Technological Advancements in Accounting

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Impact of artificial intelligence on business organizations.

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AI, including machine learning, complements human capabilities and manages big data for analytics and decision-support, offering opportunities for accountancy professionals.

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Challenges of implementing new technologies in business.

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While beneficial, the emergence of big data, analytics, and AI presents challenges and risks that organizations and professionals must consider.

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Current finance function time allocation: 60% on transaction processing.

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Current finance function time allocation: 10% on decision support.

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Future finance function time allocation: 60% on decision support.

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The future finance function will focus on business partnerships and effectiveness.

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The shift in time allocation reflects a move towards decision support activities.

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Business partnerships are crucial in the future finance function.

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Finance functions will integrate with other functional areas of the organization.

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The transformation aims to reduce costs and increase efficiency.

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