Opening the door to visualisation and a better future

When focused on the day job, it can be hard to keep up with technology trends. But change is coming and ground-breaking advances are set to revolutionise how finance professional’s work.

A recent webinar from AccountsIQ outlines these developments, providing a rapid deep dive.

“The future of finance – transforming through the digital economy, data visualisation and AI”, hosted by entrepreneur Ifty Nasir who leads Vestd, the share scheme management platform and guest, chartered accountant and digital transformation specialist, Darren Cran, from cloud software supplier, AccountsIQ unpack the hot topic.

As dialogues concerning AI continue to circulate within the workplace, Nasir initiates the conversation by enquiring about Cran’s viewpoint on ChatGPT. This AI-driven chatbot has garnered significant attention, making headlines amid allegations that it facilitates academic misconduct and may pose security risks. In reply, Cran underscores the significance of adopting an attitude of curiosity at this juncture. He advocates for a proactive approach, urging everyone to get involved with the technology by setting up an account and experimenting with its functionalities directly.

Cran suggests delving deeper than the buzz and further proposes that adopting cloud technology was increasingly becoming a necessity – encompassing enhanced security measures as well as improved collaborative opportunities.

So, how do you translate the data tsunami into something useful?

Cran explains that once the data has been encoded, it facilitates the generation of reports tailored for clients, stored within a designated repository, and amenable to individual customisation. He further highlights that AI has the potential to enhance operational methodologies and mitigate risks. “It proves valuable for notifications, drawing attention to deviations and irregularities. This could prove instrumental in preventing fraud, such as alterations to supplier bank particulars. Additionally, there’s the advancement of trend analysis, enabling individuals to identify indicators of both positive and negative developments,” he says.

Storytelling is an exciting AI development, continues Cran, allowing better connection with customers and colleagues through transforming data into graphics and images.

“Visualisation is one of the AI cornerstones, allowing highlighting of trends, a view of different dimensions – using these slices of a story can be really powerful.” This could mean picking up on a particular topic, such as geography or revenue, held within the data and using it graphically within a report or presentation.

Accountants can now harness the power of data visualisation through software solutions says Cran: “We’ve all heard ‘a picture is worth a thousand words’ and visualisation allows collaboration between people in different functions. Finance is the custodian of financial data, but they will be able to share knowledge easily with others.”

It means informed decisions can be made on the presented financial insights, driving success.

Financial data might pose challenges in interpretation; however, “visualisation will serve as a unifying factor for individuals from diverse backgrounds. It embodies a more comprehensive approach to collaboration, inevitably resulting in more judicious decisions throughout the organisation,” Nasir affirms.

Cran points out that visualisation tools such as Tableau, Qlik and Power BI can be used through an OData connector, while AccountsIQ are currently working on an embedding project.

Cran suggests that the present is the opportune moment to move away from analogue practices. “In a digital-first environment, content originates digitally, ensuring secure storage and sharing,” while the utilisation of APIs facilitates secure interconnectivity and data exchange between systems.

He goes on to elaborate that an increased adoption of crypto accounting software is on the horizon. “As the global landscape leans more towards digital domains, obstructions are being dismantled. Enterprises will remain perpetually interconnected and automated, with technology overseeing transactions. Settlements will be autonomously managed – individuals won’t need to allocate time to debtor records and invoicing,” he adds.

AccountsIQ already produces machine learning solutions that facilitate automation, and as Cran points out, AI takes this a step further, allowing more advanced work such as scenario planning.

Cran adds that the arrival of quantum computing will also be a transformation as it is vastly more powerful.

Even so, there remains concerns about AI and the ethics that surround it.

Cran emphasised the importance of maintaining a balanced perspective, given the robust regulations governing finance. He remarked, “A majority of finance teams already uphold strong ethical standards, and a substantial degree of self-regulation is in place.”

However, the inquiry into whether AI disproportionately benefits larger organisations emerges. Cran contends, “Despite ongoing price reductions, it remains imperative to opt for tools that align with your specific needs and are not overly extravagant, considering the scale of your data. Ultimately, the objective is to release individuals for tasks of higher value.”

The issue of potential job displacement due to AI also warrants attention. Cran recalls an address by Mark Carney, the former Governor of the Bank of England, reflecting on the onset of the fourth industrial era. Recognising our present position in the data era, Cran underscores the undeniable impact of AI on the financial services sector. Carney shared the perspective that while such changes could indeed lead to job reductions, they will concurrently foster the emergence of numerous fresh prospects. Those receptive to retraining will find promising outcomes within this evolving landscape.

Watch the full webinar here.