Accountants of Nigeria, ICAN has called on accountants to embrace emerging technologies including artificial intelligence, blockchain and big data analytics for enhanced decision making.
ICAN President, Davidson Alaribe, made this call while speaking at the ninth Institute of Chartered Accountants of Nigeria (ICAN)-Canada International Accountants' Conference.
He said while emerging technologies like artificial intelligence, blockchain, and big data analytics offer unprecedented opportunities to redefine their capabilities, the tools allow them to perform complex analyses faster than ever, predict trends, and gain insights previously beyond their reach.
Alaribe said by leveraging the technologies, they would transition from traditional roles of compliance and oversight to becoming strategic advisors, indispensable to business growth.
He, however, advised that as they harness the sophisticated technologies, they must also champion the cause of ethics and integrity.
Also speaking at the conference, past Chairman of ICAN, Ilupeju/Gbagada and District Society (ICAN-IGDS) Lagos, Prof. Godwin Oyedokun, said optimising decision -making through data mining offers numerous advantage like improved operational efficiency, enhanced customer satisfaction and a stronger competitive edge.
Speaking on the theme: 'Decision-Making Optimisation through Data Mining', Oyedokun described data mining as a process employed by companies to turn data into useful information and make informed decisions.
He argued that some businesses are left behind because they have refused to advance from traditional decision-making, adding that making the best use of available data via digital tools would guide organisations to making prompt and rewarding decisions that would boost organisations' turnover.
He said: "Optimising decision-making processes ensures that organisations make effective, timely, and informed decisions, leading to improved performance and competitive advantage. It also enhances customers' satisfaction and provides a significant competitive advantage in today's data-driven environment."
