CEO's Message Survey: Is AI Transforming Our Industry?—Third Quarter 2024
Survey: Is AI Transforming Our Industry?
Parnell Black, MBA, CPA, CVA
NACVA's Chief Executive OfficerArtificial Intelligence (AI) is undoubtedly the most transformative development in the world of technology since the invention of the internet. And like it or not, it cannot be ignored. I remember when the internet/web were just coming to being where it became almost instantaneously obvious that if we do not jump on this ship, and soon, we would be left in the dust. At that time, practically no one, our members nor our competitors, had a website, but two years later, they all did.
I have always believed it wise to embrace new technology early on, but not so early that we were paying premium prices to essentially be a Guinea Pig. Though I look at technology as both a blessing and a curse. The blessing side of the equation is obvious—efficiencies, communication, quality, convenience, etc. The curse side of the equation is not so obvious because it is the antithesis of all the blessings. For example:
- Efficiencies—I could give you example after example of how we have spent dozens to hundreds of hours trying to get a software application to handle certain routines and functions which could have easily been handled with Excel.
- Communication—This has become so easy that now we are inundated with hundreds of communications a day, coming at us through many platforms—e-mail, Teams, Asana, texts, LinkedIn, etc., that managing and tracking this has become a nightmare. Sometimes I think things were much more effective when you simply picked up the phone or knocked on someone’s door.
- Quality—Between glitches in software programming and the mixed messaging brought about by so many channels of communication, I am not sure I can say quality is better today than 20 years ago, albeit thank goodness for spell-check.
I could go on and on, but you get my drift. To reiterate, technology cannot be ignored even if your purpose is as basic as “keeping up with the Joneses” because no one wants to be viewed as a dinosaur.
AI is here to stay and will soon permeate every aspect and corner of our lives. It is NACVA’s intention to stay ahead of the AI curve and be proactive in this realm on behalf of our members and the professions we support. In that vein, earlier this year we established NACVA’s Artificial Intelligence and Machine Learning Commission (AIMLC or Commission), the industry’s first body of this type to be forward thinking in addressing the needs and wishes of our membership related to AI, keeping NACVA at the forefront of leadership in the valuation and financial forensics professions. The Commission is comprised of two representatives from each of the following four NACVA Boards who, for various reasons, have a keen interest in the AI revolution: the Leadership Initiative Board (LIB), Standards Board (SDB), Ethics Oversight Board (EOB), and Executive Advisory Board (EAB).
You will be hearing much more from the Commission as they have been very active since their inception last March. Later this year, we will roll out an AI information library known as “AI Data University™”. To help the Commission wrap their arms around the AI experience as seen in the eyes of our membership, they have a simple 10-minute (25-question) AI and Machine Learning Action/Implementation Survey for which we would deeply appreciate your feedback.
Please complete the survey here by Friday, October 11, 2024, for which you will receive as a gift from NACVA a $25 American Express gift card to use as you like.
Thank you,
AI is here to stay and will soon permeate every aspect and corner of our lives. It is NACVA’s intention to stay ahead of the AI curve and be proactive in this realm on behalf of our members and the professions we support. In that vein, earlier this year we established NACVA’s Artificial Intelligence and Machine Learning Commission (AIMLC or Commission), the industry’s first body of this type to be forward thinking in addressing the needs and wishes of our membership related to AI, keeping NACVA at the forefront of leadership in the valuation and financial forensics professions. The Commission is comprised of two representatives from each of the following four NACVA Boards who, for various reasons, have a keen interest in the AI revolution: the Leadership Initiative Board (LIB), Standards Board (SDB), Ethics Oversight Board (EOB), and Executive Advisory Board (EAB).
You will be hearing much more from the Commission as they have been very active since their inception last March. Later this year, we will roll out an AI information library known as “AI Data University™”. To help the Commission wrap their arms around the AI experience as seen in the eyes of our membership, they have a simple 10-minute (25-question) AI and Machine Learning Action/Implementation Survey for which we would deeply appreciate your feedback.
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For those of you keenly interested in AI and have been tracking developments and building your own AI library, we would love to have you join our AI Data University Beta Test and Development Team. Your contributions to the library will be rewarded. Our goal is to have a robust library before we roll this free service out to our membership. To join, send an e-mail of interest to MelissaC1@NACVA.com. |
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Please complete the survey here by Friday, October 11, 2024, for which you will receive as a gift from NACVA a $25 American Express gift card to use as you like.
Thank you,
Parnell Black, MBA, CPA, CVA
Chief Executive Officer, NACVA
Chief Executive Officer, NACVA
