" The fundamentals of business haven't changed. How we go about doing them has - dramatically " HOW THE FUTURE WILL LOOK ACCOUNTANCY Industry transformation ● Automation of routine tasks: AI will automate 40% of basic accounting tasks like data entry, transaction categorisation and basic report generation. ● Enhanced analytics: Predictive analytics will improve financial forecasting and risk assessment. ● Continuous auditing: AI will enable real-time auditing, increasing accuracy and reducing fraud. Impact on business owners and SMEs ● Efficiency gains: Reduced time spent on routine tasks will allow accountants to focus on advisory roles. ● Cost reduction: Automation will lower operational costs, making advanced accounting services more affordable for SMEs. ● Skill development: SMEs will need to invest in AI training to fully leverage these technologies. 28 RETAIL Industry transformation ● Personalised shopping: AI-powered recommendation engines will offer customers hyper-personalised shopping experiences. ● Inventory management: Predictive analytics will optimise inventory levels and reduce waste. ● Autonomous stores: Cashierless checkout systems will become more common in stores. Impact on business owners and SMEs ● Customer engagement: SMEs will be able to use AI to enhance customer interactions and improve satisfaction. ● Operational efficiency: Automated inventory management will help SMEs to reduce costs and improve supply chain efficiency. ● Competitive edge: AI tools will allow SMEs to compete with larger retailers by offering personalised experiences. BANKING Industry transformation ● Personalised services: AI will offer personalised financial advice and product recommendations to customers. ● Fraud detection: AI-driven systems will enhance both fraud detection and prevention. ● Automated processes: Loan approvals and credit scoring will be automated using machine learning. Impact on business owners and SMEs ● Cost savings: Reduced fraud and operational costs will lower banking fees for SMEs. ● Access to services: SMEs will benefit from faster loan approvals and better financial products which are tailored to their needs. ● Enhanced security: Improved cybersecurity measures will protect SMEs from financial threats.