In an illuminating event, CPA Australia and Daily FT co-hosted a thought leadership forum titled “Digitalisation, AI, and the Future of Business” at Colombo’s ITC Ratnadipa Hotel. Over 100 C-suite executives, senior professionals, and distinguished guests attended, gaining crucial insights into the future of business in the digital age.
The event kicked off with a dynamic welcome address by CPA Australia President and Board Chair, Professor Dale Pinto. Prof. Pinto delved into the transformative power of AI, highlighting its capacity to revolutionize the accounting industry by automating routine tasks, thereby enabling finance professionals to concentrate on strategic business decisions.
“The CPA Australia Business Technology Report 2024 shows a surge in AI adoption across the Asia-Pacific, with 69% of businesses using AI in 2024, up from 55% in previous years. Despite this, many businesses still use AI part-time, facing challenges such as financial costs, data privacy concerns, and a shortage of tech talent,” Prof. Pinto explained.
A riveting panel discussion followed, featuring industry luminaries like Brandix Group Digital Transformation COO Oshada Senanayake, Nihal Hettiarachchi & Company Chairman Dinuk Hettiarachchi, former Sri Lanka SEC Director Chiranthi Cooray, and CPA Australia Director Kaushika Jayalath. Moderated by Daily FT Editor Nisthar Cassim, the panel explored the practical realities and strategic considerations of AI implementation.
Senanayake shared Brandix’s journey, highlighting the initial inflated expectations of AI’s capabilities and the strategic realignment required to harness its potential effectively. “We achieved 98% accuracy in automated IT support within 10 months, significantly reducing our first response time to under five minutes,” he said.
Jayalath emphasized the critical need for skill development, asserting that understanding and utilizing AI technology should start from the board level and cascade throughout the organization. “AI’s accessibility is unprecedented, but it demands a sustainable ecosystem of continuous learning and adaptation,” he noted.
Cooray discussed the cultural shifts and leadership challenges necessary for successful digital transformation. “Alignment from the board to middle management is crucial. Without this, culture will overshadow strategy,” she stressed.
Hettiarachchi highlighted the evolving role of accountants in the digital era, particularly within SMEs. “Accountants must engage in digital transformation processes to avoid being sidelined in decision-making. This is an opportunity for CFOs and finance managers to upskill and drive organizational development,” he explained.
The interactive Q&A session provided attendees with the opportunity to engage directly with the panelists, seeking expert advice and deeper insights into the discussion topics. The forum concluded with attendees gaining a profound understanding of AI and digital transformation’s pivotal roles in shaping the future of business.
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