deficit will be offset by unlocking the power of SMEs . Building stronger connections between government , universities and businesses will no doubt be vital in making this a reality .

KPMG ’ s own recruitment requirements will comprise two different types of people . “ One is the accountants who have the right skills to deal with the exceptions and higher skilled worked ,” says Rae . “ But we also need people now who look after the data lakes – is new tax regulation relevant to our tax lake or not ? This is the sort of questions they will be facing . Maybe it is a bit quick to call them data scientists , but we certainly need ‘ knowledge managers ’.”

But what about other companies ? KPMG works with a huge number of businesses , many of which are on the FTSE 100 , and Rae says that most of these organisations are running AI pilot schemes . However , few are what he describes as “ running with it in anger ”. Rather , businesses are using it in narrow places to build confidence , but it is only a matter of time before full commitment becomes a matter of necessity . In this respect , KPMG is one step ahead , spending $ 100 million a year on internal application of AI technology .

The advancement of AI and its sophistication is not going to slow up , meaning the race to develop skills to sit alongside it is more pressing than ever . And for Rae , the likes of KPMG will be key protagonists in the unfolding story to come . “ From our point of view , as an industry we hire graduates and train them up , but we are a feeder to all industries who need finance expertise . We therefore have a societal responsibility to find ways

30 May 2017