Kuala Lumpur, Nov 2: ACCA (the Association of Chartered Certified Accountants) recently conducted the Digital Horizons survey, shedding light on financial professionals’ views on technology and digital transformation, including artificial intelligence (AI).
The survey, with 1,074 responses from ACCA members worldwide, highlighted the optimistic outlook of financial experts regarding digital transformation, where 78 percent recognized the key benefits as increased flexibility, adaptability, and the quality of products and services.
Furthermore, 72 percent acknowledged improvements in sustainability performance, transparency, and regulatory compliance. Efficiency and cost savings remained significant drivers, with 52 percent focusing on this aspect.
However, only 18 percent mentioned competition-related factors.
The report underlines the need for a shift in mindset toward deeper value understanding, emphasizing the importance of skills, leadership, and a strategic vision to maximize the potential of digital technologies in the finance profession.
The survey also indicated that technology supports personal objectives, particularly productivity, collaboration, and career development.
Leadership was identified as crucial, fostering a culture of innovation and continuous learning. ACCA members displayed a high level of trust in AI, with 70 percent believing that AI could increase their focus on business-critical tasks.
Despite limited AI implementation (just under one-fifth), the optimism surrounding its potential for efficiency and value creation was evident.
The ACCA survey reinforces the notion that the financial sector is well-positioned to reap the rewards of digital technologies, but a shift in perspective and an adjustment of skills and practices are necessary to unlock their full potential.
Leadership plays a vital role in this transformation, nurturing a culture of innovation and adaptability. While AI holds promise for efficiency gains, it’s essential for finance professionals to gain a better understanding of its capabilities and limitations within their specific domains.
Technical expertise coupled with strategic comprehension will be crucial to harnessing the true potential of AI and other emerging technologies.
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