Project 1: Artificial Intelligence in Industry
AF4032 Project 1
You are tasked with developing a report and presentation on artificial intelligence in accounting, finance, and economics. Rapid advancements in artificial intelligence (AI) have led to the development of many areas
of industry. The developments include accounting, finance, and economics, from economic modelling to automated bookkeeping, fraud prevention, algorithmic trading, and many more areas, including the application and screening process in recruitment. Such developments have incorporated sophisticated large language models (LLM) such as OpenAI’s GPT-4 (previously ChatGPT) and Google’s Bard, with ChatGPT gaining the title of
the most rapid uptake for any new technology having gained 100 million users in 2 months (Meskó & Topol, 2023). With their openness and ease of control allowing for unprecedented scale of use (Helberger & Diakopoulos, 2023), these LLMs have the ability to revolutionise the ways in which both everyday tasks and business functions are performed, although
many argue they are not yet developed enough to be put into practice.
In the recruitment process, AI is advancing the landscape through quicker screening, and
improving the chances of the organisation in selecting the right candidate. Through the use
of predictive analytics, AI can predict which candidates are most likely to perform in the role
by analysing candidate data, CVs, social media profiles, and online behaviour (Forbes.com).
These types of advancements raise questions around our understanding of how to be
successful in gaining the jobs we want in the future:
Will your CV pass AI screening?
How might your past and current online posts impact your future job prospects?
Are you prepared to undertake multiple interviews, online using AI, and in person?
There is no doubt that AI is advancing at such speed that many of us cannot comprehend
the benefits, such as ‘KPMG Clara’, an AI and machine learning platform developed by
KPMG to enhance their audit quality through task automation and analysis of large data sets
to improve accuracy in auditors’ insights into organisational transactions (KPMG.com).
However, although AI is supporting operations, there are ongoing challenges around ethics
and regulation, including defining the scope of AI because it isn’t any one thing (Schuett,
2022).
Ultimately AI is vast, and the aim of this project is to enhance your understanding of the
challenges for organisations, how AI is used in the recruitment process, and some aspects of
AI application in your area of interest. Your presentation and report should cover 3 key
areas:
1. The impact of AI on the recruitment process: How it is used, advantages and
disadvantages for both organisations and candidates applying for jobs, and how you
think it might impact talent recruitment to fill the skills gap in the industry.How AI is used in at least 3 of the industry areas listed below, and how you think it
will develop in the future:Automated Data Entry and Bookkeeping:
Receipt Scanning: Tools like Receipt Bank or Expensify utilise AI to extract data from
receipts and invoices, automating data entry and categorisation.
Transactional Analysis: AI-powered accounting software like QuickBooks or Xero
automate transaction categorisation and reconciliation