The FD of the future will need to know how to get things done, efficiently, but most importantly, effectively. This is because artificial intelligence (AI) will eventually provide some of the brain power that we accountants have traditionally provided. AI will be faster and more connected, in essence more efficient. We FD’s must be more effective.
In a brief workshop on Wednesday, on behalf of Nat West, we addressed the importance of incorporating four key interpersonal and very human aspects that AI must match us on; Authority; Power; Responsibility; and Accountability into your business planning (and into your pitch for new business).
It is surprising how often the four words or aspects mentioned above are used in everyday language without their meaning being sufficiently understood. This can result in a lack clarity flowing through from your thoughts and intentions, and into your personal effective action; it is an even bigger gap if you fail to communicate to your team. Don’t let AI beat you.
We discussed how whilst each of the four need to be in alignment, they are often in conflict or there are barriers that need to be breached. If not, you and your team may fail.
However, this team got into groups, mixed themselves up and collaborated to support each other successfully and quickly shape their new approach. These are the skills we FD’s will need in the future.
By the way we defined:
- Authority as the right to take action
- Power as the ability to take action
- Responsibility as the obligation to take action
- Accountability as the undertaking to explain the effects of the action