Call of the hour - AI and analytical data to deliver top-line growth
Artificial Intelligence is emerging as the current leader impacting technology’s development, sweeping across all industries and business functions and serving to expedite accounting’s operational delivery and solve a host of challenges. Most importantly, it is also key in delivering top-line growth with its potential to significantly decrease costs. GlobalData’s Artificial Intelligence report released in June 2024 (hyperlink to the report in the report store), estimates that the total AI market will be worth $1 trillion by 2030, up from $103 billion in 2023, representing a compound annual growth rate of 39%. In the coming decade, the country that emerges on top in AI will lead the Fourth Industrial Revolution.
In IAB’s Leaders in Technology supplement, we hear from professional industry bodies and senior practitioners about their investments and research into AI and data analytics technology, and the strategic partnerships being formed with technology providers to enhance business success.
Our cover feature, How to build trust in AI, advocates for creating frameworks around the use of AI for important issues such as accountability, bias and discrimination, data use and reliability. Elsewhere in this supplement, Comarch’s consulting manager, Bartłomiej Wójtowicz, discusses the organisation’s expertise in developing state-of-the-art ERP systems and their successful delivery of an e-invoicing system to Technicolour. Ryan Smith, VP of Customer Success and Support at Suralink, talks about How to Harness Technology to Improve Employee Experiences and Firm Performance, and how they worked with YHB CPAs & Consultants to automate their client request list and document workflow process for audit and review engagements. We hear from HLB's Amy Spillard and Hype Innovation’s Colin Nelson about ways to embrace the strategic shift when partnering with third-party vendors. HLB also tells us about its firm Withum’s collaboration with AICPA to develop the profession’s first audit engagement management tool, The Dynamic Audit Solution (DAS). We also hear from Wolters Kluwer’s Andy Hung who summarises the organisation’s Report on the uptake of BEPS Pillar Two adoption among multinational corporates.
Further features include Deloitte’s new Gen AI platform that is finding favour with employees; Prospero.ai tell us about their app that is helping to democratise financial advice given on social media; Resistant AI’s CEO Martin Rehak cautions that AI enabling a change of scale to business is increasingly being used to perpetrate fraud; GlobalData’s Kris Cooper explores the future of decentralised finance with the dawning of Web 3; and we hear key insights from a presentation by Pablo San Martin, President at SMS Latinoamérica, on how accountants can harness technological innovation for sustainability.
Do feel free to share this supplement and look out for IAB’s ESG supplement in September, Tax supplement in November, and The Accountant’s long-awaited supplement on learning and development in October 2024.
Zoya Malik
Editor-in-Chief, Financial Services Practice, GlobalData & Editor, International Accounting Bulletin
zoya.malik@globaldata.com