Artificial Intelligence (AI) is not just a buzz word; it's revolutionizing the world of accounting. From industry giants to emerging startups, AI-powered tools are making their mark, but the big question is, are these innovations being shared across the entire accounting landscape? The answer may surprise you.
Let's consider two compelling statistics:
1. The market for AI in accounting is projected to grow by 30% year-on-year from 2023-2027, according to a 2022 Mordor Intelligence Statistics Report.
2. A Workday survey of 1,000 business leaders revealed that 81% believe AI is essential to maintain competitiveness. However,72% admitted their organizations lack the skills to fully implement it.
The consensus within the industry is clear: AI won't eliminate accountants' need, but it will redefine their roles significantly. The need and ambition to adapt are present, but the widespread availability of data skills is not.
Embedding data skills throughout your organization is what separates occasional AI use from becoming a data-driven powerhouse. By creating a unified source of information, accessible to all, you can unlock valuable skills across teams, enhance collaboration, and scale seamlessly.
To evolve into a strategic accountant, providing expert advice and AI-enabled insights, data becomes a cornerstone. It's not just about upskilling individuals but connecting teams across your business—a backbone of data that adds value to every task.
Uniting data across departments, data analytics, and AI tools can be directed at specific issues, eliminating silos, and ensuring everyone has access to consistent insights. Collaboration on real-time insights ensures data-driven decision-making at every level.
AI is only as good as the data it relies on. Building strong data foundations allows accounting businesses to embrace innovative AI and analytics tools, increasing productivity and reducing errors.
Solid foundations: Fragmented processes and siloed systems create revenue leakage and billing errors. A unified data source supports real-time updates, digital self-service, and faster reporting and forecasting.
AI-enabled collaboration: By combining data from various functions and making it easily accessible, cross-selling and upselling opportunities emerge. Insights flow from data analysts to client-facing accountants, driving growth.
In this evolving accounting landscape, understanding the power of data is crucial. Is your data disconnected among teams, or do you have a unified source for the insight and agility needed in the AI age? For expert guidance on navigating this transformation, book a call with Elena Meskhi and embrace the future of accounting in 2023.
