In my previous article, we explored the responsibilities that come with AI adoption in business. Now, let's shift our focus to how leaders in the accounting industry – and beyond – can respond to AI in the workplace. As AI continues to evolve and integrate into our daily operations, leaders must guide their teams toward embracing this technology as an opportunity rather than a threat.
What’s the one thing we could all do with more of in our working days? Time, right? We all need to do more with less, while wading through unprecedented volumes of data, information, and the ongoing pings of multiple communication channels. Technology undoubtedly contributes to this problem but is also a possible solution. This is one of the reasons I am excited about AI in business and the workplace and use it regularly.
The AI reality check: it's here, and it's staying
With the current pace of technology change, a “wait and see” approach is not an option. While some argue that we should give AI another five to ten years to mature and become truly useful, the reality is that AI is already here and evolving fast. Even if you don’t acknowledge this, your stakeholders do: new hires, top talent, and customers increasingly expect AI integration in services and the workplace. Plus, you’re likely already using AI without realising it. From email filters to automated data entry, AI has quietly become a part of our daily workflows, so you need to have an opinion about it.
And remember, technology moves at an exponential rate. If you fall behind now, catching up later may be impossible. It's like compound interest – the earlier you start, the greater the long-term benefits.
Leading from the front
As a leader, you have an obligation to steer your company towards success. This means taking the initiative on AI adoption – it can't be delegated to a junior “AI tzar” without real power. However, do involve your younger, and tech-savvy team members in the process. Their insight, curiosity, and support will be invaluable.
The leader's toolkit
For sure, AI is not perfect. But just as the first smartphone, despite its limitations compared to today’s devices, marked a significant step change in the evolution of mobile technology, today's AI tools are laying the groundwork for future innovation.
As leaders, our role in the AI era should centre on three key activities:
1. Educate yourself and your team
Start by acknowledging that you don't have all the answers, and that's okay. Commit to learning about AI alongside your team. Create spaces where your people can experiment with AI tools in low-pressure environments and encourage them to share insights and discoveries.
2. Direct the AI business strategy
AI adoption doesn't necessarily mean overhauling your entire business model. Instead, focus on how AI can enhance your existing processes and improve your services. Like the advent of electricity, AI has the potential to improve efficiency across all aspects of your operations.
3. Manage perceptions
Address the elephant in the room: the fear of job losses. Help your team see AI as a tool that can free them from mundane, repetitive tasks, allowing them to focus on strategic, value-added work that requires human insight and experience. This is both more rewarding for them, and adds more value to the organisation, making them more indispensable.
The human-AI partnership
The key to successful AI integration lies in understanding the limitations and strengths of humans and AI, and how they can complement each other. AI can improve the quality and quantity of human output, but it requires human oversight. Even AI admits that it is over-confident, doesn’t understand what it is talking about, and should be fact-checked.
Your team needs to lean forward, not back, and engage critically with AI-generated content. This critical engagement isn't a simple task or an easy way out though. It takes a deep understanding of the subject matter, the overall workflow, and the specific objectives of each task. Your team must not only be proficient in the tactical aspects of their job but also have a strong strategic grasp of how and why they do things.
In addition, they need to be aware of exceptions to the rule, the potential pitfalls AI might overlook, and crucially, stay 100% up-to-date with laws and regulations that AI may not have in its dataset. As a bonus, your team can apply AI-generated output to generate innovation and ideas they might not have considered before, all to the benefit of your clients and your business. This human-AI collaboration requires expertise, critical thinking, and creativity – skills that humans can do well in.
From bean counters to trailblazers?
AI in accounting isn't about replacing humans. Instead, it's about augmenting human capabilities. By embracing AI, we can make our profession more efficient, accurate, and valuable to clients. As leaders, our role is to guide this transition, helping our teams see AI not as a threat, but as an opportunity to excel in their careers and deliver better results for our clients. And who knows, it might be the thing that proves accountants aren’t as boring as everyone seems think!
As published AccountingWeb - August 2024
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