BUSINESS

RISE OF THE MACHINES: ACCOUNTANTS SHOULD EMBRACE DIGITAL TOOLS FOR RELEVANCE

21/05/2019 03:49 PM

KUALA LUMPUR, May 21 (Bernama) -- Accountancy professionals must adapt and learn to use tools at their disposal to upgrade their skills to remain relevant, and increase credibility and competitiveness in the digital era to embrace Industry 4.0.

The Association of Chartered Certified Accountants (ACCA) Malaysia’s latest research, ‘Machine Learning: More Science than Fiction’, highlights how new technological developments have massive potential for the accountancy profession.

“Machine learning’s entrance into the accountancy mainstream is a huge opportunity here in Malaysia, and also globally. They can then truly benefit from the ability of technologies like machine learning to support them with intelligent analysis of vast amounts of data,” said ACCA Malaysia head, Edward Ling.

Malaysia is one of seven countries included in the global report that focuses on machine learning (ML), which is the ability of computers to ‘learn’ and make decisions for predictions based on analysis of large sets of data.

The report found that a whopping 69 per cent of accountants in Malaysia believed the main hindrance to the adoption of ML, a subset of artificial intelligence (AI), was a lack of skilled staff to lead the adoption.

This is a source of concern as 59 per cent of accountants projected that AI would become a reality for corporate Malaysia within the next three years, according to a statement.

ACCA emphasises that at a minimum, all finance professionals should know how AI is evolving and be alert to how the developing capabilities can overlap with impact on their roles.

It also examines a range of digital topics within its Masters level ACCA Qualification to prepare for digital future and enhance the digital content across student exams, while ensuring digital is weaved into the members’ continuous professional development.

-- BERNAMA

 


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