research topics for accounting information systems

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Accounting information systems

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Accounting information systems: scientific production and trends in research.

1. Introduction

• Identify how many articles specifically focused on Accounting Information Systems have been published and how has been their evolution.
• Identify which journals, authors, countries/regions and organizations have more publications specifically focused on Accounting Information Systems, as well as the most frequent keywords.
• Identify which articles, sources, authors, organizations and countries/regions are the most cited.
• Explores the main research topics and trends in Accounting Information Systems.
• Explores the structural knowledge groups based on the co-citations network between articles, sources and authors.

2. Theoretical Framework

3. materials and methods, 4.1. scientific production on accounting information systems, 4.2. most cited publications, sources, authors, organizations and countries/regions, 4.3. research topics and trend.

4.4. Structural Knowledge Groups

5. discussion and concluding remarks, author contributions, conflicts of interest.

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Share and Cite

Monteiro, A.; Cepêda, C. Accounting Information Systems: Scientific Production and Trends in Research. Systems 2021 , 9 , 67. https://doi.org/10.3390/systems9030067

Monteiro A, Cepêda C. Accounting Information Systems: Scientific Production and Trends in Research. Systems . 2021; 9(3):67. https://doi.org/10.3390/systems9030067

Monteiro, Albertina, and Catarina Cepêda. 2021. "Accounting Information Systems: Scientific Production and Trends in Research" Systems 9, no. 3: 67. https://doi.org/10.3390/systems9030067

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150 Original Accounting Research Paper Topics

Our academic experts understand how hard it can be to come up with original accounting research paper topics for assignments. Students are often dealing with multiple responsibilities and trying to balance numerous deadlines. Searching the web or class notes takes up a lot of time. Therefore, we have put together our list of 150 accounting research topics that students can choose from or gather inspiration from.

Managerial Accounting Topics for College Students

This area of study has tremendous upside as more businesses rely on managerial accountants to bring innovative changes to their organizations. Here is a list of topics for research paper in this area:

• Differences between financial accounting and managerial accounting.
• Managerial accounting in the 21 st century.
• The impact of managerial accounting in big businesses.
• The major components of activity-based costing.
• How managerial accounting affects international finance.
• The impact managerial accounting has on human resources.
• The major components of capital budgeting.
• How managerial accounting affects internal business decisions.
• Effective ways of adopting managerial accounting into small businesses.
• Differences between variable costing and absorption costing.

Accounting Blog Topics for Today’s Generation

The following collection can be considered accounting hot topics because they deal with the issues that are most important to today’s generation of accountants that utilize advanced software to keep businesses successful:

• Cost of manufacturing goods overseas.
• The cost of instituting anti-harassment programs.
• Inventory and cost of products sold in the U.S.
• Reinventing accounts payable processes.
• Using best practices to boost the bottom line.
• The cost of keeping human resources on staff.
• Simplifying procedures in accounts payable.
• The cost of updating internal systems with technology.
• The cost-effectiveness of employee training.
• Working capital increasing in large companies.

Advanced Accounting Topics

As students advance academically, they may want to consider these topics for research paper to earn higher scores in their classes. Here are some suggestions:

• How to run an efficient large accounting department.
• Red flags in outdated accounting processes.
• Identifying unconventional processes in payment processes.
• Utilizing paperless processes in small businesses.
• Applying EDP to accounts payable processes.
• The benefits of automating payables and receivables.
• Outsourcing procurement processes to save money.
• Automation to handle repetitive processes.
• The need for diversifying skills in accounting.
• The ways time affects seasonal cash flow.

Controversial Accounting Topics

Many accounting topics for research papers need to draw a reader’s attention right from the start. This list of topics is controversial and should accomplish just that:

• The impact the Jobs Act will have on large businesses.
• The positive effects tax cuts will have on small business.
• The risks of offshore accounting on U.S. businesses.
• The need to update software each year to avoid accounting problems.
• How small businesses are falling behind in accounting practices.
• The impact bonus depreciation allows businesses.
• Applying to government relief programs.
• Describe the role the internet has on accounting.
• The trustworthiness of online accounting programs.
• The negatives of auditing collusion.

Intermediate Accounting Topics

These accounting paper topics are meant for students that have acquired skills in writing but may not have developed the skills needed to write a top-notch paper quite yet. They should be easy to research given a proper planning period:

• Discuss why companies need to incorporate automated processes.
• The problems with ethics in accounting practices.
• Technology advancements that improve accounting accuracy.
• The problem with accuracy in decade-old software.
• Explain the best way to help accountants work manually.
• Describe the historical prospect of best accounting practices.
• The most effective way to become a certified accountant.
• Compare accounting systems that improve processes.
• The quick flow of data and the value on today’s accountants.
• The negatives that come from relying on accounting software.

Interesting Accounting Topics

Sometimes you need to consider accounting project topics that would be great for numerous situations. You may need to present before a class or write a paper for a discussion panel. These ideas may suit your needs:

• Explain the concept of accounting theory to practice.
• The theories behind normative accounting practices.
• The effect theories in accounting have on businesses.
• Challenges of taking theory to practice.
• The major changes in accounting practices over the last 25 years.
• The impact the internet has had on accounting ethics.
• Accounting practices in the 21 st century.
• The challenges of accounting technologies on fast-growing companies.
• The dangers the internet poses toward ethical accounting.
• Describe the difficulties that come from putting theories into practice.

Accounting Projects Topics for a Short Project

Some cost accounting topics are worthy of an audience but need to be completed within a tight deadline. These project ideas are easy to research and can be completed within one week:

• Use of efficient accounting software in tax season.
• Applicable Professional and Legal Standards.
• The difficulties in using offshore accounting.
• The most effective way of managing earnings.
• The development of cash flow in the United Kingdom.
• The development of cash flow in the United States.
• The best way to manage personal finances.
• The effect financial markets have on personal spending.
• Debt management in large corporations.
• Accounting challenges during the pandemic.

Forensic Accounting Research Topics

This is another area of accounting that has a promising future for small to large businesses. Here are forensic accounting research paper topics you can use if you are interested in this booming segment:

• Methods for identifying instances of money laundering.
• The government’s right to search private accounts.
• The use of tax records to report possible crimes.
• Class action litigation cases in the United States.
• Court use of forensic accounting in criminal cases.
• Forensic accounting to develop better anti-fraud programs.
• A company’s reliance on forensic accounting to prevent theft.
• Establishing controls in emerging international markets.
• Forensic accountants and their role in court proceedings.
• Natural disaster and loss quantification practices.

Accounting Theory Topics for College

Good accounting thesis topics should mirror personally important issues. Essay ideas should reflect the things you want to learn more about and explore in-depth. Here is a list that may pique your interest:

• Impact of accounting research on financial practices.
• Scientific research studies in modern economies.
• Modern accounting concepts and applications.
• The change in accounting practices over the last two decades.
• Describe the components of Positive Theory.
• Marketplace discipline across major industries.
• Major accounting theories and techniques in big businesses.
• The use of technology to reduce accounting costs.
• Technology theory in the use of modern accounting.
• Risk management and the most effective theories.

Accounting Dissertation Topics for Grad Students

The following topic ideas delve into some serious issues in accounting and are much more difficult to handle. These should be approached with the utmost academic determination to earn a master’s or a Ph.D.:

• Compare accounting software versus manual accounting.
• Tax management procedures in the 21 st century.
• The risks of updated technology in small companies.
• The costs associated with broader health care in the workplace.
• The history of accounting in the 20 th century.
• The best method of managing debts without difficulties.
• Accounting problems caused by online transactions.
• Cryptocurrency and its impact on modern accounting practices.
• Forecasting jobs in the field of accounting.
• The danger technology poses to the accounting industry.

Current Accounting Topics for College

If you don’t have enough time to research current topics in accounting, these ideas will help you save time. There are plenty of online resources discussing current issues and you can also find information in the library:

• Compare and contrast different cryptocurrencies.
• The definition of a successful and modern business account.
• Non-profit organizations and tax reductions.
• Sports accounting in today’s world of social media.
• The financial benefits of having a second stream of revenue.
• Financial stock management of overall earnings.
• The relationship between corporate donations and accounting.
• Minimizing risks in big and small-sized businesses.
• The impact that tax deductions have on big businesses.
• Financial strategies to ensure employee retention.

Hot Topics in Accounting for a Graduate Level Course

These are the topics you should be considered for a graduate-level course if you want to make a great impression on the professor. Just be sure to do your due diligence and research your selected topic thoroughly:

• The instances of “cooking books” in the 21 st century.
• The best approach to update accounting systems.
• Fraud cases currently in the United States.
• The importance of forensic accountants in fraud cases.
• The reasons account reports have government regulations.
• The benefits of incorporating computerized accounting.
• The need for companies to make changes to accounting departments.
• Evolving accounting practices that reduce the risk of theft.
• The effects offshore gambling has had on accounting.
• Privacy protocols to keep accounting practices secret.

