Data analytics and cybersecurity are critical tools in today’s digital landscape of business success. Adebola Adejumoke Odeyemi, Team Lead at Gem3A Solutions and Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) in this interview with Daniel Anazia sheds light on the transformative impact of Artificial Intelligence (AI) in accounting.
Q: How has AI transformed the accounting profession?
A: AI has automated routine tasks, reduced human errors, and enhanced compliance. It enables continuous monitoring, faster issue detection, and better strategic advice.
Q: How can AI tackle corruption and ghost workers in Nigeria?
A: AI can monitor payroll systems, flag suspicious patterns, and create transparent financial systems. It helps detect financial discrepancies, manage risks, and inform decision-making.
Q: How does AI improve data analytics accuracy and efficiency in finance and accounting?
A: AI automates repetitive tasks, reduces errors, and enables predictive analytics for informed decision-making.
Q: How has automation impacted government policy formulation?
A: Automation provides accurate, up-to-date financial data, enabling smarter policy decisions.
Q: What about concerns over job losses due to AI?
A: AI shifts accountants’ roles to strategic and advisory positions, requiring enhanced data analytics and business strategy skills.
Q: What emerging AI trends will significantly impact accounting in the next five years?
A: AI-driven automation in cybersecurity, integrating AI with blockchain for enhanced data security, and advanced predictive modeling will drive significant impact.
Q: What advice would you give businesses integrating AI into their strategies?
A: Start small, scale up gradually, invest in skills, prioritize data quality, and consider ethical implications.
Q: How do you stay current with AI and cybersecurity advancements?
A: Continuous learning through conferences, courses, webinars, research, and online communities.
Q: How has your chartered accountancy background influenced your approach?
A: It provides analytical thinking, attention to detail, and understanding of financial regulations, enabling effective data analytics and cybersecurity strategies.
