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CERTIFIED MANAGEMENT ACCOUNTANT 29

HOW AI IS CHANGING THE ROLE

OF ACCOUNTING AND FINANCE

PROFESSIONALS

By Derek Parker

Source: CPA Australia. Copyright@2020 CPA Australia Ltd. Used by permission.
Artificial intelligence is becoming part of the business mainstream. The transition presents challenges, so how will
businesses and managers respond?

At a glance
• Artificial intelligence can affect many job roles, and managers need to start assessing staff responsibilities in
order to build jobs that are fulfilling.
• This prompts opportunities for relearning and reshaping roles within an organisation to make sure employee
skills are put to the best use.

Every leader, manager and finance Australian business community is less the finance profession will use AI to
professional now understands the prepared for the practical reality of AI review and improve transactional and
importance of being able to deal than comparable countries. He cites the management information, moving up
with disruption. The story of the past UK, Ireland, India, the US and the EU the complexity ladder.
decade has been about one wave of as further along the AI transformation
technology based disruption following curve. Many Australian corporates – There is good evidence that some
another. The idea of disruption is not all – believe that the rollout of AI is business sectors have already
not new – Clayton M. Christensen still some way off, so have not included moved solidly into the robotic field.
described and defined it in his seminal it on their risk registers. Professor Eduardo Nebot, director
1997 book The Innovator’s Dilemma of the Australian Centre for Field
– but the game is now moving up a Robotics at the University of Sydney,
notch. notes that robotic systems are already
“Artificial intelligence [AI] has potential “ being used in the mining, stevedoring
impacts similar to other forms of Every leader, and agricultural industries. Driverless
technology based disruption, but it also vehicles such as harvesters are being
has additional characteristics that need manager successfully used, and these robots
are increasingly being linked to basic
Mathew Donald FCPA, an academic and finance AI systems.
to be considered separately,” says Dr
who consults widely on change professional now
management and business strategy. FAST
He is also the author of an important understands the TRANSITION
Change in the Age of Disruption and importance of
new book, Leading and Managing
Artificial Intelligence. being able to deal Donald believes that AI will not be a
“This includes the potential to affect a with disruption “big bang”, but a series of waves that
occur over time, first in areas where
wide range of work. Managers will need the work is repetitive and the decision
to rewrite job descriptions, procedures principles are easy to determine. Then,
and responsibilities, while trying to AI systems such as “phone bots” are it will move into areas such as inventory
build jobs that are satisfying for staff. already being used to handle simple control, stock locations and customer
They will have to recognise that many interactions with clients, but will service. Eventually, virtually every area
people remain wary about AI systems.” eventually be able to take on higher- of a business will be affected in some
Donald’s experience is that the level activities. Donald believes that way by AI.

www.cma-srilanka.org | Volume 06 -No. 2 - September 2021