5 must reads for the weekend

We keep our ear to the ground for the interesting stats, insights and discussion points you need to feel in the know. 

1. AI unleashed 

As we stand on the brink of a new era, the promise of AI to boost productivity and reshape investment landscapes is undeniable. Yet, the bounty of these technological marvels won't be spread evenly, with Western Europe poised to capture the lion's share of benefits. Investment trends indicate that Western Europe's current AI adoption rate could surge, contributing to GDP growth and signaling a transformative era for businesses where AI becomes a strategic imperative. Meanwhile, the labor market is anticipated to undergo a transformation, with GenAI affecting skilled occupations that involve pattern recognition and decision-making. The adoption of AI is more likely to lead to job evolution rather than displacement, emphasizing the creation of roles that require human creativity and social skills. Regarding inflation and interest rates, a slight increase is anticipated, particularly in Central and Eastern Europe, due to a modest excess of demand over supply. From micro-level changes to macroeconomic shifts, GenAI is shaking up these areas... 

How GenAI will help shape the global economy  

2. Tomorrow’s workforce

Speaking of GenAI’s impact on job evolution, the success lies in the balance between the art of change management and the science of user experience design. Change management starts with establishing awareness. Users need education, motivation and relevant examples to build the habitual use necessary to harness GenAI’s full potential. Then comes clarifying governance. To avoid misunderstanding or misuse, you've got to be clear about the rules — like who can use it, for what, and when. Next, employees must learn to interact effectively with GenAI tools. This involves mastering prompt engineering — a blend of communication protocols that can be both intuitive and unnatural. The goal is to transition from search-style thinking to conversational engagement. Lastly, data curation is a significant challenge. The success of language models in providing insights depends on the availability and quality of data, which necessitates a commitment to diligent data management and the development of customized solutions. For GenAI to be embraced at an organizational level, it must be designed with the end-user in mind.  

Combining user experience and change management for effective generative AI adoption  

3. Silver lining

While IPOs took a 14% dip in volume and a 35% drop in proceeds, there's a silver lining with Q3 outperforming the year's start. The Americas and EMEIA are the comeback kids, showing some serious moxie in the face of market jitters. And get this: EMEIA's IPO proceeds have soared by 45% from last year. That's not just a rebound; that's a slam dunk in tough times. With interest rates taking a backseat, get ready for a new set of drivers shaping the IPO roadmap. The US market is flexing its muscles, showing a record value gap with China, while cross-border listings are making waves, hinting at a landscape where borders are just lines on a map… 

How can you shape your IPO wih confidence?  

4. Counting on controllers

The financial controller is stepping into the spotlight, no longer just the guardian of compliance and efficiency but now a driving force for innovation and growth. You may be wondering, what even is a financial controller? They typically hold a position one step below a CFO (Chief Financial Officer) in a company's financial hierarchy, focusing more on day-to-day accounting and financial reporting. Controllers are transforming into strategic co-pilots, navigating businesses through the complexities of the modern landscape with a blend of traditional sharpness and cutting-edge tools like AI. With 86% of controllers expecting their roles to evolve significantly, the journey from value protection to value creation is well underway. Embracing AI, data analytics, and sustainability, they're poised to become indispensable strategic advisors and partners to the CFO. As controllers evolve, they're not just eyeing the CFO's chair; they're crafting a new vision for finance leadership… 

How can the financial controller transform to shape the future witth confidence?   

5. A twist on tax

GenAI is not just knocking on the door; it's kicking it down, ready to revolutionize tax and finance functions like never before. With a staggering 87% of professionals acknowledging GenAI's potential to turbocharge efficiency and effectiveness, it's clear we're witnessing a seismic shift from skepticism to optimism. Gone are the days when only 15% believed in its impact. This change in attitude signals a departure from traditional methods to a future where managing budgets, navigating talent shortages, and tackling data strategy challenges could become smoother with GenAI's integration. As we stand on the brink of this transformative era, the question isn't if GenAI will become integral to tax and finance functions, but how quickly and effectively businesses can adapt to harness its full potential...

How will GenAI shape tax and finance transformation?  

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