This report gives an introductory view on AI and machine learning and offers a snapshot of the basics of what it is, while it puts the spotlight on use-cases where this technology is being implemented.
The paper also takes a look at the ethical issues that finance professionals may need to reassess, and the effects of AI and machine learning on the job market.
ACCA’s survey asked respondents about their understanding of concepts such as AI, machine learning, natural language processing, data analytics, and robotic process automation. For any of these terms on average, just over 6o% of surveyors had not heard of them, or had heard the given term but didn’t quite understand what it meant. On the other hand, 13% of respondents had an expert knowledge of those terms.
The report reveals that 2 in 5 respondents indicated that their companies are involved in these new technologies in some way. Some respondents said that their companies are already dealing with live data (6%), others that their firms are testing with ‘go-live’ within the next half year (3%), and 8% that their organizations are in early-stage preparation with go-live within the year. Nearly one-quarter said to be in first discussions and considering ideas.
Applications for AI and machine learning adoption, the research explains, include different areas, for instance, invoice coding, fraud detection, taxation, and working capital management. The paper also indicates that the most important challenge to machine learning adoption mentioned in the survey was the lack of skilled employees to put in place machine learning adoption.
The study also explores the ethical perspective and AI regulation. Professional accountants need to evaluate, the paper says, and handle the ethical compromises that may result as a consequence of decision making by an algorithm.
About the job market, the ability of AI to take over jobs is something frequently mentioned in the media. However, according to this study, even technologies such as AI and machine learning seem to have difficulties with the overall contextual understanding and integrated thinking that humans posses.
Executive summary and Introduction
Machine learning: Applications
Conclusion and Appendix
United Arab Emirates
4 out of 5 stars
More science than fiction
April 1, 2019
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ACCA, AI, AI regulation, automation, data analytics, data preparation, deep learning, global, machine learning, robotics
This report is based on a survey of 1,897 ACCA members and affiliates.
This report offers an introductory perspective on machine learning and explains the basics of what it is, while it identifies use-cases where this technology is being deployed.