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A study by Sage that identified how 83% of clients would like their accountants to extend their services has seen 50% of accountants looking to solutions like AI to allow them to free up the necessary time to do so.
With accountancy clients looking for consultancy and advice (42%) as well as traditional services, half of the 3,000 accountants involved in the Sage study appear to be happy to consider AI and automation technology solutions to handle the workload of repetitive tasks such as number crunching, data entry and diary management.
The president of AI at Sage, Kriti Sharma, has been reported as having recognised that although AI is currently viewed as an automation tool by accountants, more are likely to invest in AI in the coming years as an important, lower cost way to scale their operations.
For example, AI could be used to review millions of transactions and spot anomalies, and even make recommendations. This would normally be something that would be done manually. AI could, therefore, significantly decrease costs and make accountants more time-rich, thereby enabling them to develop and sell new services.
Accountancy is certainly not the only industry beginning to realise and unlock the potential of AI. For example:
The adaptability and capacity of AI to learn and tackle even complicated tasks (in April last year an AI program beat the world’s leading poker players in a 5-day competition), means that it has huge business potential. Deploying AI e.g. to tackle repetitive tasks and free-up time in accountancy is just another example of how this technology can be used to add value, save costs, help meet changing customer needs, allow the cost-effective scaling of businesses, and improve competitiveness.
Even though AI appears to be advancing at a fast rate, we really haven’t seen anything yet as regards its true potential.