My 3 interesting things for you this month…
1. AI in Finance: Microsoft has announced Spreadsheet LLM
Since I started talking about Copilot, one thing keeps coming up… Will we really be able to get AI to use our spreadsheets in the way that we do today – i.e. someone’s brain in a messy excel 🙂 Well, there is now progress on that front!
Microsoft recently announced a groundbreaking AI system, Spreadsheet LLM, you can read about it here. It isn’t available as a product just yet, but the potential implications for finance professionals are huge.
Spreadsheet LLM is a large language model tailored specifically for spreadsheets, designed to make it easier for us to extract accurate insights from complex datasets.
What are large language models (LLMs) and why should finance people be using them?
They are advanced AI systems trained on vast amounts of text data to understand, generate, and predict language-based patterns. This means they can perform complex language tasks and understand context – which is actually what most spreadsheets need! We think of them as numbers problems, but they’re actually words, data and patterns problems.
Here are a few ways I can see Spreadsheet LLM being super relevant for finance teams:
1. Enhanced data analysis: Finance professionals rely heavily on spreadsheets for data analysis, forecasting, and reporting. Spreadsheet LLM could significantly reduce the time spent on data manipulation, allowing finance teams to focus on higher-value tasks such as strategic planning and decision-making.
2. Improved accuracy and insights: Using AI to interpret data, Spreadsheet LLM can help uncover patterns and insights that we lowly humans may not always see straight away. This can help us to create more accurate financial forecasts and facilitate better-informed business decisions.
3. Streamlined workflows: With AI handling repetitive and time-consuming tasks, we can free up time for more strategic activities, like advising business partners and exploring new growth opportunities.
4. Future skill development: As AI tools like Spreadsheet LLM become more common, finance professionals will need to adapt by developing new data science and AI skills (if you’ve been here a while you’ll know I’ve been banging on about this for ages!). If you can get to grips with technology early, you’ll have a competitive advantage and can open up new career opportunities.
It might be a few years before this is commercially available, however, we need to keep an eye on its development and more broadly, how AI-driven tools can be integrated into our workflows.
I’ll keep you updated with anything else I hear on this!
2. Learning how to learn: The power of meta-learning frameworks
Our ability to learn quickly and adapt to new challenges is more important than ever – the speed at which things change just keeps getting quicker!
This is where meta-learning frameworks come in. They give a structured approach to learning that helps individuals and teams to excel in their roles.
Meta-learning, or “learning how to learn,” means understanding and mastering the strategies that make learning itself more effective.
By developing a meta-learning framework, we can identify and enhance the skills that allow us to absorb information faster, apply knowledge more efficiently, and ultimately generate a greater impact in our work.
Here’s an example of a meta-learning framework I developed at the start of my coaching journey.
It focuses on four main areas: Learning, Productivity, Communication, and People – with skills in each area that help drive personal and professional growth.
I would probably add a whole section around AI in executing and tools, and list some of the items at a higher level (e.g. Q12 Gallup should probably be Psychological Safety), but the point is, a good framework should 90% hold up over time.
Here’s why you should give meta-learning frameworks a go:
Structured learning: Meta-learning frameworks provide a clear roadmap for developing essential skills. They help you identify what you need to learn and the best way to do so, so your learning process becomes more efficient and less overwhelming.
Tailored skill development: By categorising skills into specific areas, frameworks allow you to focus on the most relevant skills for your role and career goals.
Become more adaptable: As the workplace continues to evolve, being adaptable is key. Meta-learning encourages continuous skill development, so you (and your team – using their own frameworks) can be flexible and respond well to new challenges and opportunities.
As we consider the future of work, investing in a meta-learning strategy for your team can be one of the most impactful things you can do for both individual and organisational success.
Let me know if I can help with this!
3. ICAEW CPD: Don’t forget your ethics!
As we approach the end of the CPD year (31st October), ICAEW members now need to ensure they have fulfilled their requirements under the updated approach.
There’s an added emphasis on ethics training, which is mandatory for all members – but you may have missed it!
Let’s dive into the key CPD requirements you need to know:
1. Ethics training is a mandatory requirement
Since the requirements were updated 1 November 2023, all ICAEW members must now complete at least one hour of ethics-focused CPD every year. This requirement applies to everyone, regardless of industry, role, or level of responsibility. If you haven’t started yet, now is the time to focus on getting it done.
Key resource: ICAEW Ethics Course
The ICAEW offers a comprehensive online course that provides up to 12 hours of verifiable CPD. This course is designed to help you apply the ICAEW Code of Ethics to real-world scenarios, ensuring that your decision-making is informed and ethical.
2. Determine your CPD hours
ICAEW has categorised professional roles into six categories, each with specific minimum CPD hours. Members need to identify their category to understand their exact CPD requirements.
The default category (Category 3) has the lowest requirements, but ethics training remains a key component across all categories.
3. Document and verify your learning
To ensure you have everything you need to verify your CPD activities, document it all, including the hours spent and learning outcomes achieved. You can use certificates of completion, reflection statements, or attendance records for verification. Proper documentation will help you in case of audits and also for you to keep track of your own professional growth.
Remember: The CPD year runs from 1 November to 31 October, so make sure you complete your requirements by the deadline.
For more on this, you can read my guide to the ICAEW CPD requirements here. Remember that coaching counts towards it too! So get in touch if I can help support you with it.
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