AI, ESG transformation can provide opportunities for business growth – accountants
As economies seek to renew themselves in a post-pandemic scenario, firms can capitalise on the opportunities arising from changing norms, structures and technologies, including the mainstreaming of Artificial Intelligence and Environmental, Social and Governance matters. As the entrepreneurs’ trusted advisors, accountancy professionals are well-positioned to drive this change.
This emerged during a conference for Professional Accountants in Business hosted by the Malta Institute of Accountants. This Conference sought to discuss how professionals can transform the challenges brought about by recent trends in industry into new opportunities for business growth and success.
Introducing the Conference, MIA President David Delicata, reflected on the various reforms affecting the industry and beyond, both as a result of grey-listing and also within the context of international efforts to reform corporate taxation systems, to strengthen governance requirements and to push further the sustainability agenda. Mr Delicata explained how the Institute and the profession in general are supportive of such reforms but insisted that these should not stifle competitiveness and increase bureaucracy. “Rather, this is the right opportunity for Malta to come up with new economic niches to enhance our competitiveness while maintaining the high standards that have emerged over the past months”, the President added.
MIA CEO Maria Delia highlighted how accountants possess the right skills to be able to influence strategy within firms and organisations. She noted that there is a major role to be played in various areas, including analysing supply chains, in directing strategy, in seeking new markets and in attracting new investors. “It is very important to understand what the market wants and to bridge the gap between what the accountant can offer and what the need is”.
The various sessions sought to help accountants better understand how PAIBs can continue to develop as leaders within their organisations. In fact, throughout the event, accountancy professionals exchanged views with industry stakeholders, including company leaders, CEOs and CFOs, as well as representatives of constituted bodies to seek solutions towards creating value both within businesses as well as for the wider society. This necessity is accentuated in the current post-pandemic regeneration period, where businesses continue to face renewed challenges being posed by geo-political tensions in Europe and record inflation levels.
A common theme that emerged from such discussions was that accountants have the ability to be purveyors of change in a number of areas – whether governance, environmental and social sustainability as well as digital innovation. For this to be possible, continuous investment in improving skills was identified as quintessential to adapt to the emerging realities. In parallel, the challenge in attracting the right resources was frequently underlined by participants.
Panel discussions were addressed by a number of experts in fields including on AI, the sourcing of capital funding and credit management. These panels featured both informative sessions updating participants with the latest developments in the respective fields as well as open and frank discussions during which representatives of authorities, firms and accountancy professionals shared their views and sought common ways of securing growth and success for the years ahead.
The PAIB Conference was supported by LEXCO Compliance Solutions.
