Call for faster adoption of AI in finance

Research from Reed Accountancy & Finance shows just 4% of finance professionals are implementing AI systems

The uptake of artificial intelligence (AI) must improve if companies are to stay competitive and attract the next generation of talent, says Reed Accountancy & Finance, following research showing just 4% of businesses have implemented AI systems for finance professionals to use.

The recruitment specialist polled more than 600 UK finance professionals about the effects of AI on the workplace. A third (32%) said they believe AI will improve productivity and efficiency, by having the capabilities to report and summarise accounts, while almost half (47%) of finance professionals are enthusiastic about AI in the workplace and willing to embrace new technology.
However, concern that AI will lead to job losses still remains, with more than a third (35%) believing that this revolution will lead to cost cutting and redundancies.


Rob Russell, director of Reed Finance, said: ‘The capabilities of AI will allow organisations to increase efficiency and work to capacity, whilst also relieving employees of simple administration duties. To keep competitive in the UK and across the globe businesses must invest in AI.
‘Whilst AI and robotics will naturally replace some roles, it’s important to remember that more roles will be created. Humans will always be required to operate this innovative and complex technology. Finance professionals can future-proof their skills by focusing upon business partnering and developing commercial value.’

 

Reported by Pat Sweet

Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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