Ramy Nassar on turning insights to impact
CPA Canada sat down with Ramy Nassar, founder of 1000 Days Out and author of the upcoming AI Product Design Handbook. With nearly 25 years experience in technology and as former Head of Innovation for Mattel, he leads presentations and workshops focused on AI and emerging technology & disruption and strategic foresight with organizations around the world. He is a keynote speaker at The ONE conference on Sept. 10 and 11.
CPA Canada: You speak about the role of strategic foresight. What recommendations do you have about the unique role CPAs play within organizations and how they can implement this type of process into the businesses they support?
Ramy Nassar: CPAs have a unique vantage point within organizations due to their access to comprehensive financial data and insights. This positions them perfectly for leveraging strategic foresight to anticipate future trends and challenges. To implement strategic foresight, CPAs should cultivate a forward-thinking mindset, integrating data analytics and scenario planning into their workflows. By regularly engaging in horizon scanning and trend analysis, they can provide actionable insights that inform strategic decision-making. Encouraging collaboration across departments ensures that the foresight process is holistic, ultimately driving long-term value and resilience for the businesses they support.
CPAC: Are there ways that CPAs or financial professionals need to be protected from AI? How do you balance the rate of rapid adoption and advancement with the need for governance and regulation in the space?
RN: Protecting CPAs from the potential pitfalls of AI involves a combination of education, ethical standards, and regulatory frameworks. CPAs should be well-versed in AI technologies to understand both their capabilities and limitations. This knowledge empowers them to make informed decisions about AI adoption. Balancing rapid AI advancements with governance requires proactive engagement with regulatory bodies to develop guidelines that ensure transparency, accountability, and fairness. Establishing robust data governance practices within organizations helps mitigate risks, ensuring AI systems are used ethically and effectively, thereby protecting both professionals and the integrity of financial processes.
CPAC: This year’s theme of The ONE is “Insights to Impact,” which speaks to taking ideas and theories and making them practical and implementable. How do you turn insights into impact?
RN: Transforming insights into impactful actions involves a structured approach that CPAs are well-equipped to facilitate. By leveraging their analytical skills, CPAs can translate complex data into clear, actionable strategies. The key is to focus on practical applications that drive measurable outcomes. This can be achieved through continuous learning and adaptation, ensuring that theoretical knowledge is grounded in real-world applications. Additionally, fostering a culture of innovation within the organization encourages the practical implementation of new ideas, ultimately leading to sustained business growth and success.
CPAC: What kind of AI training would most help today’s CPAs?
RN: Today’s CPAs would benefit from comprehensive AI training that covers both foundational knowledge and practical applications. This includes understanding machine learning algorithms, data analytics, and automation tools. Training should also focus on ethical considerations, data privacy, and the regulatory landscape to ensure responsible AI use. Hands-on workshops and real-world case studies can provide CPAs with practical experience in applying AI to financial tasks such as fraud detection, predictive analytics, and process automation. By gaining proficiency in these areas, CPAs can enhance their strategic value and drive innovation within their organizations. The increased availability and accessibility of these tools also makes it easy for CPAs to experiment with AI-driven tools (such as ChatGPT, Co-pilot, DALL-E, etc.).
CPAC: Describe the future work of CPAs using AI applications.
The future work of CPAs will be significantly enhanced by AI applications, further transforming their roles from traditional “number-crunching” to strategic advisory. AI will automate routine tasks such as data entry, reconciliation, and basic analysis, freeing up forward-thinking CPAs to focus on higher-value activities. They will leverage AI-driven insights to provide deeper financial analysis, risk assessment, and strategic planning. CPAs will also play a critical role in ensuring the ethical use of AI, overseeing data governance, and maintaining compliance with regulatory standards. This will continue to shift the position of CPAs as pivotal advisors in driving business strategy and innovation, ensuring they remain indispensable in the evolving financial landscape.