Finance Professionals Hail Rise Of Artificial Intelligence, Automation And Robots

KUALA LUMPUR, Aug 30 (Bernama) -- Finance professionals welcomed the rise of artificial intelligence, automation and robots despite the fears ranging from job losses to doomsday scenarios following the adoption of the new innovations. According to a survey conducted by the Chartered Institute of Management Accountants (CIMA), 83 per cent of its 1,628 members backed the idea of more automation if it saved time and money or helped with indecision in their organisations. "This indicates that the accountants regard the impact of new technologies as an opportunity rather than a threat," it said in a statement Tuesday. CIMA said only 29 per cent of its members who participated in the survey believed that the increased automation would lead to job losses and greater inequality. On the effect of such innovation on businesses, it said, 62 per cent of the respondents said that companies would be more efficient as a result of better automation and data analysis. "It is followed by 47 per cent of respondents wanting more of the general workforce to be equipped with advanced computer skills. "Meanwhile, over one third of them felt that there will be a better work-life balance as computers will take over jobs while humans will continue to reap the profits," it said. Only 22 per cent of the respondents said a reliance on automation or technology has led to their organisations making a wrong decision in the past five years, it said. "About 40 per cent said this has never happened as they know that they cannot solely rely on automated processes. Instead, the results are double-checked," it said. Meanwhile, CIMA Chief Executive Officer, Andrew Harding, said organisations needed to examine their business models and turn artificial intelligence and automation into opportunities and not threats. "Our members believe that artificial intelligence, robots and other technologies will alter, but not destroy, the jobs of accountants and other professionals in the finance sector," he said. -- BERNAMA