Financial Accounting Topics Being Discussed Today

Topics in accounting are rooted in financial processes that date back centuries. Yet, there are still many innovative ideas that drive business success. Consider these topics for an essay on issues that are current for today’s world:

• The evolution of accounting practices over the last century.
• The biggest ethical concerns about accounting.
• Minimizing taxes when you are a small company.
• Accounting software that will cut company costs.
• The best way to lower taxes through accounting practices.
• Describe the way managerial accounting is affected by international markets.
• Explain the major factors of management earnings.
• The most accurate way to figure out the estimated tax on a company’s earnings.
• The quickest way to become a certified accountant.
• Describe how culture influences accounting practices.

Accounting Information Systems Research

The next set of topics are great for anyone wanting to combine accounting with technology. We put together this set to generate interest in this area:

• The ways small businesses can benefit from advanced technologies.
• Describe how IT affects financial analysis for reporting.
• Explain how companies use AIS to collect and store data.
• Explain the 10 elements used to understand AIS.
• Rank the best accounting information systems.
• The future of AIS in small business financial practices.
• Explain how AIS eliminates the use of balance sheets.
• AIS technologies save money in large businesses.
• The future of AIS in small to mid-size businesses.
• Describe the role of AIS in modern business.

Accounting Presentation Topics for College

These presentation topics cover a wide range of areas that are perfect for diverse interests. At the college level, students must conduct a lot of academic research to guarantee they have all the most relevant information needed to present on a great topic:

• Describe how forensic accounting can reduce risk to small businesses.
• Describe the challenges value and cost that managers deal with.
• The biggest changes to accounting practices in the 21 st century.
• The benefits of having separate controlling accounts.
• The rapid flow of data and the importance of modern accountants.
• Describe how forensic accountants conduct their investigations.
• The most likely causes of financial instability in small businesses.
• Explain the factors one must consider before investing.
• Describe the differences between financial and management accounting.
• Describe the impact of new taxation policies on managerial accounting.

What do you think of our accounting research topics? These are available for free and can be shared with other students. If you need a custom list of accounting topics, our academic experts can take your assignment details and provide you with original and simple accounting research topics to facilitate your project and help you earn a top grade. We can also provide you with writing, editing, and proofreading services to ensure your assignment is error-free and gets you the highest score possible.

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Top 15+ Accounting Research Topics For Students In 2023

Accounting is a highly versatile field with numerous applications in the business world. It is also a constantly evolving field, making it a great area for research. 

Accounting research helps us better understand how financial systems work and how we can improve them. 

It also enables us to make informed decisions in business and our personal lives. 

Accounting is a broad subject with numerous research topics and ideas. Selecting the right one can be a difficult task.

This blog will discuss some of the top-rated accounting research topics. To save you from the struggle, we’ve compiled a list of the top accounting research paper topics. These topics are sure to impress your professor.

Table of Contents

Here are the top 15+ accounting research topics for students in 2023:

1. Financial Reporting

Financial reporting is an essential aspect of accounting. 

It involves preparing and presenting financial statements that provide useful information to investors, creditors, and other stakeholders. 

Financial reporting research focuses on improving the accuracy and reliability of financial statements. 

It also examines the impact of financial reporting on the decision-making process of stakeholders.

2. Accounting Ethics

Accounting ethics is an important topic in accounting research. 

It examines the ethical issues that arise in accounting practices, such as conflicts of interest, fraud, and ethical decision-making. 

Accounting ethics research aims to guide ethical behavior and improve the ethical standards of the accounting profession.

3. Corporate Governance

Corporate governance refers to the processes and structures that govern the behavior of corporations. 

Corporate governance research examines the effectiveness of corporate governance mechanisms in promoting transparency, accountability, and ethical behavior. 

It also explores ways to improve corporate governance to prevent fraud and other unethical practices.

4. Financial Analysis

Financial analysis is a crucial aspect of accounting research.

 It involves analyzing financial data to assess the financial health of companies. 

Financial analysis research explores how to improve financial analysis methods, including data analytics and artificial intelligence. 

It also examines the impact of financial analysis on decision-making processes.

5. Sustainability Accounting

Sustainability accounting is a relatively new area of accounting research. 

It involves accounting for business operations’ social, environmental, and economic impacts. 

Sustainability accounting research explores ways to integrate sustainability into accounting practices to improve decision-making and promote sustainable business practices.

6. Cost Accounting

Cost accounting is an essential accounting aspect involving analyzing and managing costs in business operations. 

Cost accounting research explores ways to improve cost accounting techniques to enhance decision-making. It also examines the impact of cost accounting on business performance.

7. International Accounting

International accounting involves the application of accounting principles in a global context. 

International accounting research explores ways to improve accounting practices to meet the needs of global stakeholders. 

It also examines the impact of globalization on accounting practices and the global economy.

8. Financial Statement Analysis

Financial statement analysis is a process that helps a company understand its finances. It involves reviewing a company’s financial statements, including the balance sheet, income statement, cash flow, and notes to accounts.

Creditors, investors, regulatory authorities, and executive management rely on financial statements to make intelligent business decisions. They need to know whether a company is financially sound and can pay back debts when they are due.

Financial statement analysis uses several techniques to help stakeholders make informed decisions about the future of a business. It also considers risks and uncertainties that can affect the information in a company’s financial statements.

9. Financial Planning

Financial Planning is the process of assessing your current financial situation and taking that information to manage your money in a way that allows you to achieve your goals. This can include everything from retirement to estate planning and tax planning.

The key to a successful financial plan is to monitor your progress, compare forecasts with actual results, and make necessary adjustments. This helps you to spot any issues before they become a problem and find smarter growth opportunities.

The traditional approach to business planning has evolved from a largely manual, periodic activity to a more data-driven and connected, increasingly predictive process. It incorporates advanced technologies like machine learning to predict outcomes based on multiple data points, scenarios, and trends.

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10. Auditing

Auditing is examining financial statements to ensure that they are accurate and reliable. 

Auditing research explores how to improve the audit process, including technology and data analytics. It also examines the impact of auditing on financial reporting and the decision-making process of stakeholders.

It ensures that they comply with the appropriate accounting standards. It also helps identify areas that may have been mishandled or fraudulent.

During an audit, auditors examine a company’s records, including financial reports and other documents, for accuracy, efficiency, and compliance with generally accepted accounting principles (GAAP). They also look for potential fraud risks or other issues that could affect the organization.

The evidence that auditors use during an audit can come from a number of sources, such as legal documents, presentations, or oral interviews with employees. The nature and relevance of this evidence are important factors in determining the effectiveness of an audit.

11. Accounting Theory

Accounting theory is a set of principles that guides accountants in generating, recording, and classifying information. They are also responsible for interpreting and communicating the financial data to readers appropriately.

Sociological and economic environments influence accounting theories. Moreover, they are also influenced by social and political views.

The research explores accounting theory’s origin, growth, and development and its fundamental theoretical concepts. It also discusses theories of Income Determination and diversities in using Accounting Information.

12. Management Accounting

Management accounting is a type of accounting that uses data to help managers make decisions. Unlike financial accounting, management accountants rely on historical trends and future forecasting to determine a business’s best course of action.

Management accounting involves using accounting information to make informed decisions in business operations. Management accounting research explores ways to improve management accounting techniques to enhance decision-making. It also examines the impact of management accounting on business performance.

Management accountants gather and analyze information to help internal managers formulate policies, budgets, and other financial and non-financial information needed to make informed decisions. They also help plan operations, prepare financial forecasts, and analyze business risks and opportunities.

The key difference between managerial and financial accounting is that management accountants provide information based on the needs of the company’s management rather than merely representing it according to GAAP (Generally Accepted Accounting Principles). Management accounting produces data intended for internal stakeholders within a company, including shareholders, owners, employees, lenders, and government agencies.

13. Taxation

Taxation is a critical aspect of accounting that affects individuals and businesses alike. Taxation research examines how tax policies impact economic growth and development. It also explores ways to improve tax systems to make them more efficient and effective.

Also, Taxation has been an essential part of human civilization since ancient times. A government taxes its citizens and corporations to raise funds for the services they provide or for the public good.

There are different types of taxes, including corporate and personal income taxes, sales and property taxes, and tariffs. There are also different regulations for each type of tax.

Accountants use tax data to calculate taxable income and determine company tax liabilities. They then convey this information to managers, shareholders, creditors, and regulators.

14. Accounting Information Systems

Accounting information systems are software tools that allow businesses to record, classify, interpret, and present accounting data. They can also be used to monitor a business’s operations and make recommendations for improvement.

An AIS can be as simple as paper and pen, or it can be highly sophisticated with advanced technology. The system’s main goal is to meet the organization’s and its people’s needs.

