Last updated: 12 Aug 2024 12:00 Posted in:
Fear that artificial intelligence (AI) will decimate accounting and finance roles are not being borne out by recent research highlighting its potential to boost productivity and create new and different roles.
Research by investment bank Evercore and start-up consultants Visionary Future found that over the next five years AI adoption in the US is expected to reach 67%, meaning that by 2028 Generative AI (GenAI) will be able to do 21% of each job’s function across the whole US economy.
Their analysis of 160 million US jobs revealed that service sectors such as accountancy and finance are particularly vulnerable to disruption by AI, and yet full job replacement was unlikely.
Rather, the study found that “effective implementation of AI could enhance efficiency in the service sector, which has historically been difficult to automate”.
Michael Robert, an AI expert at gaming firm GTA Boom, said: “While visions of intelligent algorithms totally replacing humans may seem straight out of a sci-fi blockbuster, the reality is far more nuanced. In my experience, AI is more likely to augment professionals rather than completely automate them out of a job.”
AI tools at accountancy firms and financial institutions are already streamlining financial tasks, he said. But Robert added that these tools still lack contextual judgement. “Only a flesh-and-blood fraud expert has the nuanced critical thinking skills to investigate whether a crime actually occurred.
“While machines are wizards at spotting patterns, human oversight is still the secret sauce. It’s true that AI enables more efficient financial reporting and analysis. However, the key decisions based on those insights still require human expertise,” he said.
"It’s true that AI enables more efficient financial reporting and analysis. However, the key decisions based on those insights still require human expertise."
Michael Robert, AI Expert, GTA Boom