AI Gets Real in Professional Services - CFO

Remember when researchers predicted that professional services jobs in industries like insurance, tax and accounting, and finance and legal would soon be replaced by artificial intelligence (AI)? That was in 2013 when AI was just starting to peak on the hype cycle, and headlines like "Your Next Accountant Will Be a Robot" and "The Robots are Coming for Wall Street" were being cooked up daily. Today, six years into the evolution of AI in professional services, it's safe to say that the dystopian version of the future has not materialized. In fact, according to the latest data from the U.S. Bureau of Labor Statistics, employment of accounting professionals is projected to increase 10% over the next 10 years, which is faster than average for all other professions. In fact, there is a growing talent shortage in the industry that has many large and mid-size accounting firms struggling to fill open roles.