2024 was dominated by emerging technology – creating and optimizing business value by leveraging GenAI. But technology was not the only story of 2024. Humanizing work also became a top headline, as organizations concluded technology was only as valuable as the skillsets of the people behind it.
A renewed focus on upskilling, especially in the areas of leadership, critical thinking, data analysis and collaboration, and creating communities of learning gained broader attention among organization leaders. Amid a talent crunch, employers considered what they could do to retain talent and maintain a competitive advantage. Sustainability also remained a concern, as senior leaders continued to factor climate change into strategic planning.
Here is a breakdown of the top five trends shaping the accounting and finance world:
AI generating real value for businesses and innovating how they work.
According to McKinsey, this year, businesses learned how to truly derive value from generative AI. This comes as 83% of companies rank innovation as a top priority, according to the Boston Consulting Group. AI enables on-demand actuals and forecasting, changing how accounting and finance professionals look at time-bound processes like the financial close.
Aligned with this trend, IMA’s year kicked off with our AI research study, “The Impact of AI on Accounting and Finance” in early 2024 as well as the launch of our eLearning course, “Accounting in The Age of Generative AI.” This year, we also hosted a four-part webinar series, “The Power of AI,” the most well-attended IMA webinar series in IMA’s history and devoted a full day at our Annual Conference to a deep dive in AI.
IMA understands that no accounting and finance professional can stay competitive without deep knowledge of how to leverage AI for enhanced productivity and accuracy.
Professionals need a broader range of skills and a new mindset towards lifelong learning, enabled by specialized communities.
As roles for accounting and finance professionals grow more complex, the skills needed for staying relevant in the profession are expanding. Acquiring these skills takes the support of a community like IMA. This year, IMA rolled out resources to help with building a community of learning. We launched online communities based on shared interests to foster collaboration between professionals from different geographies and backgrounds.
Nowhere is community more evident than in our chapters and councils, supported by more than 3,500 IMA volunteers. Chapters and councils organize educational and networking events and serve as the boots on the ground for the IMA organization. We also have built a strong sense of community around our annual Student Leadership Conference and our Women’s Leadership Summit. These annual events are some of our most well-attended and relationships made at them last a lifetime.
Employers know that to stay competitive and retain talent, they must offer relevant training to employees at work.
With a pronounced talent shortage in accounting and finance, employers know they must offer employees relevant training opportunities, both to upskill their existing workforce and attract top talent who value learning & development. To that end, IMA launched a Corporate Membership Program, giving our organizational partners access to IMA’s products and services for upskilling their entire teams.
Through the Corporate Membership Program, employees can gain access to IMA products like the Certified in Strategy and Competitive Analysis or CSCA. This year, IMA changed the pre-requisites for the CSCA so any business professional with a bachelor’s degree can enroll and earn the certification.
We also have focused on strategic partnerships to enhance the value of IMA membership and to attract new business professionals to IMA. This year, our partners include the Maryland Association of Certified Public Accountants, the CFO Alliance, and the International Coaching Federation.
As organizations flatten, everyone needs leadership skills.
Businesses are restructuring to become flatter as noted in a recent Forbes article. In this new paradigm, everyone, from the entry level accountant to the CFO, needs to assume new leadership skills. This year, IMA expanded the ways in which anyone can gain leadership skills. Leadership webinars as well as volunteer opportunities within IMA chapters and councils give IMA members an opportunity to build leadership skills in a risk-free environment and broaden their network.
Businesses are still committed to sustainability and factor in sustainability risks into strategic planning.
85% of organizations have increased sustainability investments in 2024 according to Deloitte. 70% of executives expect climate change to have a high or very high impact on their company’s strategies and operations over the next three years.
IMA offers a host of resources addressing sustainability, from the IMA Sustainability Business Practices Certificate™ to research like IMA’s new report “Why Business Sustainability Depends On Management Accountants' Competencies.” IMA believes management accountants are in a unique position to own sustainability, especially as it relates to ESG reporting and the use of AI in helping companies gather and analyze sustainability-related data.