Integrating AI with blockchain technology enhances data security, integrity – Odeyemi

Data analytics and cybersecurity are two interconnected fields that are crucial in today’s digital landscape. While data analytics entails extracting insights and patterns from data to inform business decisions, optimize processes, and identify trends; cybersecurity, on the other hand, focuses on protecting computer systems, networks, and sensitive information from unauthorised access, use, disclosure, disruption, modification, or destruction.

Adebola Adejumoke Odeyemi, a forward-thinking leader shaping the future of business with Artificial Intelligence (AI), Team Lead, Gem3A Solutions, and member of professional bodies like the Institute of Chartered Accountants of Nigeria (ICAN), where she has risen to the rank of a Fellow (FCA); Chartered Institute of Taxation of Nigeria (CITN), and the Institute of Strategic Management of Nigeria (ISMN), takes look at the intersection and significance of data analytics and cybersecurity measures that ensure the integrity and confidentiality of data, which is essential for accurate data analytics, thus identifying potential security threats and vulnerabilities, allowing for proactive measures to prevent cyber-attacks. She spoke to DANIEL ANAZIA.

The advent of artificial intelligence (AI) is said to have led to significant transformations in the accounting profession. What are some of these transformations?
Artificial Intelligence (AI) has brought about a fundamental shift in the accounting world, especially in handling routine tasks. Data entry, book-keeping, and invoice processing are now automated, reducing human errors and speeding up processes. In auditing, AI allows for continuous monitoring instead of just periodic checks, which means we can catch potential issues faster and more accurately. AI also allows us to analyze large volumes of data quickly, which helps accountants provide better strategic advice rather than just crunching numbers. Additionally, AI has strengthened compliance by automatically flagging potential regulatory violations, making it easier to stay on track. These changes allow accountants to focus on advising clients and making sound business decisions.

Among other benefits, AI-powered tools also enhance fraud detection and prevention, financial forecasting, decision-making, and client relationship management. How can the government and corporations tap more into these, especially with our system’s menace of corruption and ghost workers syndrome?
AI can be crucial in tackling corruption and ghost workers by making financial systems more transparent. For example, AI can monitor payroll systems in real-time, flagging any suspicious patterns, like duplicate payments or ghost employees, that may indicate fraud. This would help the government keep tighter control over its payroll and prevent financial losses. Corporations can also benefit from AI by detecting financial discrepancies early on, managing risks, and making better-informed decisions. With AI, the government and private sector can create more transparent and accountable systems, which ultimately help reduce corruption and fraud.

How can AI improve the accuracy and efficiency of data analytics in finance and accounting?
AI can automate repetitive and time-consuming tasks such as data entry, reconciliation, and auditing, thereby reducing human error and increasing efficiency. AI-driven predictive analytics can also help forecast financial trends, enabling more informed decision-making. For instance, in my previous role, we implemented an AI system that automated invoice processing, reducing processing time by 60 percent and virtually eliminating manual errors.

How has automating tasks such as data entry and book-keeping, auditing and compliance, financial analysis and reporting, tax preparation and planning helped the government formulate its policies?
Automation has made a considerable difference for governments by giving them access to accurate and up-to-date financial data. For example, automated tax reporting means governments can see revenue trends in real-time, which helps them make more intelligent policy decisions regarding taxes and spending. Automated auditing tools also help catch issues like fraud or non-compliance as they happen, which means regulators can react more quickly and adjust policies as needed. Plus, with AI providing detailed financial analysis and reporting, governments can better understand economic patterns and respond more effectively to issues like inflation or industry shifts.

Notwithstanding being applauded for its benefits, such as significantly increasing efficiency and accuracy, AI technology has also raised crucial concerns about the future of work in the accounting profession. What’s your take?
AI is changing the accounting profession, but I don’t think it will replace accountants. Instead, it’s shifting our roles. As AI takes over repetitive tasks, accountants have more space to step into strategic and advisory roles. We’ll need to focus on the bigger picture – helping businesses make smarter decisions and guiding them through financial challenges. That means accountants must sharpen their data analytics and business strategy skills to stay relevant. While there are concerns about job losses, AI creates new opportunities for accountants to grow. The human element – understanding clients’ needs, navigating complex business issues, and ensuring ethical use of AI – will always be needed.

What emerging AI, data analytics, and cybersecurity trends will significantly impact the most in the next five years?
The rise of AI-driven automation in cybersecurity, such as autonomous threat hunting and response systems, will significantly impact the field. Additionally, integrating AI with blockchain technology to enhance data security and integrity is an exciting development. In data analytics, the use of AI for advanced predictive modeling and real-time analytics will continue to grow, providing deeper insights and more accurate forecasts. For example, AI-enabled predictive maintenance is already transforming industries by reducing downtime and operational costs.

What advice would you give businesses looking to integrate AI into their data analytics and cybersecurity strategies for the first time?
Start small and scale up gradually. Begin with pilot projects to demonstrate value and refine your approach. Ensure you understand your business goals and how AI can help achieve them. Invest in building or acquiring the necessary skills and foster a culture of continuous learning. Additionally, prioritise data quality and governance, as the effectiveness of AI systems heavily depends on the quality of the data they process. Finally, always consider the ethical implications and strive for transparency and accountability in your AI initiatives.

How do you stay current with the rapid advancements in AI and cybersecurity, and how do you apply this knowledge to your work?
Staying current in fields like AI and cybersecurity requires constant learning, which I genuinely enjoy. I engage in continuous education by attending industry conferences, taking specialised online courses, and participating in webinars where experts discuss emerging trends. I also keep up with the latest research, follow thought leaders, and join relevant online communities where professionals exchange insights and best practices. I focus on integrating these advancements into practical, real-world solutions when applying this knowledge. For instance, I help businesses use AI-driven tools to streamline their data analysis and identify potential security vulnerabilities. In cybersecurity, I emphasize educating clients and teams on best practices to protect their financial data and personal information from possible breaches. It’s not just about knowing the latest trends; it’s about translating that knowledge into actionable strategies that drive efficiency, innovation, and security.p

How has your background in chartered accountancy influenced your approach to data analytics and cybersecurity?
My background in chartered accountancy has given me a strong foundation in analytical thinking and attention to detail, which are crucial in data analytics and cybersecurity. The rigorous training in financial analysis and risk management has enabled me to approach data with a critical eye, ensuring accuracy and integrity. My understanding of financial regulations and compliance also helps develop cybersecurity strategies that protect sensitive financial data.