Workshop – Navigating Technological Change
Navigating technological change, especially the integration of artificial intelligence (AI), presents a formidable challenge and an extraordinary opportunity for the finance industry. The rapid pace at which AI technologies are evolving and being adopted has set the stage for profound transformations across all sectors of finance.
In this session, GrowCFO’s lead professional mentor Catherine Clark and seasoned CFO Vineta Bajaj discussed the impact of technological change on the finance industry, as well as the importance of supporting finance leaders through change. They also discussed challenges and opportunities of implementing AI in the workplace, emphasizing the need for effective communication and dedicated project management. Further, they covered the importance of tracking and validating the benefits of financial process improvements, and using tools like Airtable to streamline processes and improve productivity.
Here are the highlights:
- Discussions around change management challenges like resistance to change and fear of the unknown when implementing new technologies
- Importance of understanding individual beliefs and facilitating positive behavior change by addressing emotions around technological advancement
- Common issues like lack of training, overwhelm, and change management skill gaps when navigating technological changes
- Examples of measuring finance team efficiencies using KPIs like OCR scanning accuracy, manual journals, and invoice processing metrics
- Tips for celebrating successes throughout a project instead of just at the end, like recognizing weekly milestones
- Importance of acknowledging individual efforts to improve morale and reduce stress during periods of change
- Advice to think like “lazy people” to unlock a change mindset and find ways to streamline processes
- Tools mentioned for project management of smaller changes, like Airtable for task tracking and integration with communication channels
Responses