In this article, Michelle Howard, a skilled leadership and marketing consultant with extensive experience advising and training professional sector firms, discusses how leaders should be prepared to embrace the introduction of Artificial Intelligence (AI) into the sector. She contends that leaders should think now about adopting a clear strategy and policy of implementation, recruit staff who will be able to deal with AI in the future and train existing staff to become creative leaders in the age of AI.
“These things could get more intelligent than us and could decide to take over, and we need to worry now about how we prevent that happening.”
These are the words of Geoffrey Hinton, known as the Godfather of AI for his foundational work on machine learning and neural network algorithms. He is just one of a number of experts who has called for a halt to the development of AI. When we hear words like this, it is not surprising that AI attracts a negative narrative, yet what he is insinuating is that we need to take control of AI and not let it take control of us. As leaders we can choose to ignore it; react haphazardly to the development of AI or grasp it with both hands taking control and making choices as to how AI is going to work in your business. In this article, I advocate the latter. Let’s go back to 2009, the year that social media was deemed to go mainstream. I recall reporting in my workplace of the benefit that social media could bring to business…as long as we regulated usage. I was lucky, I was working in a forward-thinking organisation who trusted my advice. We embarked on the journey and now social media, for all of its negatives, is used by 60% of the global population and is a mainstay of the business sector, albeit yes, still we call for regulation. A lesson to be learnt here perhaps…
Now, artificial intelligence is the most talked about topic. It is rapidly transforming the workplace and the accounting profession is no exception. AI is already being used to automate many of the tasks that accountants traditionally perform, such as data entry, reconciliation and reporting. In the future, AI is likely to have an even greater impact on the accounting workplace whether or not we want to embrace it. AI-powered tools will be able to handle even more complex tasks, such as auditing and tax planning. At this point of reading, I sense that half of the readership will be nervous whilst others will be ready for the challenge. However, AI may just emerge as an effective partner for people and make us better at what we do if we approach it in the right way and so any fears will only get in the way.
Step one requires leaders to think now about adopting a clear strategy and policy of implementation for AI in business. Context is so important. An AI focused strategy that works for one organisation will not work for all organisations, hence defining how it can help your firm is an important first step. Can AI truly add value to you, your employees and your clients, and how can it help you make better decisions for the future of your business? AI is not something that you have to implement right away, but starting to think about your strategy moving forward and appropriate timelines for implementation would be a great start. This will involve making decisions about how AI will be used, who will be responsible for it, data accuracy (a really important aspect of AI) and how AI and data will be regulated. It is also important to consider the ethical implications of using AI, and to put in place safeguards to protect the privacy and security of data.
Step two requires thinking about your existing and future workforce. AI is making it possible for leaders of accountancy firms to be strategic and visionary, allowing them to make better decisions, identify new trends and spot new business opportunities. However, this requires mobilisation of a different skillset that we are traditionally used to through our management and leadership. If I have stressed before the need to offer management and leadership development training programmes to millennials and future employees of the new generation, AI has made my message more pertinent. Managers and potential successors will need to become better change managers and communicators, motivating and inspiring others. They will need to be able to understand strategy and the role of data in making informed decisions. They need to think critically and creatively about how to add to the client experience using AI. Skills which are not taught in universities but which need to be taught now. Why…the competition just got smarter!
As artificial intelligence continues to evolve, it is having a major impact on the recruitment landscape. In the past, job descriptions were typically focused on the technical skills required in accountancy. However, as more and more tasks are automated by AI, employers should be increasingly looking for candidates with soft skills such as analytical thinking, creativity and communication. Whilst AI can automate many of the tasks that were once done by humans, it cannot replace human creativity and problem-solving skills. Employers will need to hire candidates who can think critically and come up with new ideas to add further value to clients. An ambition for lifelong learning cannot be underestimated. New recruits should be able to quickly learn new skills and adapt to new technologies. Whilst we assume that the new generation have these skills, experience tells us that this is not always the case, which is why it is so important to invest in training and development programmes.
Ultimately, it will be humans that will make AI flourish in the workplace. Combine human skill and communication with AI knowledge and accountants’ practices will be well-positioned to succeed in the age of AI.
Oh and was this article powered by artificial intelligence? That you will never know….
*The views expressed are the author’s and not ICAEW’s.
About the Author:
Michelle is an energetic speaker, writer, trainer and consultant who helps businesses and people reach their full potential. She is a respected voice in the professional service industry and her advice is always actionable.
Having trained over 2,000 professionals in leadership, management and marketing, her bespoke workshops and training help people develop their skills and knowledge and businesses achieve their goals. With an understanding and experience brought from multiple sectors, she brings a unique skillset with differentiates her from others.
Michelle is an expert workshop facilitator helping organisations achieve their goals. She is skilled at creating a safe and productive environment where everyone's voice is heard. A creative thinker who helps groups come up with innovative solutions, brings insight and challenge, Michelle has advised businesses on strategy, marketing, recruitment, hybrid working and organisational AI. Michelle is a strong believer that people are the brand.
Email michelle@michellehoward.co.uk.
Visit www.michellehoward.co.uk for more information.