SHAH ALAM - ACCA's Digital Horizons report highlights the optimism and readiness of accountants to embrace digital transformation, including artificial intelligence (AI).
A survey of ACCA members found that 78 per cent see flexibility, adaptability and quality of products and services as key benefits of adopting digital technologies, while 72 per cent see sustainability performance, transparency and regulatory compliance as benefits.
However, the survey also found that accountants still see the main benefit of technology as offering efficiency and process improvements (52 per cent).
Cost remains the top challenge when adopting technology, but organisational culture also remains a critical factor in successful adoption.
"Successful technology adoption is not just about implementing new systems but also about enabling people to use these systems effectively and to realise their personal benefits," ACCA Maritime Southeast Asia Portfolio Head Andrew Lim said today.
He added that the finance profession is well-situated to benefit from digital technologies, but realising their potential could require a mindset shift towards a deeper understanding of value, as well as an adaptation of skills and practices.
The survey found that a majority of accountants (85 per cent) believe technology helps them to be more productive, while 76 per cent believe it helps them to collaborate more effectively and 65 er cent believe it helps them to develop their careers.
However, only 30 per cent of accountants believe technology helps them to feel more job secure.
"A key strategic advantage of automation in accounting is the shift from reactive to proactive accounting.
"With automation, accountants can focus more closely on analysing data and providing strategic insights rather than merely recording transactions," Lim said.
He added that it is important to think beyond efficiency as technology evolves, and that the acceleration of business will also amplify demands on the finance department.
Leadership emerged as a key theme in both the survey and the roundtables.
Meanwhile, ACCA Technology Research Head Alistair Brisbourne said leadership is generally considered to be a cornerstone of successful innovation and yet it needs to be more specific as a concept when applied to digital transformation.
"At its core, embracing digital leadership means fostering a culture of innovation, encouraging continuous learning, and being open to change," he said.
The survey found that ACCA members have a high level of trust in AI, with 70 per cent agreeing that AI can increase the time they have to focus on business-critical tasks.
However, Brisbourne said that AI is still thought about in terms of a gradual evolution of existing processes, and that the potential of AI is primarily in making the industry more efficient rather than thinking about how it could be fundamental to driving value related to new and existing demands.
He added that basic AI literacy is key, and that finance professionals must understand the capabilities, limitations and potential applications of AI within their specific domains.
In a related matter, Lim said that adopting AI increases rather than decreases the importance of experts - such as finance and risk professionals - to oversee critical processes and functions.
He added that AI may offer helpful support and productivity boosts, but it will not be able to replace the ability to think critically and take into account a broad array of contextual factors when making decisions, even when made on the basis of AI-driven insights.