Artificial Intelligence (AI) is no longer a buzzword but a technology tool that will take away some jobs and create others. While some jobs will be replaced by machines, others will enjoy the growth that comes with the use of AI.
AI will also enhance productivity across industries, with the potential of an annual global productivity increase.
This was among the topics discussed by accountants drawn from around the world who met in Nairobi. Others were about the disruption that AI is causing in the sector.
The annual event that brings together leading accountants at Crowe Global took place on February 13 and 14, 2025. “We cannot wish away AI. It is here with us, and we expect newer, more advanced versions to be released into the corporate world in the coming years. Accountants must prepare to utilise these tools within the law and in an ethical way,” said Juan Carlos Lara, chief digital officer at Crowe Global.
During the session, the delegates discussed the challenges and opportunities facing business leaders - ensuring they have the knowledge and tools to provide quality client service.
Also in the discussion was the value that AI brings to the accounting profession.
Machines and algorithms
The recently published 2025 Future of Jobs Report by the World Economic Forum (WEF) predicts that the utilisation of machines and algorithms will grow in the next five years.
The report notes that 47 per cent of work tasks today are performed mainly by humans alone, with 22 per cent performed mainly by technology and 30 per cent completed by a combination of both. Yet, by 2030, employers expect these proportions to be almost evenly split.
Trends in AI and information processing technologies are expected to create 11 million jobs while simultaneously displacing nine million others. “Professionals who fear that AI will take jobs are afraid because they do not see its value. Those who will refuse to learn how to use AI are the ones whose jobs will be replaced,” says Erastus Omollo, managing partner at Crowe Kenya.
According to the WEF report, AI and big data top the list of the fastest-growing skills that will be needed in the next five years.
Within financial services and capital markets, employers predict that the share of tasks done by people today will shrink from 44 per cent today to 28 per cent in 2030. “Businesses face growing pressure to develop and implement effective environmental, social and governance strategies that enable them to track progress, report outcomes, and uphold accountability,” noted Filipa Correia, regional director for Crowe Europe, Africa and the Middle East. [Kelley Boss]
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