AI set to improve accountancy profession, new global survey finds
Financial professionals are optimistic about the power of AI (artificial intelligence) to improve their business processes, according to a new worldwide survey by the ACCA (the Association of Chartered Certified Accountants).
The Digital Horizons survey found that accountants identified a range of key benefits in adopting digital technologies, including AI. These include flexibility/adaptability, and quality of products and services (78%); and sustainability performance, transparency and regulatory compliance (72%).
The survey of 1,074 finance professionals from across the globe found that financial professionals see the main benefit of technology as offering efficiency/process improvements (52%).
Only 18% cited competition-related reasons, such as responding to customer demands, enhancing market insights, introducing 24/7 capabilities, or maintaining competitive advantage.
Andrew Lim, Portfolio Head, ACCA Maritime Southeast Asia, said: “Successful technology adoption is not just about implementing new systems but also about enabling people to use these systems effectively and to realise their personal benefits. Hands-on experience and training are important, and so is the ability to experiment and innovate to improve existing task loads.
“There is no panacea to improved adoption. While having the right objectives, skills and leadership are crucial, these factors do not stand alone. They must be connected within an overarching strategic vision that clearly prioritises as well as connects internal efficiency gains with more competitive and potentially transformative goals.”
The Digital Horizons report prompted a mixed response to how technology supports personal objectives. Productivity (cited by 85% of respondents), collaboration (76%) and career development (65%) were all strong, while only 30% said technology was relevant to their job security. The impact on career development was positive, with many roundtable discussions revolving around access to learning and more flexible opportunities.
Lim said: “A key strategic advantage of automation in accounting is the shift from reactive to proactive accounting. With automation, accountants can focus more closely on analysing data and providing strategic insights rather than merely recording transactions.”
He added: “As technology evolves, it is important to think beyond efficiency because the acceleration of business will also amplify demands on the finance department. It might be necessary to reconstruct tasks to genuinely harness technology as an enabler of human capabilities and a converter of value.”
Leadership emerged as a key theme in the survey. Alistair Brisbourne, head of technology research at ACCA, said: “Leadership is generally considered to be a cornerstone of successful innovation and yet it can seem quite vague as a concept when applied to digital transformation. At its core, embracing digital leadership means fostering a culture of innovation, encouraging continuous learning, and being open to change.
“When we analyse the findings, it is clear that leadership is a fundamental trait of the most innovative organisations, and this tends to coincide with greater individual confidence amongst employees. Digital leaders inspire the confidence to embrace new tools and methodologies, such as AI and advanced analytics, which can dramatically transform processes.”
Respondents to the survey demonstrated a high level of trust in artificial intelligence (AI), with 70% agreeing with the statement that ‘AI can increase the amount of time I have to focus on business-critical tasks’; only 9% disagreed, while 15% were neutral. They were less sure of the idea of AI performing business-critical tasks (50% agreeing, 21% disagreeing and 22% neutral).
Although just under one-fifth report the implementation of AI within their organisation, and another 8% are trialling initiatives, there are clearly great aspirations and a considerable opportunity to leverage these new capabilities.
Brisbourne said: “To a significant extent, AI is still thought about in terms of a gradual evolution of existing processes. From this perspective, the potential of AI is primarily in making the industry more efficient rather than thinking about how it could be fundamental to driving value related to new and existing demands.”
The survey said that finance professionals must understand the capabilities, limitations and potential applications of AI within their areas of expertise. Marrying technical skill sets with strategic understanding will be essential to harness the true potential of technologies such as AI, it said.
Lim added: “The adoption of AI increases rather than decreases the importance of experts – such as finance and/or risk professionals – to oversee critical processes and functions.
“AI may offer helpful support and productivity boosts, but it will not be able to replace the ability to think critically and take into account a broad array of contextual factors when making decisions, even when made on the basis of AI-driven insights.”
