• 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

    Australia battles with audit quality and governance issues

    The governance issues that have crippled CPA Australia in the past few months have left many of the professional body’s members in public practices in limbo as to their insurance cover. This, combined with a report by the regulator criticising audit quality and global trends such as the impact of technology, makes for challenging times for Australian professionals. Tom Ravlic reports

    read more

    Accountancy profession coy about UK Chancellor post Brexit tax remarks

    UK chancellor Philip Hammond’s remarks to a French newspaper about not wanting to turn the UK into a tax haven after Brexit, contradicting a previous statement, have been met with a defeaning silence by most in the accountancy profession.

    read more

    International Accounting Bulletin Asia Pacific rankings are out

    International Accounting Bulletin has published its 2017 ranking for Asia Pacific countries.

    read more

    The next generation’s take on a profession desperate to attract talent

    To celebrate international youth day, The Accountant asks professionals aged under 35 to share their thoughts on the profession: why they qualify as accountants, whether it was challenging and, now that they are in, how they see the profession and where it is going.

    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.