Marrying machines to humanity. International Accounting Bulletin The Digital Accountancy Forum 2018 London 4 October 2018

Transcription

1 Marrying machines to humanity International Accounting Bulletin The Digital Accountancy Forum 2018 London 4 October 2018

2 Mark Edmondson, ACA President & CEO, Inflo Brainchild of Inflo Subject matter expert in accounting & advanced technologies

3 Automation of services in accounting and the effect on the business With the rise of automation of processes in auditing, what roles and responsibilities might be threatened and could become redundant? Changes of skills to deal with innovation and the correlation between human skills and technology Role of auditor and accountant in the age of automation

4 Innovation progressions

5 Innovation progressions I have never said you are not good at what you do Its just that what you do is not worth doing - Sheldon Cooper

6 Innovation progressions Automation Intelligence Augmentation Perfect combination of intelligent machines & intelligent humans Data Analytics, ML & AI Process Automation Current State Use of more sophisticated techniques to enhance outputs Use of Robotic Process Automation on client data to replicate outputs Manual Effort

7 Automation of services

8 Digital Collaboration Automation of services

9 Automation of services Digital Collaboration

10 Automation of services Data Ingestion Digital Collaboration

11 Automation of services Data Ingestion Digital Collaboration

12 Automation of services Data Analytics Data Ingestion Digital Collaboration

13 Automation of services Data Analytics Data Ingestion Digital Collaboration

14 Automation of services Emerging Technologies Data Analytics Data Ingestion Digital Collaboration

15 Automation of services Emerging Technologies Data Analytics Data Ingestion Digital Collaboration

16 Automation of services Emerging Technologies Data Analytics Data Ingestion Digital Collaboration

17 Automation of services The iterative barriers Inconsistency Automation Standardization

18 With the rise of automation... what happens to the pyramid model?

19 Automation in accounting Shifting the leverage model Centralised

20 Automation in accounting Engagement Team

21 Automation in accounting Engagement Team Partner

22 Automation in accounting Internal Tools / Applications Engagement Team Partner

23 Automation in accounting Internal Tools / Applications Engagement Team Subject Matter Experts Partner

24 Automation in accounting Internal Tools / Applications Engagement Team Shared Service Center Subject Matter Experts Partner

25 Automation in accounting Internal Tools / Applications Engagement Team Third Party Resources Shared Service Center Subject Matter Experts Partner

26 Automation in accounting Internal Tools / Applications Engagement Team Third Party Resources Shared Service Center Subject Matter Experts Partner

27 Automation in accounting Internal Tools / Applications Engagement Team Third Party Resources Shared Service Center Subject Matter Experts Partner

28 Automation in accounting Partner Shared Service Center Internal Tools/Applications Engagement Team Subject Matter Experts Third Party Resources

29 Automation in accounting Partner Shared Service Center Internal Tools/Applications Engagement Team Subject Matter Experts Third Party Resources

30 Automation in accounting Partner Shared Service Center Internal Tools/Applications Engagement Team Subject Matter Experts Third Party Resources

31 Automation in accounting Core activities being replaced Partner Recommendation and insights Shared Service Center First review Internal Tools/Applications Documentation Engagement Team Subject Matter Experts Research Third Party Resources Data extraction / entry

32 Innovation driving industrialisation is key

33 Changes of skills Analytical and critical thinking Problem solving Inductive vs. deduction reasoning Tech driven Advisory and consulting Interpretation and translation Data driven decision making Commercial mindset

34 Role of auditor and accountant in the age of automation

35 Role of an auditor Data gathering and preparation Interpreting & adding context

36 Mark Edmondson, ACA President & CEO, Inflo Stop by our website for videos, thought leadership and more