How to stay in the driver’s seat when it comes to AI
Episode 6 of the Foresight: The CPA Podcast podcast, hosted by CPA Canada, titled "How to stay in the driver’s seat when it comes to AI" was published on April 11, 2022 and runs 22 minutes.
April 11, 2022 ·22m · Foresight: The CPA Podcast
Summary
In this episode, we're asking how AI can help CPAs make smart decisions about capital allocation?
Episode Description
In this episode, we're asking how AI can help CPAs make smart decisions about capital allocation? One area that is notoriously difficult to analyze is marketing.
Making smart decisions about marketing expenditures can be challenging because the correlation between marketing investment today and the long-term impact on financial results in the future is not obvious.
AI can help fill in this gap between decisions today and results months or years in the future.
Our first guest Dave Bunce is the CEO of Morphio, a company that uses A.I. to analyze the effectiveness of marketing investments. He says AI is valuable to CPAs because,
“It puts CPAs in the driver's seat of having access to information and insights they otherwise wouldn't have had, and that can apply across functions and across stakeholders.”
Our second guest looks at what CPAs need to do to ensure they remain in the driver’s seat and not become a passenger. Mario Malouin is a professor at the University du Québec de l’Outaouais and a member of the IEEE SBA Technology Experts Group. He breaks down the many steps CPAs need to take to feel confident in the data that they're getting from AI.
He says CPAs need to do more than examine what is the source of the data, how the algorithm has been trained, how it has been tested, and how it has been deployed in real life.
“You need to zoom out and understand what is the task you want to give to what I call those intelligent agents. And this is key.”
If you're interested in learning more about CPA Canada's Foresight Initiative, click on the link below.
Key Moments:
02:50 Dave Bunce describes a case study where his team analyzed the impact of marketing decisions on revenue.
06:50 Mario Malouin breaks down the steps CPAs need to take to ensure they remain in the driver’s seat with AI.
08:50 Mario describes the discussion CPAs need to have with their supplier of AI to feel confident it is the right tool for the right job.
12:27 How CPAs can choose between the various suppliers of off-the-shelf AI solutions.
18:55 How CPAs need to develop guiding principles like integrity or inclusion before embarking on any AI-enabled journey.
Links:
To learn more about Foresight: The CPA podcast or CPA Canada's Foresight Initiative visit:
CPA Canada's Foresight Initiative
- Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect that of CPA Canada.
- Avertissement : Les opinions et les points de vue exprimés dans cette série
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