 2023.

    Data and Disruption

    5. Upskilling Finance Talent for an AI-Augmented Workplace

    • This lesson examines how generative AI and related technologies are reshaping finance work, changing the distribution of finance work, explores options for upskilling across the Finance Assessment Model for Effectiveness (FAME), and describes new data skills that finance professionals need today.

    1. AI and the Changing Nature of Finance Work
    2. Upskilling Finance Talent Across Multiple Dimensions of the FAME Model
    3. The New Skills that Finance Professionals Ned to be Part of a Tech-Savvy Workforce

    Sentiment Analysis

    We identified 37 positive sentences, and 1 negative ones.

    Keywords

    • skill sets finance teams
    • enabling finance, finance talent
    • finance leaders, finance work
    • upskilling finance talent, business skills
    • finance futurists, business model transformation
    • technology skills, business decision making, business performance
    • business partners, skill sets

    Summarization

    • Mastering AI and machine learning for finance. Ash Noah will discuss the need to upskill finance talent across the five dimensions of FAME. He will also describe the role of citizen data scientist in enabling a tech savvy finance workforce.
    • FAME is the finance assessment model for effectiveness. It enables one to look at five key dimensions and then measure how effective is finance in those dimensions. A function can move up the value chain and become a partner, an advisor, a value generator, or finally, a futurist.
    • Finance and accounting professionals are at the table for their technical skills in controllership and financial reporting. People who have greater skill in business, in leadership, are actually enabling value creation through decision making. And they're really enabling the organization to be decision ready using technology.
    • The cloud is repositioning the finance function. It's re-enabling finance to really automate and use the power of technology in a centralized way. Using cloud as your tool in order to bring all the data on a common platform and really driving digital transformation.
    • AI and ML can help companies reimagine the business model and drive business model transformation. The leadership dimension is about driving performance, achieving business results. The people dimension of FAME is around fantastic and excellent talent acquisition and talent retention.
    • What finance professional is a hybrid professional? They have skill sets in analytics, data and technology, and they have skill Sets in finance. Leaders in finance need to be able to harness and really leverage these multifunctional skills within a team.

    Related Reading

    download button “From Scorekeeper to Futurist: The Journey to Finance 5.0,” by Ash Noah, AICPA & CIMA.

    “Emerging Era of AI in Finance Calls for Reskilling of Workers,” by David Essex, TechTarget, September 2021. Includes a short video discussion with finance/IT consultant Kimberly Ellison-Taylor (longer podcast also available).

    Additional Resources

    “Digital Finance Transformation via AI-Enabled Outsourcing,” by Gartner Inc., June 2022. Registration required.

     

    Data and Disruption