In a report produced by Karbon titled The State of AI in Accounting 2024 , 56% of respondents believe that the value of a firm drops if it doesn’t use AI.
By strategically embracing AI, accounting and advisory firms can transform the technology from a threat into an asset, and play a central role in shaping the transformed landscape themselves, rather than being disrupted by it. Here are 5 non-negotiable actions businesses need to take as we enter the age of AI.
1. Upskill and Re Skill in AI
Firms need to train employees to work with AI and other technologies. Employees should be equipped with the skills to supervise and manage AI systems, analyse their outputs, and handle more complex tasks that AI can't automate.
2. Strategic AI Implementation
Firms should figure out where and how AI can be deployed strategically to drive the most business value. Start by automating routine tasks and move towards more complex processes. While 59% of accountants are using AI to compose emails, only 36% are using AI to automate workflows. (Hot tip: be part of the 36% ASAP.)
3. Human-AI Collaboration
Firms need to invest in building a systems infrastructure where humans and AI can work together effectively. The goal should be to use AI to enhance human decision-making, not replace it. Humans bring creativity, critical thinking, ethical consideration, and a nuanced understanding of client needs that AI lacks.
4. Value-Added Services
As AI handles routine tasks and surfaces insightful information fast, employees should focus on providing value-added services that require human touch, like building stronger client relationships, providing strategic advice, and implementing creative problem-solving.
5. Data Privacy and Security
As AI systems rely heavily on data, firms must ensure they have robust data security measures in place. They must also comply with privacy laws while processing personal data. At BlueRock, we have our own internal version of Chat GPT-4 where any data we feed into it is kept secure.
Is Your Firm Ready for the Future?
With all these challenges comes massive opportunities. Businesses who do nothing face the likelihood of being left behind. Those who embrace and invest in technology, brand and people strategies will be the household names of future advisory firms in wealth and business services.
If you’re interested in discussing the future of your business, get in touch with us for a chat.
