EXPERT INSIGHT | Artificial Intelligence


I’m not really of the belief that it’s either AI or human doing these jobs as a zero-sum game. It’s going to be a messier collaboration between the two


If AI can digest and parse financial information better than a human, then will there be any point in training as a chartered accountant at all? Schliebs for one believes that hard-won memory-based knowledge, such as chartered accountancy exams, will become obsolete once Siris and Alexas become ubiquitous. “Knowledge will become interchangeable,” he says, “whether you have it in your brain or at your fingertips. The social skills are going to become much more important.” In September 2018, the University of Applied Sciences HTW Berlin published a study – funded by SAP – on the impact of AI on the finance director role. One recommendation was that the CFO needs to become the company’s AI evangelist. Schliebs says: “The CFO is the only person able to understand what the technology would mean and have an impact on the business side of the organisation.” But if the FD’s role is to become an AI evangelist, they could


face an uphill battle: 57 per cent of British business leaders believe that AI will damage relations with employees, while 20 per cent say that staff worrying about losing their jobs will hinder AI adoption. Says Christensen: “Will AI create job losses? I would say that people will be redeployed more effectively.” Christensen points out that


financial and marketing data, such as social media information, allowing FDs to manipulate data to discern really valuable insight about company performance, competitor analysis, and to refine their future strategy.” “Future CFOs will have to be much more adept at


communication. Leadership is something they will have to learn,” says Schliebs. “There’s never been a better time to go into the finance string and have this ambition of being a finance professional of the future. The change that you see is making use of the data. In analysing those results, there are some more social and personal competencies.” In short, to futureproof their careers, CFOs need to focus on


finding the story that’s hidden in the data and converting it into actionable information. And, because CFOs will be the ones signing off on this new


technology, they will need to understand AI and the procurement processes behind it. There will be a fine balance between adopting AI responsibly but not at such an alarming pace that it exposes the business to new risks AI can pose, such as data compliance. Says McCargow: “The rigour and professionalism of CFOs flows nicely into that because the role of the CFO will be partly to hold technologists to account and to protect the business.”


every technological revolution has led to new categories of jobs being created. The argument is that motoring created whole new jobs in manufacturing and garage services once horses became outmoded. Twenty years ago, who would have thought that today, you can forge a career in Search Engine Optimisation (SEO)?


really


McCargow agrees: “I’m not of the belief


that it’s


either AI or human doing these jobs as a zero-sum game. It’s


going to be a messier collaboration between the two. What AI will do is profoundly change the task composition of a finance director but it changes rather than eliminates the role. PwC recently looked at how AI automate tasks within roles.


By the mid-2030s up to 30 per cent of existing jobs could become susceptible to automation. However, ironically, AI will drive substantial economic growth which in turn drives labour demand. “What we believe will happen is that as existing jobs


become more automated in 15 years or so, new jobs will come in the future. The most forward-thinking companies are thinking about how AI can transform their business from the bottom up. Companies need to think about lifelong learning for their staff,


providing competitor advantage by taking people’s


careers seriously.” And, if there is one area where humans will always triumph over their robot overlords, it’s understanding a joke. Computers do not have a sense of humour. Says McCargow: “One thing that AI really struggles with is British sarcasm.” ■


DOFONLINE.COM DIRECTOR OF FINANCE 25


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