• Register
Return to: Home > News > Global AI adoption can help accountants beyond compliance, PwC report finds

Global AI adoption can help accountants beyond compliance, PwC report finds

Artificial Intelligence (AI) could help accountants beyond the basic compliance work by fostering high quality advisory services, according to a report by PwC.

PwC’s report, entitled Bot.Me: A Revolutionary Partnership, focused on the potential of AI to solve global business challenges. It draws on a survey of 2,500 consumers and business leaders in the USA, and the 2017 AI Expert Salon event.

The report highlighted that Artificial Intelligence can automate menial tasks, freeing up time for innovation and broader thinking. Seventy percent agreed that AI has the potential to enable humans to concentrate on meaningful work. In accounting this is expected to lead to a greater focus on high quality advisory services rather than on compliance and bookkeeping.

AI is seen not only as a tool to increase automation, but an emerging technology to handle global challenges, and 63% of respondents agreed that AI will help solve complex problems. In business, 72% of respondents believe that AI will be the business advantage of the future, suggesting AI will be at the forefront for companies seeking a competitive edge.

Fifty five percent of respondents believed AI can boost business productivity, inform strategy and generate growth, and that this outweighs employment concerns.

When respondents were asked about AI’s importance in solving issues 63% believed that AI can offer a “superior one-to-one experience” as consumers seem to care less about their experience being with a human or robot.

According to consumers and business decision makers, AI also has the potential to solve issues such as closing the education gap, establishing cures for diseases and gender inequality. Of the respondents, 58% said if they were to turn to AI for assistance in the next five years it would most likely be as a tutor, and 22% said it would be for a doctor. Additionally, 64% of consumers are willing for the integration of AI into customer service roles.

The report can be found here.

The PwC consumer intelligence series can be found here.

Top Content

    Integration and resilience: South of the border

    The ripple effects of the Trump election, the fall in commodity prices, a political crisis in Venezuela, the peace agreement in Colombia, corruption scandals coming out of Brazil and changes in governments have all made for an interesting year in Latin America. But, as the old cliché goes, in all the challenges there are opportunities to grab. Vincent Huck reports

    read more

    KPMG out of south africa?

    KPMG South Africa is in the eye of a storm that could see the end of the Big Four in South Africa, while KPMG International is making desperate attempts to rescue the reputation of its brand both in South Africa and internationally. Vincent Huck reports.

    read more

    Editor's letter: Big four, Big spin

    Tourists roaming the South African national parks generally have stars in their eyes at the mention of the Big Five. In safari terms, the Big Five are the poster boys of tour operators: the lion, the elephant, the Cape buffalo, the leopard and the rhinoceros. The term Big Five originates from hunting; those five animals were considered the hardest to hunt on foot in Africa.

    read more

    Businesses to brave the elements in implementing climate-change disclosures

    As some businesses start to face the challenges of implementing the Taskforce on Climate Related Financial Disclosure (TCFD) final recommendations, accountants position themselves as key advisors in the adoption process, while advocating for industry initiative to make sure that the information reported is comparable at least for companies operating in the same sector.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.