Abstract
Artificial intelligence (AI) is revolutionizing the finance and accounting industry by offering numerous opportunities for increased efficiency, improved decision-making, and enhanced customer experience. AI can automate tedious and time-consuming tasks, provide accurate insights and predictions, and help identify patterns and trends in large datasets. However, the adoption of AI in finance and accounting also presents several challenges, including issues related to data quality, bias, lack of transparency, privacy, regulatory compliance, ethics, and expertise. The integration with legacy systems, reliance on third-party vendors, cost, scalability, and workforce impact are also significant challenges that must be addressed. To fully leverage the benefits of AI in finance and accounting, businesses must address these challenges and implement AI solutions responsibly and ethically. By doing so, they can gain a competitive advantage, improve operational efficiency, and deliver better value to customers. However, several factors, including trust in AI, regulatory environment, availability of data, and cost, could impact the adoption of AI in finance and accounting. By addressing these challenges and factors, businesses can unlock the full potential of AI and gain a competitive advantage in the industry.
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Shakdwipee, P., Agarwal, K., Kunwar, H., Singh, S. (2023). Artificial Intelligence in Finance and Accounting: Opportunities and Challenges. In: Tuba, M., Akashe, S., Joshi, A. (eds) ICT Systems and Sustainability. ICT4SD 2023. Lecture Notes in Networks and Systems, vol 765. Springer, Singapore. https://doi.org/10.1007/978-981-99-5652-4_17
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DOI: https://doi.org/10.1007/978-981-99-5652-4_17
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