It’s difficult to go a day without coming across an article or opinion in the media claiming that Artificial Intelligence (AI) will eliminate some employment. But would the same be true for the roles held by individuals working in the banking industry?
Technology is developing more quickly than ever, and computers are becoming more human-like in their reflexes and decision-making.
A machine named Watson defeated past quiz show winners to win a round on the American television game show Jeopardy in January.
Computers are already executing some accounting and financial tasks due to the quick speed of technological innovation.
Many different businesses are already utilising recent developments like mobile phone apps that can recognise expenses from images of source papers and instantly allocate them to the accounting records.
In reality, HMRC declared last year that it would start using AI to examine tax returns and levy fines.
Making the decision to use such technology in company requires careful planning and investigation. Management must consider the decision in the context of their specific business.
For instance, do they have the financial means to use this technology? Some software might be pricey and require high initial outlays before paying off.
Do employees want to use this technology? Staff members must regularly receive training and be adept in the use of technology if efficiency is to be maximised.
How Secure Are The Used Hardware And Software?
This is especially crucial in the present big data era, where both large and small firms face a genuine risk of data breaches, not to mention the need to comply with data protection laws.
There are certain benefits to using this technology by accountants and organisations, even though it seems likely that it will eventually replace more basic or repetitious accounting and financial tasks.
Technology will not only provide new tasks that are interpretative and less repetitive, which will increase employee work satisfaction, but it will also free up management’s time to focus on activities that produce value.
Activities that a firm might engage in to increase income (such as concentrating on new markets, goods, and clients) or cut expenditures.
Businesses will lose competitive edge if they look to the future but aren’t adaptable.
The use of robotics and other technologies is crucial as Northern Ireland businesses compete more and more globally.
Businesses and accountants should view technology as a growing opportunity rather than a danger.