A major concern with accounting systems is security. They need to be built to protect customer, vendor, and other company information. This can be done through policies and procedures that limit access to specific information by users and through physical access approvals, login requirements, and authorizations.

Another important component of an AIS is storage. This is where the ledgers and reports are stored after the system has processed them. This is usually done through hard disks, flash drives, memory cards, or cloud infrastructure.

15. Inventory Management

Inventory management is a critical aspect of any business that deals with physical goods. 

It involves monitoring, controlling, and optimizing inventory levels to ensure that products are available when customers need them while minimizing the costs associated with carrying inventory. 

Effective inventory management can help businesses improve their cash flow, reduce waste, and increase customer satisfaction.

There are several key components of inventory management, including forecasting, ordering, receiving, storing, tracking, and analyzing inventory levels.

16. Quality Control

Quality control in accounting refers to the measures taken by accounting firms and professionals to ensure that their work meets the required quality standards. 

It is a systematic approach to maintaining high standards of accounting and auditing practices, and it helps to ensure that the financial information reported by an organization is complete and free from material misstatements.

Quality control is essential for maintaining the integrity and credibility of accounting information used by businesses, investors, and other stakeholders to make important decisions.

In conclusion, accounting research is an essential aspect of the accounting profession.

It helps us better understand financial systems and improve decision-making processes. 

The topics discussed above are just a few of the many areas of accounting research.

As students, you can contribute to the field by researching and advancing our understanding of accounting.

There are many accounting research topics for students to consider. The most important factor when choosing a topic is the interest and skills of the student.

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Best Ever Topic for Accounting Research Paper

The Impact of Accounting Information System on the Organizations Financial Performance

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In the face of fast technological progress, increasing knowledge, and difficult demands from businesses and customers, an accounting information system is an essential instrument in the hands of managers seeking to sustainable competitive advantage. The impact of accounting information systems on organizations financial performance is investigated in this study. The primary goal of this paper is to review the theoretical and conceptual basis as well as research findings on accounting information systems and company financial performance. According to the findings of the review, previous studies on the impact of accounting information on financial performance focused on the cost implications of accounting information systems as they relate to corporate financial performance. The vast majority of studies used a survey study methodology to investigate this link, and the rest of the researches were conducted in industrialized economies where accounting information systems technologies have been extensively adopted. As a result, this study suggests that further research should done in this area to close this research gap.

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AlBastaki, T.Y., Hamdan, A. (2023). The Impact of Accounting Information System on the Organizations Financial Performance. In: Alareeni, B., Hamdan, A. (eds) Sustainable Finance, Digitalization and the Role of Technology. ICBT 2021. Lecture Notes in Networks and Systems, vol 487. Springer, Cham. https://doi.org/10.1007/978-3-031-08084-5_5

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Home » Accounting » 13 Accounting Trends in 2024 and Beyond

13 Accounting Trends in 2024 and Beyond

Amaey Anand

Senior Writer

Key Takeaways:

• Stay ahead in accounting by adopting technologies like cloud-based systems, automation, AI, and data analytics.
• Explore new trends like blockchain, forensic accountancy, and advisory services to enhance your expertise and stay competitive.
• Adapt to the changing landscape with remote work, outsourcing, and a keen awareness of dynamic accounting standards.

The FinTech sector is evolving rapidly regarding systems and business processes. The increase in the Fintech industry earnings is expected to surge from $245 billion to $1.5 trillion by the year 2030, marking a sixfold growth.

If you are a chartered accountant or looking for accounting software for your business, it is crucial to stay updated about the emerging trends in accounting.

We will discuss about 13 emerging trends in accounting to help you plan your strategy for the days to come! Let’s begin.

What Are Accounting Trends?

Accounting trends r efer to the ways in which the accounting profession evolved due to the changes in the environment, technology, and other market forces. These changes have been driven by the pandemic, with a few major developments, including a rise in the use of cloud-based accounting software and a growing reliance on automation and artificial intelligence.

Stay ahead in the FinTech-driven industry by embracing emerging trends. Prioritize understanding cloud-based accounting, automation, AI, and data analytics. Explore blockchain's potential, delve into forensic accountancy and leverage advisory services. Adapt to remote work settings, consider outsourcing, and keep abreast of dynamic accounting standards.

The Top Accounting Trends

Accounting trends continuously evolve, driven by technological advancements, regulatory changes, and shifting business paradigms. To keep up with advances in the market, it is essential to learn about these trends. So, let’s take a look at the top thirteen accounting trends.

1. Automated Accounting Processes

One of the uses of accounting automation is Accounts Payable / Accounts Receivable (AP/AR). Accounts Payable (AP) is what your company owes to vendors in the form of credits. Accounts Receivable (AR) is the money that your customers owe you on credit. Automation helps you in the following ways:

Accounts Payable:

• Extract data from all the invoices.
• Compile data in a cloud database.
• Forward invoice information to vendors for sign-off.
• Process payments on time.

Accounts Receivable:

• Automatically deliver the initial invoice to customers.
• Send late payment reminders to clients
• Collect payments securely.
• Deposit the money directly into your bank account via electronic transfer.

So, if you have not yet invested in automated accounting systems, it is time to reap the benefits of technology.

2. Cloud-based Accounting

It is one of the most popular accounting services that every business wants to adapt to its systems. In cloud-based accounting systems, you can maintain your business books online. The data is encrypted, and only people with valid credentials can access it.

The benefits of cloud accounting software can take  your business to the next level! Some of its benefits include: 

• Data related to your sales or revenue is imported from your bank account to the cloud server automatically.
• You can view your current financial status from anywhere in the world.
• Multi-user access helps you collaborate online with your team members and advisors in real-time.
• The dashboard shows significant financial information using easy-to-understand graphs and reports.

Thus, the possibilities are endless once you start using cloud-based accounting solutions.

3. Data Analytics and Forecasting Tools

Data analytics is not one of the current trends in accounting, but it has become more powerful than ever before. Businesses and accounting firms use such tools for budgeting, tax consulting, risk management, and auditing.

We can say that Accounting data analytics and visualization tools have made finance functions more analytical. Moreover, businesses are increasing their efficiency and managing risks with ease by leveraging the power of data analytics.

4. Accounting Software Solutions

Online accounting software comes with a host of integrations and helps expedite routine processes. Also, it uses RPA (Robotic Process Automation) to standardize transactional data from multiple sources in multiple formats. This process is also known as harmonization.

Large-scale enterprises opt for Enterprise Resource Planning (ERP) software instead of standalone accounting software. Such systems provide enterprises with the following features in addition to an accounting module:

• Procurement 
• Order Management
• Supply chain management 
• Inventory management 
• Human resource management

5. Blockchain

Blockchain is one of the recent trends in accounting due to its direct relationship with ledgers. The primary role of blockchain is to maintain a ledger account containing financial statements. It is also responsible for the transfer of the ownership of assets in a secure and verifiable manner.

Many people believe that the decentralized nature of blockchain makes it vulnerable to data security risks. But it is not correct.

All big organizations are exploring the implementation of blockchain in their financial processes. For example, Walmart and other similar retail giants have already experimented with beta blockchains in their supply chain .

Thus, blockchain will be a game-changer for accounting professionals soon.

6. Forensic Accountancy

Forensic accountancy is one of the latest trends in accounting and techniques, and not many people know about it. Forensic accountants work within law enforcement agencies or private auditing firms to investigate and prevent money laundering activities and other financial crimes such as fraud and corruption. They have the skills and knowledge in accounting, criminal and civil law, and IT.

Forensic accountants can protect your business from scams and save you from losses amounting to billions of dollars.

7. Advisory Services

Industry analysts predict one of the future trends in accounting would be to combine technology and financial advisors. Such a hybrid approach can help accountants get access to deeper insights using data analysis. 

Automation cannot replace humans entirely, especially in accounting. However, using advanced technologies in the accounting industry can enhance the service quality of accounting firms. Advisory firms can use robotic process automation (RPA) and AI to understand client intent in a better way and offer tailored advice.

8. AI in Accounting

Artificial Intelligence has a positive impact on the accounting industry. It can analyze large volumes of data at high speed and with a high level of accuracy. AI can also optimize administrative tasks, financial data, workflows, and accounting processes that result in various structural changes for a business. 

Many companies use AI and robotic process automation (RPA) to automate routine, highly repetitive tasks. It helps accountants to focus their time on other significant activities.

9. Big Data in Accounting

Big Data plays a crucial role in the accounting industry . It supports companies and CPA firms through expanded assessment methods. Finance professionals can use big data to identify which collected data are the most valuable and then convert them into actionable insights.

CPAs equipped with the knowledge of big data can focus more on analyzing processes, taking positive control of the systems, and forecasting problems before they can happen.

