Find out how the accountancy profession embracing AI technology could benefit society and give employees in the sector an instant promotion.
In the final episode of the Learn Better Podcast first series, our host Stuart Pedley Smith, Head of Learning at Kaplan, talks about AI in Accountancy and its implication on jobs in the sector.
Kaplan’s Learn Better podcast covers topical subjects to support our past, present, and future learners to succeed in both their studies and careers.
Guest Ben Grubert, CEO at Inevitable, helps break down the technological jargon that surrounds AI, and explains the benefits it can bring to the working world. Putting simply what AI is and how it works, Ben shares examples of how it can take over monotonous, repetitive tasks, and free up time for people to create value in their profession.
Together Stuart and Ben explore how AI can provide a competitive advantage to businesses and in turn open accountancy services to the masses.
I would argue that there is more room for accountancy to grow if it embraces the technology rather than runs away from it.
Key topics:
What is AI and how does it work?
Ben details how AI is the process of emulating human-like decision making in processes. This is done through algorithms which are a linear series of processes put in order to achieve an effect. In its simplest form it is a logic based, artificial way of making decisions.
The way that a knight moves in chess, two moves forward and one to the side - that’s an algorithm.
Examples of similar sectors using AI
Ben also shares how an insurance company is utilising AI to help in multiple aspects of their business, from onboarding customers using a chatbot, to a claims analysing video system helping them to automate all but the most complicated cases.
That has allowed the team to focus on creating value rather than doing the monotonous things that they repeat everyday.
What are AI's implications on jobs?
A clear theme throughout this episode is how AI can take on repetitive and monotonous tasks, but Stuart questions how this will impact jobs. Ben explains that introducing AI into Accountancy should be no different than the introduction of the calculator into banking.
AI will free up time and allow employees to focus more on other more complex tasks that need a human touch. In essence giving employees the opportunity to step up into the roles where they are spending more time on valuable tasks than repetitive tasks.
AI will give everyone a promotion into the role they should be doing, not the one they are doing right now.