Shoal CEO and QxBranch founder, Shaun Wilson and QxBranch Executive Director, Dr Ray Johnson (appearing by video from Washington, DC), presented to the RSM Australia Finance Professional Symposium in Canberra last Thursday, 10 March.
The focus of the presentation was advanced data analytics, machine learning and quantum computing, how these technologies will change the way we look at our world, and how data-intensive professions such as accounting can use these changes to deliver greater value to clients and to broader society. After Dr Johnson gave a quick explanation of how quantum computing differs from classical computing, he said that ‘quantum computing could be used in the finance sector in applications where risk analysis, modelling, and varying scenario projects may be conducted, including portfolio optimisation, hedge strategies, fraud surveillance and high frequency trading to name but a few’.
Much of the ensuing discussion revolved around the expected impact these technologies will have on the accounting profession. Mr Wilson spoke about the evolution of skills needed to facilitate the shift where accountants become more of a business partner and adviser leaving information processing to machines, and thus helping clients understand and optimise performance.