business focus of the month of the month
Are robots taking over? writes Julie Bryant, partner, Haines Watts
Artificial intelligence (AI) is a popular theme for movies and science fiction novels. Robots taking over the world and posing a threat to human existence in a dystopian future – from Skynet in The Terminator to The Matrix – it can seem a scary concept.
So, is this our future? Actually, AI is our present. Most of us will use a robotic assistant on a
regular basis, using a voice command such as “Hey Siri”.
AI has been around since the 1950s, but has seen tremendous progress in recent years due to increased volumes of data and improvements in computer power and storage capabilities. AI is already transforming many sectors of the economy.
What is AI?
AI does not replicate human intelligence (so is unlikely to take over the world – phew). The term is mostly used to describe machine learning systems.
Such systems allow computers to be trained to accomplish specific tasks, producing outputs that far exceed the accuracy and consistency of humans. The key word here is ‘specific’ – unlike a human, today’s systems are trained to do a clearly defined task and are therefore highly specialised.
What does this mean for accountants?
AI-based technology is predicted to transform the accounting profession. Many tasks and decisions will be automated, leading to great improvements in efficiency and accuracy. AI will assist human decision-making, by offering impressive data-driven insights and analysis.
This will lead to a change in the roles and skills needed in accountancy firms. Firms will need to adapt to make the most of the opportunities.
What about other businesses?
Many businesses are already using AI technology to reduce operational costs, increase efficiency, grow revenue and improve customer experience.
The future is bright – and exciting – for those ready to embrace technology and adopt new ways of thinking.
hwca.com an event by: 56
businessmag.co.uk THE BUSINESS MAGAZINE – JULY/AUGUST 2019
From left: George Weston of CMA Recruitment Group, Anthony Reed of HSBC, Hannah Clipston of Irwin Mitchell, Peter Laurie of The Business Magazine, economist Mark Berrisford-Smith, Mark Busby of Hendy Group, and James Tetley of RSM
of the month of the month
Solent 250 companies hear from HSBC’s top economist
Guest speaker Mark Berrisford-Smith, head of economics at HSBC UK, shared his views on the impact Brexit is having on the UK economy at a networking event for companies that feature on the Solent 250 annual listing compiled by The Business Magazine.
The Solent 250 is sponsored by HSBC, advisory and accountancy firm RSM, law firm Irwin Mitchell and specialist recruitment group CMA Recruitment.
Mark Berrisford-Smith addresses the participants
The event was held in May at the Eastleigh showroom of car dealership the Hendy Group, where Mark Busby, commercial director at the Hendy Group, welcomed Solent 250 guests.
For a full report visit:
businessmag.co.uk/the-solent-250 sponsors
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