Contemporary Innovation Challenges – Future of Adoption Artificial Intelligence: Case of Estonia

Abstract

Nowadays artificial intelligence is gaining popularity and brings changes into everyday lives and business. Latest research outline various options and challenges related to the implementation of artificial intelligence in different fields (Garbuio&Lin, 2019; Kumar et.al, 2019; Tambe et.al 2019). It is obvious that its adoption will have a notable significant impact on certain industries. However, it also requires complete understanding and awareness of main constraints and benefits. The aim of the present research is to find out the possibilities of adoption of the artificial intelligence in accounting industry in case of Estonia and its impact on the role of the accountant in the future. The main research question focuses on whether Estonian accountants are aware of the new opportunities related to the implementation of artificial intelligence and their openness to these challenges. Authors conducted a survey among Estonian accounting professionals and the results revealed limited knowledge, with people being aware of the meaning but having little or no idea about the basic components of artificial intelligence and wide range of a potential application. During the research, it became obvious that only few companies in Estonia are already using artificial intelligence: among the main reasons of non-adoption are lack of experience, lack of qualified professionals and the general complexity. Authors believe that the results of this study provide a starting point for companies involved in providing various modern technical support for accounting industry and may contribute to the raising awareness and further development of active successful adoption of artificial intelligence in Estonia.