10. Remote Work Setting

In the post-COVID world, an accounting firm is having a hard time recruiting top talents. They must broaden their candidate search and hiring criteria. Nowadays, most potential candidates want to work in a remote work setting.

Accounting leaders have adapted to the pandemic and allowed employees to engage in remote work. Cloud-based accounting software allows distant teams to collaborate and accomplish critical financial processes. It can include a month-end close or filing e-turns of income tax. Online collaboration tools such as Zoom and functional collaboration tools for cloud-based file sharing have made things easy for everyone.

11. Outsourcing of Accounting Functions

Outsourcing allows companies to focus more on their limited resources, thus increasing their profitability. It also saves them employment costs like taxation, payroll, insurance benefits, and induction expenses.

Outsourcing is now a profitable business model for CPA firms to deliver efficient services to their clients. Some firms go further to analyze business operations and add more value to the client’s business.

12. Environmental, Social And Corporate Governance

It is expected that businesses will give priority to Environmental, Social, and Governance (ESG) factors in light of the possibility of new federal rules, which will likely center on financial disclosures for publicly traded companies.

It is believed that these mandatory disclosures will address financial risks associated with climate change and greenhouse gas emissions from the activities and supply chains of the corporations. Furthermore, major investors are pushing for greater diversity in a number of corporate domains, like accounting and finance. Accountants are receiving support from professional trade associations to prepare for these developments.

13. Workplace Wellness

Workplace wellness programs are a popular benefit that firms provide, but managing them presents a complex task for accountants. Payroll managers and accountants are responsible for making sure that the health insurance reductions that employees receive through such initiatives are accurately calculated and appropriately reflected in their paychecks.

Accountants also need to be aware of any changes to tax legislation that may affect how some wellness program goods are classified as tax-deductible business costs. Wellness initiatives can improve workers’ health and increase engagement among staff members. Accountants should take advantage of opportunities to use such programs when they are available, as they frequently report high levels of stress and burnout related to handling a multitude of tasks.

You May Also Read: Accounting Practice: Definition, Types, and Principles

The Bottom Line

So, these are the thirteen trends that will drive the future of accounting technology. 

In an ever-evolving business environment, keeping pace with the latest accounting technology trends will not only help you make the best business decisions but take your business to the next level. 

So, you should not refrain from embracing the accounting trends that are molding the future of the accounting sector worldwide.

Amaey Anand is a certified accountant with over 10 years of experience in the finance industry. He has worked with various organizations to streamline their petty cash management processes and reduce inefficiencies. He has also written several articles on financial management for leading publications such as Zensuggest and The Wall Street Journal.

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Top 15 Accounting Trends for 2024 and Beyond

Our content is funded in part by commercial partnerships, at no extra cost to you and without impact to our editorial impartiality. Click to Learn More

To those less informed, accountancy can seem stale and lifeless. However, new emerging technologies, combined with the growth of remote workforces, are set to herald big changes in the world of small business accounting . In this guide, we explore the latest accounting trends you need to know about and explain why they’re important to businesses of all shapes and sizes.

From transformational accounting practices spearheaded by blockchain, to new ways of working in the wake of the pandemic, accountancy is going to see some serious upheaval in 2024 and beyond. Here at Tech.co, though, we don’t just jump on buzzwords and trends – we’ve spoken to leading industry figures and conducted our own independent research, to find out exactly how companies are making changes.

The early 2020s will be remembered by accountants as the time when their jobs truly entered the 21st century, thanks to improved computing operations. It’ll also be looked back on as the time when offices faded into the background, with home offices becoming the center of the accountant’s world. Let’s take a look at those accounting trends in more detail.  

The Biggest Accounting Trends in 2024

The four main trends our research has identified are the growth of blockchain , advancement of automation , spread of agile accounting and rise of more widespread third-party involvement .

Our survey also revealed some interesting stats on accounting technology and highlighted 11 more accounting trends you should be aware of.

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In this guide:

• Agile Accounting
• Third-Party Involvement
• Data Security
• The New Accountant Role
• Remote Workforce
• Artificial Intelligence
• Workplace Wellness
• Cloud-based Accounting
• More Forensic Accountants
• Data Forecasting
• Tax Policy Updates
• Value-Based Pricing
• Outsourcing

1. Blockchain

• 59% projected market growth between 2016 and 2024
• $4.1bn worldwide spend on blockchain solutions in 2020

Blockchain is one of the biggest buzzwords in business at the moment. Lots of people claim to be excited about the new tech and its potential, without ever really specifying what that potential is. However, when it comes to accountancy, blockchains could be a serious gamechanger.

That excitement is reflected in the market as well, with more than 55% of businesses saying that blockchain technology is one of their top-five strategic priorities – up from just 43% in 2018. These businesses will all have accounting departments, as well. What’s more, businesses spent more than $4 billion on blockchain solutions in 2020, and the global market for blockchain technology is expected to top $20 billion by 2024 – up from just $315 million in 2015.

What is it?

A blockchain is a digital ledger of transactions that are distributed across an entire network of computer systems. These could be internal networks, private networks, or public networks, as used for cryptocurrencies such as Bitcoin and Ethereum.

Each block on the chain contains a number of transactions that can be viewed and verified by everyone on the network. Whenever a new transaction is added to a block, every participant gets a record of that transaction, as well. In essence, this allows transactions managed on blockchains to be completely transparent.

Currently, banks are getting the most use of blockchain technology, but we’d expect other sectors to catch up quickly.

Why does it work?

Blockchain technologies allow businesses to improve their processes. For example, it will help businesses trust each other when it comes to managing transactions – there’s nowhere to hide from an unpaid invoice if it’s on the blockchain.

Similarly, it can also help with record keeping – particularly useful for accountants – because records cannot be forged or tampered with. Plus, each transaction can be verified by multiple different participants on the blockchain.

Blockchain technologies are also super secure. Multiple verifications keep things in order, and each transaction is also recorded with a unique and unchangeable cryptographic signature called a hash.

How should you use it?

Audit smarter

Since it relies on independent verification, blockchain could be used in place of traditional external auditing. Blockchain’s visibility means that inconsistencies will be impossible to hide.

Improve your records

Instead of the old-school double-entry system for record-keeping, blockchain will let you write transactions directly into a joint register that is both secure and publicly accessible.

Verify faster

Writing transactions into standardized joint registers would help auditors work through records faster, allowing them to verify transactions using their unique hash keys.

For accountants, the biggest and most important use of blockchain lies in its ability to store and hold immutable records of transactions. You’ll be able to ensure that any dealings your clients or businesses enact can be recorded and stored on the chain. This will help you keep abreast of what’s going on, as well as make painfully slow auditing a thing of the past.

2. Automation

• 80% increased operational efficiency when accounts payable is automated, with a 366% ROI
• 29% of automated technology is used in accounting

Automation sounds scary and gets a lot of bad press. However, the sort of automation you’re likely to come across in the workplace doesn’t consist of robot workers banging away at Excel spreadsheets, typing thousands of words per minute – it’s far less threatening.

In fact, around 29% of high-tech automation is to be found in accounting functions, while 22.8% of businesses are looking to implement some form of automation in the coming years.

Accounting automation technology will allow processes or procedures to be completed with minimal human assistance.

Think about filing invoices and scheduling meetings, rather than developing new tax strategies. In many ways, this kind of automation is similar to an Excel Macro tool — the computer can complete a task as long as the rules are defined and it is clear and repeatable.

Automating the most tedious processes in your work will have two massively important benefits. First, you and the company will be saving time – time that could be used for other more exciting and thought-provoking work. Indeed, 30% of our accounting survey respondents said that the biggest advantage has been the time it has saved.

The second benefit is vastly improved efficiency. You’ll be able to get tasks done faster, reducing the number of long hours you have to spend in the office at financial year-end. In fact, this saved time can help businesses improve efficiency by up to 80% , and can earn a return on investment of up to 366% . Meanwhile, 15% of our respondents highlighted that the use of technology has improved their productivity. And, out of the companies that have automated over a quarter of their accounting functions, a full 70% report either “moderate or substantial ROI.”

However, automation projects can be pretty expensive, making them more suited to bigger companies. They also shouldn’t really be carried out in isolation – automation should be a project for an entire enterprise, not just a lone accountant.

“Artificial intelligence and robotics are reducing operational costs and increasing performance by automating complex and repetitive tasks and procedures with extreme precision,” says Thilo Huellmann, CTO of AI company Levity . “These are some of the new technologies that are assisting today’s accountants in transitioning to a more critical thinking role.”

You should be looking to implement these practices cautiously – you won’t be able to automate an entire department overnight, and nor would you want to. Instead, use these tools to reduce the load on your existing staff, and allow them to focus on the most valuable tasks.

