Becky Shields, partner at top 20 firm Moore Kingston Smith, is passionate about the potential of technology in the accounting profession. In her 13 years at the firm, she has focused on IT, and now chairs an IT committee at the ICAEW as well as playing a key role in Engine B, the consortium run by ex-KPMG luminary Shamus Rae. It looks at how the digital revolution impacts on professional services. For three years, Moore Kingston Smith has used the AI MindBridge software for its audits. Here, in this two-part interview, she shares her thoughts on how the technology has improved the offering Moore Kingston Smith can give its clients, the future of audit, and how close we are to real time advisory.

Kolkata: Global consultancy giant PwC is setting up a'Centre of Excellence' (CoE) in artificial intelligence (AI) in the city, which will generate around 1,200 jobs. Besides, it would also build an IoT (Internet of Things) lab in the city which, too, would be first of its kind in the country. To man these state-of-the-art facilities, the consultancy major is looking reverse migration of workforce from Hyderabad, Pune and Bengaluru to the city. Arnab Basu, managing partner (east), PwC India, told TOI that it would invest Rs 100 crore for setting up these facilities in the state. The consultancy major had earlier set up another CoE or analytics in the city.

The business opportunities from the use of drones and AI are there now, and make positive "bot-tom-line" contributions, but many companies are not ready to take advantage of them, either be-cause they don't have the processes in place or do not have the talent. The PwC 2019 Global Risk, Internal Audit and Compliance Survey showed that 80 per cent of respondents "do not plan to use drones in the next two years" or are "unsure" about whether they will do so. Likewise, over half (52 per cent) of respondents feel the same way about artificial intelligence. Two-thirds (63 per cent) do not have a programme in place to attract digital talent. However, they are open to the idea of using these technologies, especially from the point of view of improved customer services and employee experiences.

The workplace is changing, thanks to the rise of artificial intelligence. "AI isn't replacing all the jobs, which is sometimes in the perception that people have," he said at Yahoo Finance's All Markets Summit Thursday in New York City. "What it's doing is creating the opportunity for us to rethink what jobs are." With that, Daugherty highlights several skills that are necessary to stay competitive. "People need to focus on the human skills… like complex problem solving, creativity, social-emotional response, communication," he said.

According to Accenture, artificial intelligence (AI) is expected to help increase labour productivity by up to 40% and potentially double annual economic growth rates by 2035. But for organisations to capitalise on these and other benefits, decision-makers must ensure AI effectively integrates into existing operations. AI must be treated like any other hyped technology; the focus must be on addressing specific business challenges that provide a return on the investment needed. Adding impetus to the rush towards implementing AI and its related technologies is the perception that the majority of early adopters have already achieved economic benefits, as outlined in the 2017 Deloitte State of Cognitive Survey. Even so, AI hasn't always enjoyed positive reviews. Some see it as threatening employment.

Your stakeholders, including board members, customers, and regulators, will have many questions about your organisation's use of AI and data, from how it's developed to how it's governed. You not only need to be ready to provide the answers, you must also demonstrate ongoing governance and regulatory compliance. Our Responsible AI Toolkit is a suite of customizable frameworks, tools and processes designed to help you harness the power of AI in an ethical and responsible manner - from strategy through execution. With the Responsible AI toolkit, we'll tailor our solutions to address your organisation's unique business requirements and AI maturity.

"There's no one-size-fits-all answer to finding the right supply chain for a company, because it's so dependent on strategic business choices & focus" - Kevin Overdulve, Director in Logistics & Distribution, Deloitte Belgium

AI was supposed to be nothing more than a tool to automate boring repetitive tasks. However, AI is much more than that. In fact, AI is already covering today's headlines. Whether it's executing geopolitics--with the US blacklisting some of China's AI companies, finding homes--with AI searching for your perfect apartment, playing games--with AI playing your Angry Birds game, or showing your body--with the rise of full body deepfakes, AI has found its way to every element of our daily lives. These recent examples show a wide range of AI's possibilities, but for many people, AI's potential for businesses is still rather uncharted territory.

With the abundance of IT-based systems and applications embedded in the enterprise, organizations need a better way to scale their business processes to drive efficiency and achieve mission success. In order to be successful, organizations need an approach that empowers employees to accomplish more tasks while being able to focus on work that matters. Robotic process automation (RPA) is the automation of repeatable, redundant, and rule-based human actions using software bots. RPA is low cost, quick to implement, and allows people to focus on intellectually stimulating tasks while leaving rote, boring work for machines. Once organizations successfully implement RPA, they'll continue to gain efficiencies through using cognitive process automation (CPA), or the ability for bots to replicate decisions requiring human judgment.

Artificial Intelligence (AI) is on target to have a profound impact on humanity. PwC's Sizing the Prize report shows just how big a game changer AI is likely to become, potentially contributing US$15.7 trillion to the global economy by 2030, the same deadline the United Nations (UN) have set for the Sustainable Development Goals (SDGs). Now is the time to lay the foundations to harness AI's potential and mitigate its potential risks. Now is the time to use this technology to benefit our society and planet. At PwC, we have comprehensive expertise in the development and application of AI solutions for specific business problems and a deep understanding of the SDGs in a business context.