This episode features Oliver Rowe, FM’s editor-in-chief, detailing the contents of the magazine’s April digital edition.
The discussion highlights articles on artificial intelligence (AI), including one that advises how finance can steer AI adoption. Rowe also details the key points of an article on understanding and avoiding burnout and discusses April’s regular columns.
Also included: an explanation of how members can access the April digital edition as well as the issue library.
What you’ll learn from this episode:
- The edition’s focus on AI and explanation of three AI-related articles.
- Advice from regular FM writer Rhymer Rigby on avoiding burnout.
- A practical Excel article: How to create a chart template in Excel.
- The other articles in the edition, including regular columns, a Q&A with Association CEO Mark Koziel, CPA, CGMA, and Institute News.
- Ways to access the April edition.
Play the episode below or read the edited transcript:
— To comment on this episode or to suggest an idea for another episode, contact Neil Amato at Neil.Amato@aicpa-cima.com.
Transcript
Neil Amato: Welcome to the FM podcast. This is your host, Neil Amato. On this episode, we’re discussing the April digital edition with FM’s editor-in-chief, Oliver Rowe. Oliver, glad to have you back on the podcast.
Oliver Rowe: Thanks, Neil. Great to be back on the podcast again.
Amato: The cover of the April edition shows a definite focus on artificial intelligence, or AI. One article has the headline “Leveraging Gen AI to Maximise Performance”. What can readers expect from that one?
Rowe: You’re absolutely right, Neil, AI is a particular focus in the April edition. The article you mentioned, three academic co-authors carried out research sponsored by AICPA & CIMA. They looked at two types of co-creation tasks. That’s tasks that were created between people and AI together, and those two tasks are firstly where Gen AI is used as the initiator, and the second is where AI is used as the reviewer or as a feedback tool.
This experimental approach that they carried out, the participants in the experiment were randomly assigned to use AI as either the initiator or as the feedback provider. The key findings that are relevant for finance professionals are neither approach consistently outperformed the other across all metrics, The best approach, according to the authors, is to align the task at hand with the specific strengths and limitations of each type of co-creation.
Having said that, they go on to say that for tasks that are important but not central to the organisation’s core operations – for example, preparing a routine internal communication. In that case, AI is best used as the initiator. However, for core tasks that are central to your employees’ roles and the organisation’s mission – for example, strategy development or people management – it’s best to use AI as a supportive feedback tool for what we can describe as mission-critical tasks.The article also looks at workers’ sense of ownership, how people work, learn, and engage with tasks. It also looked at automation complacency when people rely too much on AI outputs and fail to review those outputs.
Amato: A lot of good information clearly in that article. Thank you for that summary. There are two others in this digital edition with “AI” in the headline. What are the specifics of those?
Rowe: Absolutely, Neil, two other articles that look at AI. First one: “Why and How Finance Leaders Need to Steer AI Adoption”. This was written by Ash Noah, a vice president at AICPA & CIMA, and Ash Noah he describes how finance leaders can support and champion transformation by adopting AI in the business, and he gives five reasons for that. It’s about business model transformation, creating a competitive advantage, efficiencies and productivity gains, improved decision-making, and risk reduction. Then Ash goes on to say that to ensure that the investment in AI delivers for the business, he says finance needs to ensure four things, really.
So, that staff are adequately trained, there’s cross-functional collaboration, investment in innovation continues – and he gives the example of companies investing in dedicated AI innovation labs – and finally, that attention is given to data quality and governance.
The second article that you referenced is about how to instil AI ethics in your organisation. This offers four steps for assessing and addressing AI ethical risk. It also takes a look at the rise of the chief AI ethics officer. And just to say a bit about that: Some companies are creating new leadership positions to ensure responsible and ethical use of AI and other tech. This article makes the point that the chief AI ethics officer should not be a lawyer but should be someone trained specifically for this role.
Amato: Also, CIMA President Simon Bittlestone has a column in this edition, as does Andrew Harding, AICPA & CIMA’s chief executive–Management Accounting. What are they writing about in this digital edition?
Rowe: We’ve got the two columns, one from Andrew Harding on enterprise risk management and how management accountants need to lead the transformation of risk oversight and management from a reactive process to a proactive strategy. Andrew describes the areas where those with the CGMA designation need to apply their skills and competencies, and all this at a time when interconnected risks are putting more pressure on businesses.
CIMA President and Association Chair Simon Bittlestone’s column is on embedding sustainability into the business. He says that those with the CGMA designation have unique expertise that can help their organisations identify and manage sustainability-related risks and opportunities. He also talks about integrated thinking and the importance of engaging and collaborating with teams across the business to deliver strategic insights.
There’s also, in the April edition, an interview with Association CEO Mark Koziel, who started his role in January this year. The interview describes how Mark Koziel strongly wants to hear from members and wants to build community within the AICPA & CIMA membership bodies.
Amato: Great. Thank you for that rundown of those columns and that Q&A with the new CEO. Another article that caught my eye includes tips to avoid burnout. What can you tell me about that article?
Rowe: Absolutely. We’ve got the article, “Tips to Understand and Avoid Burnout,” as you say. It starts off with a definition of burnout, its multiple causes, the ways to prevent it, the easy steps of exercise, good diet, and sleep, and then moves on to discuss one of the biggest drivers, the feeling that you have no control or little control in your job.
Author Rhymer Rigby, a regular writer for FM, suggests looking at unresolved issues that can add considerably to your day-to-day stress and distract you from your work. He recommends that you make a list of these issues and really dig down deep into them to try to resolve them. He says your company may also be able to help, through HR or an employee assistance programme if your company has one. This sort of programme, for example, can provide short-term counseling or other support. In addition, there’s advice if you lead a team, including how to set an example by developing a supportive culture.
Amato: That’s great. We’ve talked about AI. We’ve talked about sustainability, risk management, and now burnout. Anything else to share about the April digital edition?
Rowe: Just a couple of things, Neil, to share. We have a practical article on how to create a chart template in Excel. Also, I just like to flag up that we have Institute News, which is in every digital edition. That includes updates on issues affecting the profession and your membership.
Amato: Great. Can you remind members how they can access the current edition and also the library of past editions?
Rowe: Absolutely, Neil. As a reminder, three ways to access the FM digital editions. You can go to the FM website at fm-magazine.com and in the menu, go to “Digital Edition”. Click on the April edition and this will take you to the AICPA & CIMA website. You’ll need to log in there with your AICPA & CIMA login. Or you can go direct to the AICPA & CIMA website at aicpa-cima.com. From the main menu, go to resources and then publications, and you’ll see Financial Management magazine. Thirdly and lastly, there’s the FM email alerting members to each new edition.
Finally, Neil, feedback on the April and other editions of the magazine is most welcome, and that’s to fm-magazine@aicpa-cima.com.
Amato: That’s great. Oliver, thank you for this rundown. We are into spring. We look forward to sharing the edition and sharing this episode. Thanks again for being on the FM podcast.
Rowe: Thanks, Neil. Thank you.