3. Agile Accounting

An agile working setup is similar but separate from remote working. Agile working means that you’ll be able to work in different locations at different times, while still meeting the demands of the modern workplace.

You might be working at home one day, heading into the office for a critical meeting the next day, before heading to a local cafe the day after. Agile working lets you work around your life, rather than trying to shoehorn your life into your work.

Cloud storage is an essential piece of technology for agile working. “It has been very advantageous to have our accounting system on a cloud,” says Rick Hoskins, founder of Florida business Filter King . “It has allowed me to access data at any time from any location, without needing to bother an employee or wait for office hours. Your accounts are also safer in a cloud, as the risk of theft, loss, or damage are highly reduced.”

Agile working is a great way for businesses to give staff the flexibility they want, while also retaining the ability to function as normal. Staff prefer agile working setups – they feel more trusted, but are still able to form strong relationships with colleagues while also remaining free to move around.

4. Third-Party Involvement

• 49% of consumers downloaded more than two apps during the pandemic for food and drink buying
• 44% of operators are upgrading their point of sale system

It used to be the case that businesses managed all their own affairs. However, thanks to the rise of digital platforms such as Uber Eats, Square , and Shopify, businesses are outsourcing an increasing number of their business-critical functions.

44% of retail and restaurant businesses, for example, planned  to upgrade their restaurant point of sale systems in 2020. What’s more, consumer demand for these services is huge – 85% of consumers have purchased something using a mobile app, while 49% of buyers have downloaded at least two apps during the coronavirus pandemic to buy food and drink.

In simple terms, a third-party transaction is a sale or business transaction which involves the buyer, the seller, and another third party. Often, these third parties act almost as middlemen, helping to facilitate the sale or purchase of goods or services.

However, while these roles might traditionally have been fulfilled by insurance brokers, car brokers, or car salespeople, digital technology has seen third-party transactions explode with payment platforms and business aggregator apps.

Third-party involvement benefits customers because it offers a level of trust that might not be typical of the smaller, independent business they’re looking to buy from. It also makes it far easier for customers to find and interact with businesses.

It benefits accountants, though, because smaller businesses will be able to produce useful information related to sales, profit, and revenue which would exceed their traditional capabilities. Your bookkeepers will be far less stressed, with the apps and platforms doing most of the heavy lifting.

Through using third-party services, companies gives accountants another source of information about their client’s dealings. More information is always good, and it should make checking transactions easier: Third-party services will keep their own records of transactions, which will help you ensure that all your clients’ transactions are properly tracked.

You can also build new systems: Some services offer open APIs, and computer-savvy accountants can connect these to new systems to help track transactions automatically – both improving reliability and saving you time.

Don’t think that these third parties do an accountant’s entire job. There will still be a lot of dedicated work for you, as an accountant, to do in order to make sure your clients meet their obligations. However, it’s also worth recognizing that third parties can also expose businesses to conduct, delivery, and reputation risks – so it’s important not to put all of your eggs in a single basket.

5. Data Security

• $4.45 million was the global average cost for a data breach across 2023 – an average that has grown by 15% over the three previous years.
• Almost one in three (111.7 million) Americans experience a data breach each year.

Data breaches are a rising concern for any enterprise around the globe. A breach is usually financially motivated, meaning that it can be costly: A recent IBM study found that the average data breach around the world in 2023 costs a hefty $4.45 million — and that’s just the breaches that are reported.

To combat this growing problem , the accounting industry has increasingly focused on its own data security in recent years. After all, a company’s financial data is one of the biggest targets for a bad actor intent on breaching them, and this sensitive data is directly tied to the reports, tax filings, and payroll runs that are often integrated with accounting solutions.

The right security protocols for software may involve two-factor verification and role-based security, as well as extra tools such as password managers and VPNs . But one of the most important measures can’t be downloaded: Your business should run employee training sessions on a regular basis to ensure everyone knows how to avoid phishing scams and suspicious links.

6. The New Accountant Role

• The top five job skills employers look for: Effective communication (65%), problem solving (55%), critical thinking (47%), attention to detail (43%), and analytical thinking (41%). 

The rise of automations and AI wizardry will have an impact on the skills that accountants need. Now that streamlining tools can handle the boring parts, employees will find the soft skills more important than ever. Developing a high “EQ,” or emotional quotient, refers to a talent for addressing your own (and others) emotions in ways that relieve stress, communicate better, demonstrate real empathy, and ultimately defuse conflict.

Employers are increasingly searching for employees with these skills, and they can be hard to find: 74% of organizations said in a recent poll that it’s “more difficult today to attract qualified candidates.” The most frequently cited as missing skills? Effective communication, problem solving, and critical thinking. If your accounting team can do these, they’re fitting into the “new” accounting role.

7. Remote Workforce

• 54% of CFOs plan to make remote working a permanent option
• 66% of enterprises already have a central cloud team

Offering remote options has been increasingly popular across the business world, in a shift spurred by Covid pandemic changes. Studies do indicate that remote work makes employees happier and less stressed. Plus, it opens up your hiring options, because it helps your company hire better people from all over the country. You won’t be stuck searching for the same people in the same place.

This kind of change will transform the demands of our offices, our homes, our computer hardware, and the software tools accountants use to complete their tasks.

Remote work isn’t everything, however: Many CEOs have been pushing for a return-to-office , while others have regretted pushing too hard for one. And there’s no denying that remote workplaces face more cybersecurity concerns, given the sensitive data passing over the internet.

Still, one study found that as many as 76% of workers say they would actively start looking for a new position if their employer decided to roll back their existing flexible work options. That’s a high level of push-back, and it aligns with similar findings indicating that businesses without any remote work options available are having a harder time hiring.

Ultimately, your business can handle its needs however it chooses. But remote and hybrid workforces are increasingly common, to the extent that your business is impeding its own growth by not allowing for remote work.

8. Artificial Intelligence

Artificial intelligence, or AI, refers to a range of software solutions that go beyond simple automation. They’re still designed to complete relatively menial tasks, but the rules don’t need to be quite as narrowly defined as they have to be for automations.

AI tools will save you time when it comes to boring accounting admin tasks, such as combing through data for insights, scheduling meetings with clients, or even generating reports. AI can analyze contracts for finance operations, highlighting key data points that can then be reviewed by humans.

You’ll boost efficiency while freeing up your staff to enjoy more interesting tasks. By taking care of the most menial jobs, automation gives you the time and headspace to focus on more pressing things, such as giving your company or third-party clients great service. This will likely make staff feel more fulfilled in the work they do. When staff become overworked and burnt out, mistakes happen. With software robots picking up the slack, errors will be reduced, as staff will have more mental space to concentrate on tasks.

You should use accounting AI tools to reduce the amount of time you spend on simple tasks. For example, you can track and approve invoice progress using some accounting software tools . Similarly, you can use it to validate and verify information that you receive from suppliers and other businesses to make sure that everything lines up.

9. Workplace Wellness

“Wellness” can seem like a vague concept, but that’s partially because it requires adapting to your employees’ unique needs rather than forcing them into a one-size-fits-all approach.

By supporting diverse lifestyles, your company can retain talented staff even when their circumstances change. Childcare, for example, becomes far easier, as do the frequent doctor’s appointments needed for many of those impacted by chronic illness or disabilities.

Wellness also involves initiatives designed to make your employees even happier. Perks and flexibility (powered by agile accounting) will make your staff feel happier and more trusted. Wellness support can help staff deal with lifestyle changes – allowing team members to choose flexible working practices if they have kids or other caring responsibilities, for example. This can be a great way to ensure diversity within your company while also maintaining productivity.

Need more inspiration? We’ve rounded up the top 20 companies known for their premium benefits .

10. Cloud-Based Accounting

• 36% of companies say they aim to begin using cloud-based accounting solutions soon.
• Cloud-based accounting solutions can cut up to 50% of labor costs.

Many of the biggest accounting trends have to do with workplace flexibility and remote options. As companies grow more flexible with their employees, their accounting software must become more flexible to cope. Enter the cloud-based solution.

With all accounting software and data hosted on the cloud, an accountant can access everything they need by simply typing their password in a browser anywhere in the world. They can work from home, in the office, or while visiting their grandparents in Arizona.

Benefits of cloud-based accounting

Greater integration is one advantage of a cloud-based tech stack. Accounting software can work with other key solutions including supply chain management or payroll, all of which can be cloud-based. E-signature and file sharing services can also help more employees operate from the cloud.

Reduced labor costs is another benefit: One study estimates a 50% labor cost savings from those with cloud-based software, in part because it reduces on-premises hardware investments and the IT teams needed to sustain them.

11. More Forensic Accountants 

• Industry researcher IBISWorld puts the total amount of forensic accountants at 33,524 employees, with a growth of 2% since last year.

