**Dubai, UAE** – The Institute of Management Accountants (IMA), a worldwide association of accountants and financial professionals in business, has unveiled “The Impact of Artificial Intelligence on Accounting and Finance: A Global Perspective.” The report is a comprehensive guide created to help organizations navigate the challenges and opportunities associated with the integration of artificial intelligence (AI) into everyday operations.
With AI ushering in a new era of innovation and efficiency, IMA’s research, led by global experts and leaders in the profession, sheds light on the applications of AI and the barriers that could potentially impede the adoption of AI technologies within accounting and finance industry. The insights derived from the report are designed to inform organizational strategies to ensure a smooth and successful transition towards AI integration.
Dr. Susie Duong, Senior Director of Research and Thought Leadership at IMA and the author of the report, emphasized the game-changing potential of AI to empower accounting and finance professionals in the realms of data analysis, forecasting, and decision-making. She emphasized, “The use of AI will drive the future of the profession’s growth, unlock untapped potential, and increase the value of professionals and organizations.”
While AI will not eliminate the need for human expertise and intervention, professionals will have to embrace and adapt to the transformative changes, focusing on proficiency in data analytics, critical thinking, and cross-functional collaboration. Furthermore, organizations will need to prioritize human-machine collaboration, upskilling and reskilling team members, fostering a culture of continuous learning, and gaining a deep understanding of AI’s strengths and weaknesses.
The report revealed that people, ranging from employees at all levels within an organization, presented the most significant obstacle to the success of AI initiatives, accounting for 38% of the challenges identified in the research. Ahmad Mkhallati, Senior Director at IMA Middle East, India, and Africa, remarked, “AI revolutionizes the accounting and finance sectors, marking the beginning of an era of enhanced efficiency, strategic decision-making, and professional development.”
To successfully navigate these challenges and ensure smooth AI integration, the study outlined the following key prerequisites:
– Aligning AI strategies with organizational goals
– Ensuring adequate executive support
– Training and development to address the skills gap of the existing workforce
– Fostering cross-functional collaboration, process reengineering, and scalability
– Emphasizing data quality and the digital preparedness of teams
– Navigating AI-related risks and embracing ethical AI practices
The complete report is available on IMA’s website for detailed insights into the impacts of AI on accounting and finance.
About IMA:
The Institute of Management Accountants (IMA) is one of the most prominent associations dedicated to advancing the management accounting profession. Its support spans the provision of research, along with professional certification programs, continuing education, and advocacy for ethical business practices. As Professional Body of the Year, IMA has over 140,000 members in 150 countries and 350 professional and student chapters worldwide. The dedicated team at IMA works towards achieving its mission through six global regions located in The Americas, China, Europe, Middle East/North Africa, India, and Asia Pacific. For more information about IMA, please visit http://www.imanet.org.
SOURCE IMA (Institute of Management Accountants)
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