In a survey conducted by Chartered Institute of Management Accountants (CIMA), 29% finance professionals fear job loss due to increase in automation, while 64% finance professionals encourage increasing automation in India.
On the impact of artificial intelligence on strategic decision-making only 13% of experts in India conceded that reliance on automation or technology has led to their organization taking the wrong decision. However, they suggest refraining from relying on automated processes extensively and strongly recommend to double check the work manually.
At a global level, Zimbabwe (75%) tops the chart with professionals supporting automation, followed by China(67%).
The survey was conducted globally covering more than 3,000 select influential experts from leading financial companies across select European, African and Asian countries.
Bhaskar Ranjan Das, Head of South Asia,CIMA said,“While it’s possible to imagine a shocking scenario where advances in technology lead to mass redundancies, India’s finance departments have a less alarming view. A majority of finance professionals who are also our students believe that artificial intelligence, robots and other technologies will alter, but not destroy, the jobs of accountants and other professionals. Organisations need to examine their business models and turn innovations such as AI and automation into an opportunity and not a threat.”