New report reveals AI’s influence on accounting and finance worldwide.

TLDR:

• IMA publishes report on the global impact of AI on accounting and finance professionals.
• The report outlines challenges, prerequisites, and strategies needed for successful AI integration in organizations.

IMA® (Institute of Management Accountants) released a report titled “The Impact of Artificial Intelligence on Accounting and Finance: A Global Perspective.” The report highlights the importance of embracing AI to empower accounting and finance professionals in data analysis, forecasting, and decision-making. While AI won’t replace human expertise, professionals need to focus on technology proficiency, data analytics, and collaboration. Organizations must foster human-machine collaboration, upskilling, and create learning cultures to navigate AI implementation successfully.

The study identified challenges in human, technological, operational, and ethical aspects of AI implementation. The biggest hurdle for AI initiatives is related to people within organizations. To address these challenges, the report outlines prerequisites such as aligning AI strategies with organizational goals, addressing skills gaps through training, fostering collaboration, focusing on data quality, and navigating AI-related risks.

The research drew insights from discussions with experts and leaders across regions, emphasizing the importance of embracing AI for enhanced efficiency and strategic decision-making. Embracing AI can improve work-life balance, professional development, and elevate the region’s position in the global economy.

The full report is available on IMA’s website for further details. For more information about IMA, visit their website.