Forensic accountants are the detectives of accountancy, spending their time looking into company files in search of white collar crimes like employment fraud or identity theft. These crimes are on the rise, and so forensic accountants are more likely than ever to take a look over your own company’s books.

Granted, they only increased in number by 2% across last year, but the temptation to commit fraud must be strong in middle management: The culprits behind a full 34% of white collar crimes are middle managers.

To stay clear of forensic accountants working for law enforcement or insurance companies, ensure that anyone working on accounting for your business has oversight from someone else. By establishing a system of accountability, you’ll help to nip any potential for insider fraud in the bud.

12. Data Forecasting

Forecasting is a skill that accountants can use to predict the future. This technique depends on a knowledge of how to read historical data, which can be used to inform estimates about future trends in business expenses.

It’s a core skill to have in accounting, but it’s only growing in importance: Knowing what cash flow, earnings, and consumption rate to expect in the future is even more essential when the future is less defined. With a looming recession, many businesses from Amazon to Meta are citing an “ uncertain economy ” in their recent belt-tightening decisions.

This makes any data forecasting talent a huge part of an accounting team’s successful performance. To keep up with the pack, we recommend brushing up on the skill with the right online courses or initiatives.

13. Tax Policy Updates

Tax laws change every year, and 2024 is no exception. These changes aren’t even limited to an annual basis, either: State income tax law changes can take effect during any quarter of the year. As a result, accountants need to ensure they’re aware of which new laws may affect their state or the industry in which they operate.

Add in the potential for an international law applying to your business, and the potential for a cataclysmic error increases. Thankfully, there’s often a lengthy grace period for corporations to file everything – but that may require more knowledge about how and when to file an extention.

14. Value-Based Pricing

In accounting, it’s increasingly important to match your firm’s prices with the value that any given customer perceives you’ll provide. This is called value-based pricing. Spurred by concerns about a fragile economy, businesses want to be sure that they aren’t overpaying.

What are the benefits of settling on a value-based price? This metric ensures that you leave every client feeling as if they’ve gotten their money’s worth. As a result, you’ll foster loyalty and increase return customers. It may mean that you don’t hike your costs quite as much as you could, but a focus on long-term growth will ultimately pay off far more than a nearsighted focus on the short term.

Additional benefits include greater price certainty and boosted efficiency for all accountants, who can directly tie their work to the price they charge.

15. Outsourcing

• The value of the outsourcing sector is projected to grow by $75.89 trillion between 2023 and 2027

The right offshore staffing solution provider agency can fill needed roles at your business. Outsourcing offers many of the same benefits as third-party involvement, but passes the saved value on to your company rather than simply to your clients. You’ll be able to pick out a staffing provider that offers the talent you need, allowing your small team the increased time needed to focus on its core needs.

Reports by ReportLinker and Statista both say that the value of the outsourcing industry could grow as much as $75 trillion between last year and 2027. Granted, that applies to far more than just the financial and accounting sector. Still, accounting has been projected to see a potential growth of $56.6 billion between 2020 and 2027, which is enough to confirm that this is a trend worth considering for your own operation.

Benefits of outsourcing include keeping your own headcount low, as well as a greater range of skillsets and tech knowledge than you would otherwise be able to access.

New Accounting Technology

Computers have irrevocably changed workplaces since their very introduction. However, the changes that are set to be introduced thanks to blockchain , automation , the cloud , and third-party providers will signal a new era for accounting.

These new technologies will create a marked improvement for efficiency and productivity, while also offering accountants a better balance between their domestic and work lives.

We surveyed 39 accountants from a variety of industries, who told us how technology has impacted them:

• 97.5% said they have been impacted by accounting technologies
• 75% said it made a positive impact
• 60% believe the future of accounting technology is going to be very positive, whereas 40% believe it will be quite positive.

The biggest positives of the new technology included time saved (30%) , better productivity (15%) , cloud access (10%) , data accuracy (7.5%) , and fast data retrieval (7.5%) .

However, there were some perceived downsides to the new tech, including training staff (30%) , increased cost (10%) , bugs in the software (7.5%) , fewer accounting positions (5%) , and security issues (5%) .

Verdict: The Future of Accounting

In 2024 and beyond, accountants are going to meet a lot of new challenges.

Third-party involvement will expose businesses to new risks, but also potentially reduce workloads and lead to more reliable bookkeeping.

Agile work practices could lead to more diverse workplaces, as well as allowing businesses to find better recruits in different locations. However, not all workplaces might feel comfortable with committing to remote working in the long term.

Automation won’t see robots replace accountants, but it will lead to some tedious processes being made things of the past. It will also help accountants spend more time working on more important tasks.

Blockchain technologies offer a huge benefit to accounting firms, with more reliable transactions and greater trust between organizations.

2024 is set to be a big year for accountancy, so make sure you’re ahead of the curve.

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The state of AI in early 2024: Gen AI adoption spikes and starts to generate value

If 2023 was the year the world discovered generative AI (gen AI) , 2024 is the year organizations truly began using—and deriving business value from—this new technology. In the latest McKinsey Global Survey  on AI, 65 percent of respondents report that their organizations are regularly using gen AI, nearly double the percentage from our previous survey just ten months ago. Respondents’ expectations for gen AI’s impact remain as high as they were last year , with three-quarters predicting that gen AI will lead to significant or disruptive change in their industries in the years ahead.

About the authors

This article is a collaborative effort by Alex Singla , Alexander Sukharevsky , Lareina Yee , and Michael Chui , with Bryce Hall , representing views from QuantumBlack, AI by McKinsey, and McKinsey Digital.

Organizations are already seeing material benefits from gen AI use, reporting both cost decreases and revenue jumps in the business units deploying the technology. The survey also provides insights into the kinds of risks presented by gen AI—most notably, inaccuracy—as well as the emerging practices of top performers to mitigate those challenges and capture value.

AI adoption surges

Interest in generative AI has also brightened the spotlight on a broader set of AI capabilities. For the past six years, AI adoption by respondents’ organizations has hovered at about 50 percent. This year, the survey finds that adoption has jumped to 72 percent (Exhibit 1). And the interest is truly global in scope. Our 2023 survey found that AI adoption did not reach 66 percent in any region; however, this year more than two-thirds of respondents in nearly every region say their organizations are using AI. 1 Organizations based in Central and South America are the exception, with 58 percent of respondents working for organizations based in Central and South America reporting AI adoption. Looking by industry, the biggest increase in adoption can be found in professional services. 2 Includes respondents working for organizations focused on human resources, legal services, management consulting, market research, R&D, tax preparation, and training.

Also, responses suggest that companies are now using AI in more parts of the business. Half of respondents say their organizations have adopted AI in two or more business functions, up from less than a third of respondents in 2023 (Exhibit 2).

Gen AI adoption is most common in the functions where it can create the most value

Most respondents now report that their organizations—and they as individuals—are using gen AI. Sixty-five percent of respondents say their organizations are regularly using gen AI in at least one business function, up from one-third last year. The average organization using gen AI is doing so in two functions, most often in marketing and sales and in product and service development—two functions in which previous research  determined that gen AI adoption could generate the most value 3 “ The economic potential of generative AI: The next productivity frontier ,” McKinsey, June 14, 2023. —as well as in IT (Exhibit 3). The biggest increase from 2023 is found in marketing and sales, where reported adoption has more than doubled. Yet across functions, only two use cases, both within marketing and sales, are reported by 15 percent or more of respondents.

Gen AI also is weaving its way into respondents’ personal lives. Compared with 2023, respondents are much more likely to be using gen AI at work and even more likely to be using gen AI both at work and in their personal lives (Exhibit 4). The survey finds upticks in gen AI use across all regions, with the largest increases in Asia–Pacific and Greater China. Respondents at the highest seniority levels, meanwhile, show larger jumps in the use of gen Al tools for work and outside of work compared with their midlevel-management peers. Looking at specific industries, respondents working in energy and materials and in professional services report the largest increase in gen AI use.

Investments in gen AI and analytical AI are beginning to create value

The latest survey also shows how different industries are budgeting for gen AI. Responses suggest that, in many industries, organizations are about equally as likely to be investing more than 5 percent of their digital budgets in gen AI as they are in nongenerative, analytical-AI solutions (Exhibit 5). Yet in most industries, larger shares of respondents report that their organizations spend more than 20 percent on analytical AI than on gen AI. Looking ahead, most respondents—67 percent—expect their organizations to invest more in AI over the next three years.

Where are those investments paying off? For the first time, our latest survey explored the value created by gen AI use by business function. The function in which the largest share of respondents report seeing cost decreases is human resources. Respondents most commonly report meaningful revenue increases (of more than 5 percent) in supply chain and inventory management (Exhibit 6). For analytical AI, respondents most often report seeing cost benefits in service operations—in line with what we found last year —as well as meaningful revenue increases from AI use in marketing and sales.

