IMA (Institute of Management Accountants) has recently released a report titled The Impact of Artificial Intelligence on Accounting and Finance: A Global Perspective. The report highlights the influence of AI on accounting and finance professionals and provides insights on how organizations can embrace this technology while facing the associated challenges.
According to the report, AI has the potential to empower accounting and finance professionals in various areas, such as data analysis, forecasting, and decision-making. While AI will not replace human expertise entirely, professionals at all levels need to embrace this transformation and focus on developing technology proficiency, data analytics, critical thinking, and cross-functional collaboration.
The study conducted by IMA involved global experts and leaders in the accounting and finance profession. Through in-depth dialogues, interviews, and roundtable discussions, participants identified the challenges associated with AI implementation. The study categorized these challenges into four aspects: human, technological, operational, and ethical. Among these, challenges related to people were recognized as the most significant hurdle for the success of AI initiatives, according to 38 percent of participants.
To overcome these challenges and ensure a successful integration of AI, the report outlines certain prerequisites. These include aligning AI strategies with organizational goals, providing executive support, addressing the skills gap through training and development, fostering cross-functional collaboration and scalability, focusing on data quality and digital preparedness, and navigating AI-related risks while embracing ethical AI practices.
The report emphasizes that embracing AI is not just about technological advancement but also about fostering a society that values continuous improvement, ethical practices, and inclusive growth. The revolution of AI in the accounting and finance sectors is expected to enhance efficiency, strategic decision-making, and professional development, elevating the Middle East’s position in the global economy.
IMA’s report provides valuable insights for organizational strategies as leaders prepare to embark on their AI journey. By understanding AI’s strengths and weaknesses and adopting a culture of ongoing learning, professionals and organizations can fully harness the potential of AI in driving the future growth of the accounting and finance profession.
Founded in 1919, IMA is one of the largest and most respected associations dedicated to advancing the management accounting profession. Its global network includes around 140,000 members in 150 countries and provides various programs, certifications, continuing education, networking opportunities, and advocacy for ethical business practices.
In conclusion, the report by IMA highlights the global impact of AI on accounting and finance professionals. As AI continues to reshape the profession, professionals and organizations need to embrace this transformation and focus on developing the necessary skills and adopting a culture of continuous learning. By doing so, they can unlock the untapped potential and increase the value of professionals and organizations in the evolving landscape of accounting and finance.
