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New report reveals global AI impact on accounting and finance.

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Article Summary

TLDR:

  • IMA released a report on the global impact of AI on accounting and finance professionals.
  • The report emphasizes the need for professionals and organizations to embrace AI integration and focus on upskilling to navigate challenges.

The Institute of Management Accountants (IMA) recently published a report titled ‘The Impact of Artificial Intelligence on Accounting and Finance: A Global Perspective.’ The report discusses the potential of AI to empower accounting and finance professionals in areas such as data analysis, forecasting, and decision-making. While AI is not expected to fully replace human expertise, the report emphasizes the importance of professionals at all levels embracing and adopting this transformation.

The research highlighted in the report identified four key challenges associated with AI integration: human, technological, operational, and ethical. Human-related challenges were noted as the biggest hurdle for the success of AI initiatives, with 38 percent of participants indicating this as a barrier.

To address these challenges and ensure successful AI integration, the report outlined several prerequisites, including aligning AI strategies with organizational goals, addressing workforce skills gaps through training, fostering cross-functional collaboration, focusing on data quality, and navigating AI-related risks while embracing ethical practices.

The report drew insights from interviews and roundtable discussions with experts in the field and accounting/finance leaders from various regions around the world. It is available for download on IMA’s website for further reading.

IMA, as a global association, supports the management accounting profession through research, certification programs, continuing education, networking, and advocacy of ethical business practices. With a network of about 140,000 members in 150 countries, IMA aims to advance the profession and help professionals navigate the evolving landscape of AI in accounting and finance.


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