How finance is important in the age of social media and AI

In this episode of the EY Better Finance podcast, host Myles Corson is joined by Tom Hood, Executive Vice President of the American Institute of Certified Public Accountants (AICPA).

An early adopter of social media, Tom reveals how it has helped him engage with a new generation of finance professionals. Also, he provides advice for CFOs considering venturing into the world of social media.

The episode also explores Tom’s work with the AICPA and the future of the Finance Leadership Group — a community of senior finance leaders who meet to discuss major issues and the future of the industry.

Tom discusses how new technologies, such as artificial intelligence (AI), are beginning to have a significant impact on the finance profession. And how these new technologies could help finance teams to focus more time on adding value across complex finance matters. This is achieved by reducing the amount of resources needed to complete simple and repetitive activities.

The episode explores how mastering these new technologies could lead to the reverse mentorship, in which seasoned financial professionals could benefit from the capabilities and experiences of their younger counterparts. This collaboration with other departments and age groups could help financial professionals widen their perspectives and skill sets at all levels.

Key takeaways:

• Social media can be an important tool for finance leaders, and can help them communicate their vision and learn from others’ experiences.
• Finance professionals should look to develop a deeper technical skill set.
• Cultural transformation is occurring where finance works closely with other departments to create value.
• By engaging AI and new technologies to help automate repetitive tasks, finance teams can focus on more complex areas and deliver more strategic value to the business.

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