As, the future of high-tech is AI and machine learning and is becoming more admissible for many organisations as the hype to a greater extent becomes applicable reality.
In Pakistan, 31 percent of accountants currently see AI as a huge opportunities for better business intelligence, while 65 percent say that in the span of three years it will become a real world phenomena.
According to a new report from ACCA (the Association of Chartered Certified Accountants) Machine learning is more science than fiction which highlights how new tech developments have a massive potential for the accountancy profession.
Narayanan Vaidyanathan, the report’s author and head of business insights at ACCA says: “Machine learning is a critical area of development for accountants. AI and machine learning can add value to the work accountants, generating business decision-making insights, to fraud detection, risk assessment and taxation complexities.”
Sajjeed Aslam, head of ACCA Pakistan adds: ‘Pakistan’s tech sector is growing, as in the case of machine learning ethical considerations are never far away. Accountants need to manage potential ethical compromise from decision-making by algorithm.’
The results for Pakistan show that with 17 percent undecided about it. Twenty-eight percent are having initial discussions. Only five per cent are at advanced testing stage, with ‘go live’ in three to six months. However, nine percent are in full production mode and dealing with live data, beating other countries.
The ultimate aim of ACCA report is to point out that how AI & machine learning is evolving and be observant to tackle the impact of high-tech parallel to many other countries.