Artificial Intelligence has quickly moved from being a futuristic concept to an everyday reality, frighteningly quickly.
Real-life applications of artificial intelligences – rule-based programs designed to mimic human decision-making in areas like medical diagnosis, finance, and manufacturing – were being explored in the 1980’s, with organisations using these simple tech functions as ways to troubleshoot or guiding customer service options. It remained a relatively niche market, pigeonholed primarily to the banking and insurance sectors, until the 2010s, when cloud computing created an explosion in the tech industry.
Today’s technologies are flexible enough to be moulded to meet almost any human need or curiosity, and its usage is constantly expanding. But what does this huge acceleration in technical ability mean for service businesses?
The undeniable benefits
In service businesses, the creep is clear. From automated chatbots that provide instant responses to algorithms that can analyse data in seconds, AI is reshaping how companies deliver. For customers, this often translates into faster turnaround times and the convenience of accessing services at any time of day, great news in today’s fast-paced world.
AI streamlines processes that once took hours and frees up professionals to focus on higher-value tasks. In accountancy, AI-powered software can categorise transactions, flag anomalies and even predict cash flow trends, providing clients with more timely information and allowing accountants to spend less time on repetitive tasks.
And of course, having a super computer scouring one’s accounts certainly removes any risk of human error. To err is human, after all! On paper, tech is an infallible aid, but we think it is missing one key component…
Erosion of trust
Business may be powered by facts and figures, but transactions are built on human connection – and that is something that no computer, not matter how sophisticated, can replicate. Specifically in industries built on trust and long-term relationships – like accountancy – this nibbling away of human contact can leave people feeling isolated, and uneasy.
There may be an undeniable benefit to being able to get answers to nagging questions at 2am in the morning – a chatbot will certainly be able to provide that (and it is unlikely that even the most dedicated accountancy team will…) However, if the answers you are receiving are generic, vague and lacking the nuance that comes from truly understanding a client’s circumstances, you have to ask, is that answer really likely to help you sleep soundly?
Embracing the algorithm
At Auker Hutton, we see technology as a tool, not a replacement. We utilise a number of fantastic platforms that simplify tasks, allowing us to complete our requirements and deliver information more effectively.
However, numbers alone don’t tell the full story. Sitting down with a client, listening to their concerns and understanding the bigger picture of their business and goals is something no app can ever hope to replicate.
Digital platforms offer undeniable convenience, but they lack the depth of understanding that comes from face-to-face conversations. The team at Auker Hutton are proud to be more than just accountants – we are advisors, sounding boards and partners in our clients’ journeys, and we’re always on hand to listen, reassure and advise when our clients need us – and that will never change.
A happy medium
It would be foolish to think that AI doesn’t have a role to play in business today, and in the future. We are firmly in the digital age, and there is no denying that the strategic implementation of artificial intelligence can help make every business more efficient, whether that be through automating routine tasks, researching opportunities or simply managing emails.
When used wisely, it can undoubtably enhance a client’s experience, but at Auker Hutton, we are firm believers that the real value of technology lies in how well you combining these innovations with a personal touch. Technology should support relationships, not replace them.
We will continue to embrace technology in areas of the business where we feel it improves efficiency and accuracy, but we will never lose sight of the importance of human connection. We will always have a direct phone line, we’ll always be available for a meeting and our advice will always be shaped not by an algorithm, but by genuine understanding.