Inaccuracy: The most recognized and experienced risk of gen AI use

As businesses begin to see the benefits of gen AI, they’re also recognizing the diverse risks associated with the technology. These can range from data management risks such as data privacy, bias, or intellectual property (IP) infringement to model management risks, which tend to focus on inaccurate output or lack of explainability. A third big risk category is security and incorrect use.

Respondents to the latest survey are more likely than they were last year to say their organizations consider inaccuracy and IP infringement to be relevant to their use of gen AI, and about half continue to view cybersecurity as a risk (Exhibit 7).

Conversely, respondents are less likely than they were last year to say their organizations consider workforce and labor displacement to be relevant risks and are not increasing efforts to mitigate them.

In fact, inaccuracy— which can affect use cases across the gen AI value chain , ranging from customer journeys and summarization to coding and creative content—is the only risk that respondents are significantly more likely than last year to say their organizations are actively working to mitigate.

Some organizations have already experienced negative consequences from the use of gen AI, with 44 percent of respondents saying their organizations have experienced at least one consequence (Exhibit 8). Respondents most often report inaccuracy as a risk that has affected their organizations, followed by cybersecurity and explainability.

Our previous research has found that there are several elements of governance that can help in scaling gen AI use responsibly, yet few respondents report having these risk-related practices in place. 4 “ Implementing generative AI with speed and safety ,” McKinsey Quarterly , March 13, 2024. For example, just 18 percent say their organizations have an enterprise-wide council or board with the authority to make decisions involving responsible AI governance, and only one-third say gen AI risk awareness and risk mitigation controls are required skill sets for technical talent.

Bringing gen AI capabilities to bear

The latest survey also sought to understand how, and how quickly, organizations are deploying these new gen AI tools. We have found three archetypes for implementing gen AI solutions : takers use off-the-shelf, publicly available solutions; shapers customize those tools with proprietary data and systems; and makers develop their own foundation models from scratch. 5 “ Technology’s generational moment with generative AI: A CIO and CTO guide ,” McKinsey, July 11, 2023. Across most industries, the survey results suggest that organizations are finding off-the-shelf offerings applicable to their business needs—though many are pursuing opportunities to customize models or even develop their own (Exhibit 9). About half of reported gen AI uses within respondents’ business functions are utilizing off-the-shelf, publicly available models or tools, with little or no customization. Respondents in energy and materials, technology, and media and telecommunications are more likely to report significant customization or tuning of publicly available models or developing their own proprietary models to address specific business needs.

Respondents most often report that their organizations required one to four months from the start of a project to put gen AI into production, though the time it takes varies by business function (Exhibit 10). It also depends upon the approach for acquiring those capabilities. Not surprisingly, reported uses of highly customized or proprietary models are 1.5 times more likely than off-the-shelf, publicly available models to take five months or more to implement.

Gen AI high performers are excelling despite facing challenges

Gen AI is a new technology, and organizations are still early in the journey of pursuing its opportunities and scaling it across functions. So it’s little surprise that only a small subset of respondents (46 out of 876) report that a meaningful share of their organizations’ EBIT can be attributed to their deployment of gen AI. Still, these gen AI leaders are worth examining closely. These, after all, are the early movers, who already attribute more than 10 percent of their organizations’ EBIT to their use of gen AI. Forty-two percent of these high performers say more than 20 percent of their EBIT is attributable to their use of nongenerative, analytical AI, and they span industries and regions—though most are at organizations with less than $1 billion in annual revenue. The AI-related practices at these organizations can offer guidance to those looking to create value from gen AI adoption at their own organizations.

To start, gen AI high performers are using gen AI in more business functions—an average of three functions, while others average two. They, like other organizations, are most likely to use gen AI in marketing and sales and product or service development, but they’re much more likely than others to use gen AI solutions in risk, legal, and compliance; in strategy and corporate finance; and in supply chain and inventory management. They’re more than three times as likely as others to be using gen AI in activities ranging from processing of accounting documents and risk assessment to R&D testing and pricing and promotions. While, overall, about half of reported gen AI applications within business functions are utilizing publicly available models or tools, gen AI high performers are less likely to use those off-the-shelf options than to either implement significantly customized versions of those tools or to develop their own proprietary foundation models.

What else are these high performers doing differently? For one thing, they are paying more attention to gen-AI-related risks. Perhaps because they are further along on their journeys, they are more likely than others to say their organizations have experienced every negative consequence from gen AI we asked about, from cybersecurity and personal privacy to explainability and IP infringement. Given that, they are more likely than others to report that their organizations consider those risks, as well as regulatory compliance, environmental impacts, and political stability, to be relevant to their gen AI use, and they say they take steps to mitigate more risks than others do.

Gen AI high performers are also much more likely to say their organizations follow a set of risk-related best practices (Exhibit 11). For example, they are nearly twice as likely as others to involve the legal function and embed risk reviews early on in the development of gen AI solutions—that is, to “ shift left .” They’re also much more likely than others to employ a wide range of other best practices, from strategy-related practices to those related to scaling.

In addition to experiencing the risks of gen AI adoption, high performers have encountered other challenges that can serve as warnings to others (Exhibit 12). Seventy percent say they have experienced difficulties with data, including defining processes for data governance, developing the ability to quickly integrate data into AI models, and an insufficient amount of training data, highlighting the essential role that data play in capturing value. High performers are also more likely than others to report experiencing challenges with their operating models, such as implementing agile ways of working and effective sprint performance management.

About the research

The online survey was in the field from February 22 to March 5, 2024, and garnered responses from 1,363 participants representing the full range of regions, industries, company sizes, functional specialties, and tenures. Of those respondents, 981 said their organizations had adopted AI in at least one business function, and 878 said their organizations were regularly using gen AI in at least one function. To adjust for differences in response rates, the data are weighted by the contribution of each respondent’s nation to global GDP.

Alex Singla and Alexander Sukharevsky  are global coleaders of QuantumBlack, AI by McKinsey, and senior partners in McKinsey’s Chicago and London offices, respectively; Lareina Yee  is a senior partner in the Bay Area office, where Michael Chui , a McKinsey Global Institute partner, is a partner; and Bryce Hall  is an associate partner in the Washington, DC, office.

They wish to thank Kaitlin Noe, Larry Kanter, Mallika Jhamb, and Shinjini Srivastava for their contributions to this work.

This article was edited by Heather Hanselman, a senior editor in McKinsey’s Atlanta office.

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Published: 27 October 2023

Cybersecurity refers to any technology, measure or practice for preventing cyberattacks or mitigating their impact. 

Cybersecurity aims to protect individuals’ and organizations’ systems, applications, computing devices, sensitive data and financial assets against computer viruses, sophisticated and costly ransomware attacks, and more.

Cyberattacks have the power to disrupt, damage or destroy businesses, and the cost to victims keeps rising. For example, according to IBM's Cost of a Data Breach 2023 report, 

• The average cost of a data breach in 2023 was USD 4.45 million, up 15% over the last three years;
• The average cost of a ransomware-related data breach in 2023 was even higher, at USD 5.13 million. This number does not include the cost of the ransom payment, which averaged an extra USD 1,542,333, up 89% from the previous year. 

By one estimate, cybercrime might cost the world economy  USD 10.5 trillion per year by 2025  (link resides outside ibm.com). 1

The expanding information technology (IT) trends of the past few years include:

• a rise in cloud computing adoption,
• network complexity,
• remote work and work from home,
• bring your own device (BYOD) programs,
• and connected devices and sensors in everything from doorbells to cars to assembly lines.

All these trends create tremendous business advantages and human progress, but also provide exponentially more opportunities for cybercriminals to attack.

Not surprisingly, a recent study found that the global cybersecurity worker gap—the gap between existing cybersecurity workers and cybersecurity jobs that need to be filled—was 3.4 million workers worldwide. 2 Resource-strained security teams are focusing on developing comprehensive cybersecurity strategies that use advanced analytics, artificial intelligence and automation to fight cyberthreats more effectively and minimize the impact of cyberattacks.

The X-Force Threat Intelligence Index offers new insights into top threats to help you prepare and respond faster to cyberattacks, extortion and more.

Register for the Cost of a Data Breach report

A strong cybersecurity strategy protects all relevant IT infrastructure layers or domains against cyberthreats and cybercrime.

Critical infrastructure security protects the computer systems, applications, networks, data and digital assets that a society depends on for national security, economic health and public safety. In the United States, the National Institute of Standards and Technology (NIST) developed a cybersecurity framework to help IT providers in this area. The US Department of Homeland Security’ Cybersecurity and Infrastructure Security Agency (CISA) provides extra guidance.

Network security prevents unauthorized access to network resources, and detects and stops cyberattacks and network security breaches in progress. At the same time, network security helps ensure that authorized users have secure and timely access to the network resources they need.

