Why Accounting Firms & Their Clients Can Largely Benefit From Automation
Take a moment to reflect on how automation can shape the future of your practice...
Typically, the prospect of automating essential processes and tasks has been a source of both promise and dread for financial services. On one hand, the notion of automating simpler tasks and cutting down on needless labour is very attractive. On the other hand, Artificial Intelligence and Machine Learning would seem, on paper, to pose an existential threat to the business models of most, if not all firms. However, in numerous studies, accountancy has been specifically cited as an industry in which automation is likely to have a significant impact.
In truth, we’re a long way off from the age where an artificial actor can perform a credible, sophisticated, critical assessment of financial data. A human actor’s ability to contextualize, hypothesize, and perform a real-world investigation when data points seem ‘off’ is still needed.
Automation should perhaps be thought of as a value-adding proposition instead of a foundational disruptor, a way to drastically reduce the time drain that can be caused by simple or repetitive processes. Effective use of automation can enable your skilled team to focus on providing the insights only their expertise can provide. This, in turn, adds value for your clients, who can expect those insights delivered in a more timely fashion.
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