30% of corporate audits will be done by AI

The fourth industrial revolution is upon us.  It’s going to mean big changes for the way we work and live.

A major difference between this industrial revolution and the previous three is what will be automated.

Previously, the focus was on automating physical work.  This time around the focus will be on automating cognitive work.

One prediction is that 1 out of 3 corporate audits will be completed by AI or artificial intelligence by 2025.  That’s only 3 years away.

Once everyone has an opportunity to evaluate the difference in the results, people doing them will be a thing of the past.

These audits will be performed faster, more comprehensively and more accurately by AI.  There simply won’t be a reason to NOT adopt this technology to perform this task.

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A change like this will advance the entire industry.  The role of people in this scenario will shift from doing the work to interpreting the results.

Since the most time consuming step has been automated, accounting firms could easily complete 300-500% more work in the same period of time.

How about that for boosting productivity?

PS. If you want to read more about the fourth industrial revolution, checkout the book written by Klaus Schwab.

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