Adrian JohnsonTLDR:
- AI technologies could bolster both the economy and employment, according to research by Demos, ACCA, and Sage.
- Widespread adoption of AI in the accountancy industry could add £2bn to UK GDP, create 20,000 new jobs, and add £238m in exports.
Artificial intelligence (AI) is predicted to drive significant growth in the professional services market, specifically in the accountancy and bookkeeping sector. Research conducted by Demos, ACCA, and Sage indicates that AI technologies could contribute to the UK economy and employment. The study shows that widespread adoption of AI in the accountancy industry could potentially add £2bn to UK GDP, create 20,000 new jobs, and increase exports by £238m.
The research suggests that while there are barriers to the adoption of AI, such as ethics, data quality, and skills shortages, many accountants and bookkeepers see AI as an opportunity for growth. Firms that deploy AI are expected to grow three times faster than those that do not, and potentially employ 10 times as many staff. However, challenges remain, such as the need for a strong ethical foundation, ensuring data quality, and addressing skills and knowledge gaps among firms.
While the potential for AI in the professional services market is promising, it also raises questions of trust and accountability. Firms will need to establish ethical principles for the use of AI, ensure trust in the accuracy of AI-generated work, and address issues of liability and data security. Professional bodies like ACCA are emphasizing AI literacy among their members and promoting transparency and explainability in AI systems to maintain trust in financial information.
Overall, AI technologies have the potential to drive growth and innovation in the professional services market, but firms must address challenges related to ethics, data quality, and skills shortages to fully realize the benefits of AI.
