The Impact of AI.

• Author: Pugliese, Anthony
• Position: In My Opinion

In my opinion, artificial intelligence (AI) will have a profound impact on the accounting and finance profession within the next 10 years. What do I mean by AI? PwC broadly defines AI as "a collective term for computer systems that can sense their environment, think, learn and take action in response to what they're sensing and their objectives."

AI will disrupt many of our profession's models, while overturning or marginalizing many others. The profession must be more proactive with respect to AI and increase its competencies around the use of such advanced technologies. Newly minted CPAs must enter the workplace with AI skills and knowledge about how it can be leveraged in their roles.

According to Robert Half's Jobs and AI Anxiety report, "while managers expect they will have to learn new skills to manage new technologies, many view AI and robotics as helpers and opportunity-makers."

In other words, they do not see these technologies replacing the workforce; rather, they see them as bringing opportunity to the workforce by helping them to be more productive, efficient and strategic.

Amidst growing business complexity and competition, CPAs must expand their knowledge to remain relevant in the future--and the present. Why? Because AI is already having a significant impact on business and society. So grab your virtual or augmented reality goggles and take notice. AI can assist the profession as a neural-net. algorithm powered co-worker to analyze data, uncover hidden patterns and correlations, make decisions, predict actions and influence strategy. All while making a positive contribution to society and the bottom line.

What is our profession's role in this opportunity? We can ride the AI wave and be fully engaged, or we can let that wave pass by, risking our future relevance, value and role as trusted business advisors and protectors of the public interest. This may be a little exaggerated, but it makes my point: Start learning about AI in accounting and finance NOW! Anticipate how AI will impact the sendees you provide, the skills you will need, the actions you will perform and the value you will deliver to clients or employers. This will help you build a foundation today that will better position you in the near future.

We're not only talking about automation here. Yes, robotic process automation (RPA) is being used in accounting and finance, but AI encompasses so much more and firms should be cautious jumping into AI technologies before...