The ways AI will impact our world of work
By CA magazine
7 December 2023
The age of artificial intelligence is upon us. From productivity hacks to better risk management, Karam Filfilan investigates the ways the technology is changing accountancy and its ethical implications
1. AI is augmenting your job, not replacing it
Many people have a very real fear that AI and robotics will end up replacing them in their job. That fear is misplaced, however, at least according to the International Labour Organization. Its recent study found that just 5.5% of total employment in high-income countries is exposed to the automating effects of technology. In low-income countries that figure is just 0.4%. When it comes to AI helping us do our jobs better, the study found the potential for augmenting jobs nearly equal globally – suggesting important employment benefits for developing countries.
2. The rise of the AI ethics leader
The pace of change is so fast that many businesses are appointing AI ethics leaders. This emerging C-suite role “allows businesses to elevate AI concerns in real time and drives ethical behaviour from the top”, according to ICAS Ethics Board Chair, Loree Gourley, on a recent webinar. Companies should note that simply creating an ethics lead role is not enough in itself, with the complexity of the subject meaning many voices are needed. Gourley advocates creating “a cross-functional AI ethics committee representing different groups, making ethical AI usage a company-wide issue”.
3. More focus on personal responsibility
AI has the ability to revolutionise how we work, creating greater efficiency, streamlining processes and leaving space for creativity. But – as students of everyone from Winston Churchill to Spider-Man will know – with great power, comes great responsibility. In a world where large language models such as ChatGPT can write job applications, and recording artists are submitting copyright strikes against AI-generated music, people will need to take responsibility for their actions. “Integrity is about doing the right thing in the right circumstances – you can’t blame AI for the outcome,” said ICAS CEO, Bruce Cartwright CA, in the same webinar.
4. Humans decide
Consider a thought experiment. An out-of-control trolley is heading towards a disaster zone where it will kill four people. A lever can be pulled to make it switch course, where it would kill just one person. What is the right ethical decision – and would you trust a computer program to make it?
There is no right answer in the above scenario, but that presents a challenge for AI, which tends to deal in fact-based decision-making without the human elements of empathy, ethics and morality. Consequently, it’s vital that the ultimate decision-making power resides in the hands of the people using AI as a tool.
5. Force us to ask the right questions
AI will likely become a key component of many, if not most, future job roles, so we must understand how its algorithms operate and how to get the right information from it. In the webinar, ICAS President Clive Bellingham CA explains how he asked AI a fairly simple accountancy question. “What is interesting is it provided me with the right answer, but using the wrong logic,” he said. “Reflecting on this, I realised I hadn’t framed my question sufficiently for AI to give me the right answer, with the right logic.”
6. Become the remit of all employees, not just leadership
Technology companies such as Microsoft and Meta often speak about “democratising” AI, but what does this mean in practice? For Gourley, democratisation is about engaging with employees on accessibility, transparency and strategy so everyone understands the impact and risk of AI. Doing so means your people are empowered to challenge, innovate and develop AI use cases, and build their own skill base when it comes to using the tech.
7. Quicker data processing to better manage risk
AI and machine learning can be a game-changer for risk management. As datasets become ever larger, these tools’ advanced prediction techniques will allow businesses – and CAs – to crunch greater volumes of data in a quicker, more efficient manner. According to a recent report by KPMG, the key benefits of faster data processing include superior forecasting accuracy, richer data segmentation and an optimised variable selection process.
8. Productivity rises and admin declines
Earlier this year, both Microsoft and Google unveiled new AI-influenced features for their productivity tools. Microsoft users will soon be able to use AI to summarise email threads and create replies, transcribe Skype calls and turn Word documents into PowerPoint presentations, while Google announced draft copy generation in Google Docs and Gmail. As Microsoft CEO Satya Nadella said: “We believe this next generation of AI will unlock a new wave of productivity growth: powerful co-pilots designed to remove the drudgery from our daily tasks and jobs, freeing us to rediscover the joy of creation.”
Will AI spell the end of admin?
Watch the ICAS webinar on ethical leadership and AI
