Artificial Intelligence Set to Reshape Various Sectors

Artificial intelligence (AI) is set to reshape various sectors by enhancing productivity and creating opportunities for innovation, says Minister without Portfolio in the Office of the Prime Minister with responsibility for Skills and Digital Transformation, Senator Dr. the Hon. Dana Morris Dixon.

“By automating routine tasks such as data entry and transaction processing, AI allows professionals to focus on more strategic activities that require human insight. It increases accuracy and reduces the likelihood of errors. AI algorithms can analyse patterns and trends across vast datasets more efficiently than any human ever could,” she said.

Senator Morris Dixon was speaking at the Youth Education Association’s Youth in Accounting and Auditing Conference, held at the University of Technology, Jamaica (UTech), in St. Andrew, on Tuesday (May 14).

The conference was held under the theme ‘Cultivating Industry-Ready Professionals for the Future of Accounting and Auditing’.

Citing McKinsey & Company, Senator Morris Dixon said it is estimated that by 2030, up to 30 per cent of current work hours could be automated through the application of generative AI technology, with significant impact expected in sectors such as STEM (Science, Engineering, Technology and Mathematics), healthcare, education and professional services.

She underscored that the rise of AI demands a recalibration of skills in the workforce.

“Skills in AI management, ethics and the ability to work synergistically with AI systems will become crucial. As organisations and educational institutions adapt, the emphasis will be on fostering an environment where humans and machines collaborate to maximise the benefits, while minimising the risks,” Senator Morris Dixon argued.

For her part, Minister of Education and Youth, Hon. Fayval Williams, said accounting and auditing are the cornerstone of ethical business practices.

“Our young people, who are the future leaders of this industry, must be equipped not only with knowledge but also with the integrity to uphold the trust placed in them by society,” Mrs. Williams said.

She urged conference participants to focus on building their integrity, as it is the underlying currency of both fields.

“If you lose that, nobody is going to trust the work that you do,” Mrs. Williams emphasised.