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In this episode, Kirstie Tiernan, principal with BDO Digital and member of the company’s board of directors, shares details on her company’s AI successes, how those experiences can benefit customers, and what the rapid evolution of AI technology means for employees and employers.
Highlights
AI’s Impact on Employers and Employees (00:52)
Tiernan emphasizes that AI tools are now broadly available to employees, and early adopters have learned to use them independently. Employers need to provide these tools to attract and retain employees, as AI tools are now expected in the workplace. Students and young workers are accustomed to using AI tools for learning and expect similar tools in the workplace.
AI Usage Across Different Age Groups (03:29)
A Microsoft Work Trend Report from 2024 indicated that 75% of people are using AI. During a presentation, Tiernan found that 60% of staff and only one CFO out of 50 were using AI, showing a gap in AI adoption among senior management. She provides an example of a client where employees were using two laptops to access AI tools, indicating the widespread use of AI despite company policies.
BDO’s Internal AI Assistant and Its Impact (06:29)
BDO released an internal AI assistant in August 2023 using Azure OpenAI services, available to all 12,000 employees. The tool, named BDO Intelligent Virtual Assistant (BDO IVA), has 9,000 active users and has saved 489,000 hours of time and resources. The tool has custom modules for different teams, such as audit, tax and advisory.
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Financial and Operational Benefits of AI (10:24)
BDO’s ROI calculation includes labor costs, software costs, hardware costs, and cloud costs. The tool helps in validating the accuracy of AI-generated content, ensuring the expected ROI is achieved. Tiernan emphasizes the importance of continuous management support and adoption encouragement through ROI calculations.
Challenges and Risks in AI Implementation (12:40)
Some BDO clients are cautious due to sensitive industry requirements including governance considerations, while others are moving quickly with use cases. She advises clients to conduct security assessments and cloud licensing optimization to ensure a secure and cost-effective environment. Other risks to consider include system downtime, data quality, and ethical biases.
Custom Modules and Agents (14:28)
Agents are now available, allowing for more sophisticated workflows like AP/AR automation. BDO uses AI for tasks like responding to RFPs, building proposals, and preparing for interviews, enhancing efficiency. BDO is exploring the use of agents for more comprehensive workflows, integrating AI with Robotic Process Automation (RPA) and other technologies.
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