Survey: AI Reduces Cost and Human Error in Finance

TORONTO: Artificial intelligence (AI) is expected to bring significant transformation to companies' accounting and finance functions, new research suggests.

The area predicted to benefit most is payroll, as predicted by 52 per cent of CFOs across Canada in a Robert Half Finance & Accounting survey. Accounting and accounts payable (38 per cent respectively) tied as second-most affected areas.

Increased reliance on technology has had a positive impact on accounting and finance employees, according to 80 per cent of Canadian senior financial managers polled for Robert Half's Jobs and AI Anxiety report. Its influence is also expected to generate a substantial gain in the number of jobs worldwide According to the World Economic Forum, intelligent technologies could create a net 58 million new positions by 2022.

Emerging technology should be seen as a valuable business and career resource by organizations and professionals alike, said David King, senior district president of Robert Half Finance and Accounting. Not only can it help minimize errors and boost efficiencies, it can also have a positive impact on individual job satisfaction and success. By automating routine tasks and enriching data analysis, employees are able to dedicate more time to strategic initiatives that can inspire insight into new areas of growth for the business.

AI's growing role in the workplace is about improving jobs more than it is taking them away, added King. By keeping staff updated on company-wide IT adoption plans and providing the education and support to confidently navigate these changes, managers lay the foundation for a more creative, collaborative and capable workforce.

Robert Half Finance & Accounting offers the following tips for managers to ease worker anxiety around new technology

Provide training. Take advantage of new technology by upskilling staff. Investing in professional development increases the department's strength and the firm's success.
Deploy change management. As companies adopt emerging technologies, managers need to communicate to staff what's being done and what it means for their jobs. Keep morale up by conveying key benefits of digital transformation.
Offer stretch assignments. Remind workers of their value and leadership potential by engaging their talents in projects that encourage them to learn and build new skills.
(PRN | 9 months ago)

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Survey: AI Reduces Cost and Human Error in Finance