Machine Learning: A glorious reality

Accordingly, to research, it reveals that Machine Learning is turning as more relevant in many organizations as this hype becomes a reality.

It also states that,

•   There are enormous opportunities for building up better business Intelligence as well as a range of activities carried out by accountants.

•   Adoption of the technologies like Machine Learning and Artificial Intelligence must be made a legitimate business need rather than it just wanting to be seen as a disruptive force.

•   Certain ethical challenges lie ahead- as Accountants need aligning professional competence as well due care with AI and Machine Learning.

The 40 percent of accountants or respondents, In the UAE, currently view the Machine Learning or AI as mostly hype, and 55 percent stated that in three years period it would become a reality.

These findings are published in a recent report from ACCA (the Association of Chartered Certified Accountants) that Machine Learning: is more science than a fiction that also highlights how the newer tech developments have massive as the well brighter potential for the accountancy profession.

It also focused on machine learning aspect, which means “Ability of computer programming to support ‘learning’ and in making critical decisions or predicting based on analyzing vast sets of data.”

According to words as stated by the report’s author and head of business insights at ACCA Narayanan Vaidyanathan, “Machine Learning will emerge as a critical area of study for development for the accountants soon. In looking the road ahead, it will also be very crucial in understanding the value as well its benefits, and the ethical challenges that it projects for accountancy professional viewpoint.”

In all, Machine Learning will be the base point for a legitimate business need with a clear understanding of what it can bring to the organization.

‘An I and machine learning will add worth to the work accountants do – from generating valuable insights for business decision-making, to fraud detection, risk assessment, understanding complexities in taxation and conjointly with more practical non-financial coverage. Therefore, the business professional must perceive; however, AI and machine learning work, particularly given its role in influencing the trust we’ve got within the choices of those systems.’

Fazeela Gopalani, head of ACCA Middle East added that: ‘The UAE has endowed heavily in technical capabilities ahead of Expo 2020, and could be a thriving as an industrial hub. However, once it involves AI, accountants are attempting to ascertain through the hype to know the realities.

Like all technology, with power comes responsibility, and within the case of machine learning, moral issues are not far away. Accountants ought to contemplate and manage potential moral compromise from decision-making by algorithmic rules, like the chance of bias within the information set that feeds them and therefore, the issue of answerability for choices created.’

The results for the UAE sample show that 46 percent don’t have any plans for adoption of machine learning in their organization, with solely twelve percent undecided concerning it. Twenty-seven percent are having initial discussions or exploring ideas, compared to twenty-four percent globally. Five percent, one amongst the best percentages compared to different markets, are at the advanced testing stage, with ‘go live’ in 3 to 6 months, and 5 percent are at full production mode addressing vital data-based information.

For the UAE, the primary barriers to adopting machine learning are cost and value implications at fifty-six percent, with forty-nine percent citing a lack of skilled workforce to steer the adoption. Nearly a 3rd – the best and topmost level – admits they see no clear benefits from utilizing machine learning.

The report also emphasizes that at a minimum, all finance professionals ought to knowledge AI is evolving and be aware of how the developing capabilities might overlap with their impact on their roles. To organize for the digital future, ACCA already examines a spread of digital topics among its Masters level ACCA Qualification. It’s conjointly increased the digital content across several of the exams for college students, whereas conjointly guaranteeing digital is weaved into members’ continuous skilled development.

Fazeela Gopalani concludes: ‘Machine learning’s entrance into the business thought could be a chance here within the UAE, however conjointly globally. This can be a part wherever skilled accountants can develop a core understanding of rising technologies, building their digital skills aboard their communication skills so that they will justify the results very well.

They’ll then actually like the power of technologies like machine learning to support them with intelligent analysis of immense amounts of knowledge.’