AI will push accountants toward a more supervisory role, create new opportunities: EY
Artificial Intelligence (AI) is revolutionizing the finance sector, but contrary contrary to popular fears, it is not set to replace accountants. Instead, expert from Ernst & Young (EY) predict that AI, especially in its form as Generative AI, will transform finance professionals’ roles. While traditional tasks will be automated, new opportunities will arise for those who adapt and embrace these technologies. Historically, the role of accountants has been one of execution — managing financial transactions, producing reports, and ensuring compliance. However, with the rise of AI, accountants are expected to move toward more strategic roles. By automating routine tasks like data processing, accountants will be able to focus on higher-value work, such as analysis and decision-making.
Generative AI, which creates new content from existing data, has generated significant interest in the finance sector. Unlike machine learning (ML), which has been used for tasks like forecasting for nearly a decade, Generative AI is still in its infancy. But it’s already proving its potential in enhancing productivity and democratizing access to insights.
The increasing integration of AI and technology in finance is also prompting a shift in the skill set required for the next generation of CFOs. In India, CFOs are being encouraged to adopt a “storyteller” approach to business. CFOs are moving away from just managing data to telling the story behind the numbers. They need to communicate business performance effectively, not just to shareholders, but also to employees and other stakeholders.
