Bonus episode #96: This episode delivers a concise, actionable guide to the three most crucial learning priorities for finance leaders in the coming year: 1) using artificial intelligence to elevate your analysis, 2) performing a sensitivity analysis to make better strategic decision, and 3) applying financial risk management.
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4. LinkedIn: stephenjmclainiii
For more resources, please visit Finance Leader Academy: financeleaderacademy.com.
Episode Transcript
Hi. This is Stephen McLain of the finance
leader podcast. This is bonusepisode number 96 we are into
September now, which means weare getting closer to cooler
weather and autumn conditions. Ilove the fall. The leaves turn
color. The weather is milder. Westart to eat more comfort food,
and most of all, it's theAmerican football it's football
(00:23):
season. I am very excited thisweek. I wanted to briefly share
what I think are the learningpriorities for the upcoming
year. I want to highlight a fewtopics to add to your individual
development plan and for earningCPEs. Here are my three learning
priorities for the next year.
The first is about implementingartificial intelligence
(00:45):
ethically and effectively intoyour processes. I would focus
first on learning how tointegrate AI into your
forecasting and predictiveanalytics. I would expect that
any AI tools you have areintegrated into the finance ERP
you are already using, or maybeit might be an internal AI tool
that your company has approvedbefore you use AI. If your
(01:08):
company doesn't have an approvedAI solution, please ask what the
options you can safely use. Thetakeaway is to figure out how AI
can elevate your analysis, notreplace it, and how AI can help
you lead a process even better.
The next topic to learn is howto perform a sensitivity
(01:31):
analysis on your strategicdecision making recommendations.
Sensitivity analysis is apowerful tool to help
organizations understand howchanges and key assumptions
impact financial and operationaloutcomes by adjusting variables
such as pricing specific costs,interest rates or market growth,
(01:53):
leaders can evaluate potentialrisks and opportunities before
committing to that decision.
This approach highlights whichfactors have the greatest
influence on performance andallows management to prepare
contingency plans for differentscenarios, ultimately,
incorporating sensitivityanalysis into strategic planning
enables more informed datadriven decisions, reduces
(02:17):
uncertainty and strengthens anorganization's ability to adapt
in the business environment thatwe see now. And finally, the
last topic is risk managementlearning financial risk
management is essential forfinance and accounting
professionals, because it'llhelp develop the skills to
identify, assess and mitigatepotential threats that can
(02:40):
impact an organization'sfinancial stability and long
term success. By mastering riskanalysis, professionals can
anticipate potential losses,protect company assets, optimize
capital allocation and improveoverall financial performance. I
covered risk analysis in mysummer audit series. If you
(03:00):
missed those episodes, please goback to listen. They will
definitely help you. These threelearning topics go together
perfectly as you continue toimprove your abilities as a
finance leadership professional,we need to address growing our
skills in adopting artificialintelligence, strategic decision
making and financial riskmanagement. Season number 21 of
(03:22):
the podcast begins soon. I'mgoing to bring topics to help
you in improving your processesand financial planning and
analysis and in accounting. Ican't wait to share. Have a
great rest of your week. Thankyou. You.
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