Speaking at the launch of the ICAEW’s AI in Corporate Advisory report, Lord Timothy Clement-Jones, the co-chair of the all-party parliamentary group on AI, highlighted the need for collaboration between professional services firms and tech developers in order to create an environment of best practice and trust in the UK. He said artificial intelligence will have a “profound” impact on corporate finance in the next five to 10 years and noted that this had already stimulated collaboration between professional services firms – PwC, Grant Thornton, Deloitte, BDO and KPMG contributed to the report, alongside a number of law firms – but added this needs to be taken up several notches if the UK is to be competitive with nations such as the US and China. AI technologies in tandem with professional expertise should help the business, advisory and investment communities make better predictions and deals and create faster, more accurate and more insightful due diligence processes as well as satisfy the public interest, Lord Clement-Jones said.
About The Author
Providing insight into technology and innovation in the legal, accountancy property and consultancy sectors. Alternative Insights brings together news, commentary and thought leadership about digital transformation across the entire professional services industry. We collate industry stories on innovation, technology and transformation in the legal, accountancy, management and property consultancy sectors, giving you access to the latest thinking about tech and innovation in the professions.
September 20, 2019
November 8, 2019