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AI, the Cycle of Hype and the Future

Nick Frost, Head of Audit Technology and Innovation, KPMG

Nick Frost is responsible for driving the use of innovative tech within the audit practice at KPMG. In this blog Nick outlines his thoughts on how AI can make a tangible difference:

“AI will enable companies to expand their offerings, develop more sophisticated services and increase the value add they deliver to clients in ways that are currently beyond our imagination”.

Read more below to find out how.

Every technology goes through a hype life-cycle. Generally, this is formed of three distinct phases: hype, depression that it’s possibly not as great as first thought, and finally implementation and the realisation that it’s actually alright.

AI is very much in the first phase of this cycle. Let me be clear: I am a huge advocate of AI and everything it can deliver. But the hype surrounding it is not the reality of being at the coal face, at least today. For example, I’ve heard of companies seeking to replace thousands of finance service centre jobs with one robot within five years. That, to me, doesn’t feel achievable in that time frame. Yes, the advantages it creates are exciting, but those opportunities shouldn’t be viewed in terms of reducing headcount.

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