How to build a case for AI training in your firm

In a practice, the COO, Martin, recommends the firm acquires a suite of AI training courses for all employees to undertake as required CPD. However, he meets with strong objections from other executives.

They ask, ‘Why would the firm need to upgrade staff’s AI skills when they have been using Microsoft products for years?’.

Martin is frustrated. He believes that AI is upon us, and there are ways the firm will benefit from using AI properly for its services including opening up new markets to the firm. Besides, staff need to brush up on the latest technology.

The dilemma is Martin is always a compliant person. He feels misunderstood. The objections may come from the traditional view of the executives being more concerned about staff costs. He believes the benefits to the firm outweigh the costs. However, he has to be careful not to openly disagree with the executives as he relies on the group’s support.

The positive case

He considers:

• Why and what do staff need to learn about AI?
• Is the current practice sufficient for the present and future needs of clients?
• What is the rationale of using AI?

He finds that with some of the AI products such as massive data analytics and generative software, client evaluations etc, can provide the firm with quality and exact solutions, on scale, and in real time.

The firm wants to develop a capability of integrated reporting but none of the staff know how to identify the value-adding capitals, or how to assess investments and returns on these capitals.

With some powerful AI-assisted analytic tools, he will be able to decompose and reconstruct the different functionalities within the firm, its key capitals, and critical value factors. This will help the staff’s capability in integrated reporting.

Guardrails

Martin also applies a risk approach. What are the risks of not proceeding with training, especially when other competitors or clients continue to get better with their technologies?

Accounting has grown into a multi-disciplinary ecosystem that requires the understanding of not just technical financial reporting, but risks, governance, cyber security and sustainability. More importantly, accountants need to provide a well-founded narrative in real time for stakeholders.

He puts forward an example of an old client, a construction company, which is keen to adopt more sustainable materials, and wants to use some advanced tools for site measurement and other facilities evaluation that it cannot do at present. An AI-facilitated service will help this client choose and evaluate the right tools, besides learning the latest development in construction.

Martin is confident with his analysis: the rationale, the firm’s direction with its current business environment, the types of AI that will benefit both the firm and clients, and a plan of how to roll it out so that staff will not feel threatened. The investment has become something not only worth a try, but a must.

The executives also felt it was time to accept the challenge.

IFA business and management short courses available on-demand now include ‘Introduction to emerging technologies’ and ‘Introduction to digital technologies’. Find out more.