Endpoints—servers, desktops, laptops, mobile devices—remain the primary entry point for cyberattacks. Endpoint security protects these devices and their users against attacks, and also protects the network against adversaries who use endpoints to launch attacks.

Application security protects applications running on-premises and in the cloud, preventing unauthorized access to and use of applications and related data. It also prevents flaws or vulnerabilities in application design that hackers can use to infiltrate the network. Modern application development methods—such as  DevOps and DevSecOps —build security and security testing into the development process.

Cloud security secures an organization’s cloud-based services and assets—applications, data, storage, development tools, virtual servers and cloud infrastructure. Generally speaking, cloud security operates on the shared responsibility model where the cloud provider is responsible for securing the services that they deliver and the infrastructure that is used to deliver them. The customer is responsible for protecting their data, code and other assets they store or run in the cloud. The details vary depending on the cloud services used.

Information security (InfoSec) pertains to protection of all an organization's important information—digital files and data, paper documents, physical media, even human speech—against unauthorized access, disclosure, use or alteration. Data security, the protection of digital information, is a subset of information security and the focus of most cybersecurity-related InfoSec measures.

Mobile security encompasses various disciplines and technologies specific to smartphones and mobile devices, including mobile application management (MAM) and enterprise mobility management (EMM). More recently, mobile security is available as part of unified endpoint management (UEM) solutions that enable configuration and security management for multiple endpoints—mobile devices, desktops, laptops, and more—from a single console.

Malware—short for "malicious software"—is any software code or computer program that is written intentionally to harm a computer system or its users. Almost every modern  cyberattack  involves some type of malware.

Hackers and cybercriminals create and use malware to gain unauthorized access to computer systems and sensitive data, hijack computer systems and operate them remotely, disrupt or damage computer systems, or hold data or systems hostage for large sums of money (see Ransomware).

Ransomware is a type of  malware  that encrypts a victim’s data or device and threatens to keep it encrypted—or worse—unless the victim pays a ransom to the attacker. According to the  IBM Security X-Force Threat Intelligence Index 2023 , ransomware attacks represented 17 percent of all  cyberattacks  in 2022.

“Or worse” is what distinguishes today's ransomware from its predecessors. The earliest ransomware attacks demanded a single ransom in exchange for the encryption key. Today, most ransomware attacks are double extortion attacks, demanding a second ransom to prevent sharing or publication of the victims data. Some are triple extortion attacks that threaten to launch a distributed denial of service attack if ransoms aren’t paid.

Phishing attacks are email, text or voice messages that trick users into downloading malware, sharing sensitive information or sending funds to the wrong people. Most users are familiar with bulk phishing scams—mass-mailed fraudulent messages that appear to be from a large and trusted brand, asking recipients to reset their passwords or reenter credit card information. But more sophisticated phishing scams, such as spear phishing and business email compromise (BEC) , target specific individuals or groups to steal especially valuable data or large sums of money.

Phishing is just one type of social engineering —a class of ‘human hacking’ tactics and attacks that use psychological manipulation to tempt or pressure people into taking unwise actions.

Insider threats are threats that originate with authorized users—employees, contractors, business partners—who intentionally or accidentally misuse their legitimate access, or have their accounts hijacked by cybercriminals. Insider threats can be harder to detect than external threats because they have the earmarks of authorized activity, and are invisible to antivirus software, firewalls and other security solutions that block external attacks.

One of the more persistent cybersecurity myths is that all cybercrime comes from external threats. In fact, according to a recent study, 44% of insider threats are caused by malicious actors, and the average cost per incident for malicious insider incidents in 2022 was USD 648,062. 3 Another study found that while the average external threat compromises about 200 million records, incidents involving an inside threat actor resulted in exposure of one billion records or more. 4

A DDoS attack attempts to crash a server, website or network by overloading it with traffic, usually from a botnet—a network of multiple distributed systems that a cybercriminal hijacks by using malware and remote-controlled operations.

The global volume of DDoS attacks spiked during the COVID-19 pandemic. Increasingly, attackers are combining DDoS attacks with ransomware attacks, or simply threatening to launch DDoS attacks unless the target pays a ransom.

Despite an ever-increasing volume of cybersecurity incidents worldwide and ever-increasing volumes of learnings that are gleaned from them, some dangerous misconceptions persist.

Strong passwords alone are adequate protection . Strong passwords make a difference. For example, a 12-character password takes 62 trillion times longer to crack than a 6-character password. But because cybercriminals can steal passwords (or pay disgruntled employees or other insiders to steal them), they can’t be an organization’s or individual’s only security measure.  

The major cybersecurity risks are well known . In fact, the risk surface is constantly expanding. Thousands of new vulnerabilities are reported in old and new applications and devices every year. Opportunities for human error—specifically by negligent employees or contractors who unintentionally cause a data breach—keep increasing.  

All cyberattack vectors are contained . Cybercriminals are finding new attack vectors all the time—including Linux systems, operational technology (OT), Internet of Things (IoT) devices and cloud environments.  

‘My industry is safe.’ Every industry has its share of cybersecurity risks, with cyber adversaries exploiting the necessities of communication networks within almost every government and private-sector organization. For example, ransomware attacks are targeting more sectors than ever, including local governments, non-profits and healthcare providers. Threats on supply chains, ".gov" websites, and critical infrastructure have also increased.  

Cybercriminals don’t attack small businesses . Yes, they do. For example, in 2021, 82 percent of ransomware attacks targeted companies with fewer than 1,000 employees; 37 percent of companies attacked with ransomware had fewer than 100 employees. 5

The following best practices and technologies can help your organization implement strong cybersecurity that reduces your vulnerability to cyberattacks and protects your critical information systems without intruding on the user or customer experience.

Security awareness training helps users understand how seemingly harmless actions—from using the same simple password for multiple log-ins, to oversharing on social media—increases their own or their organization’s risk of attack. Security awareness training combined with thought-out data security  policies can help employees protect sensitive personal and organizational data. It can also help them recognize and avoid phishing and malware attacks.

Identity and access management (IAM) defines the roles and access privileges for each user, and the conditions under which they are granted or denied their privileges. IAM technologies include  multi-factor authentication , which requires at least one credential in addition to a username and password, and adaptive authentication, which requires more credentials depending on context. 

Attack surface management (ASM) is the continuous discovery, analysis, remediation and monitoring of the cybersecurity vulnerabilities and potential attack vectors that make up an organization’s attack surface . Unlike other cyberdefense disciplines, ASM is conducted entirely from a hacker’s perspective, rather than the perspective of the defender. It identifies targets and assesses risks based on the opportunities they present to a malicious attacker.

Organizations rely on analytics- and AI-driven technologies to identify and respond to potential or actual attacks in progress because it's impossible to stop all cyberattacks. These technologies can include (but are not limited to) security information and event management (SIEM) , security orchestration, automation and response (SOAR) , and endpoint detection and response (EDR) . Typically, these technologies are used as part of a formal incident response plan.

Disaster recovery capabilities often play a key role in maintaining business continuity in the event of a cyberattack. For example, the ability to fail over to a backup that is hosted in a remote location can enable a business to resume operations quickly following a ransomware attack (and sometimes without paying a ransom).

Outsmart attacks with a connected, modernized security suite. The QRadar portfolio is embedded with enterprise-grade AI and offers integrated products for endpoint security, log management, SIEM and SOAR—all with a common user interface, shared insights and connected workflows.

Proactive threat hunting, continuous monitoring and a deep investigation of threats are just a few of the priorities facing an already busy IT department. Having a trusted incident response team on standby can reduce your response time, minimize the impact of a cyberattack, and help you recover faster.

AI-driven unified endpoint management (UEM) protects your devices, apps, content and data. This protection means you can rapidly scale your remote workforce and bring-your-own-device (BYOD) initiatives while building a zero trust security strategy. 

Implemented on premises or in a hybrid cloud, IBM data security solutions help you investigate and remediate cyberthreats, enforce real-time controls and manage regulatory compliance.

Proactively protect your organization’s primary and secondary storage systems against ransomware, human error, natural disasters, sabotage, hardware failures and other data loss risks.

Be better prepared for breaches by understanding their causes and the factors that increase or reduce costs. Learn from the experiences of more than 550 organizations that were hit by a data breach.

SIEM (security information and event management) is software that helps organizations recognize and address potential security threats and vulnerabilities before they can disrupt business operations.

Know the threat to beat the threat—get actionable insights that help you understand how threat actors are waging attacks, and how to proactively protect your organization.

Understand your cybersecurity landscape and prioritize initiatives together with senior IBM security architects and consultants in a no-cost, virtual or in-person, 3-hour design thinking session.

Threat management is a process used by cybersecurity professionals to prevent cyberattacks, detect cyber threats and respond to security incidents.

Find insights for rethinking your ransomware defenses and building your ability to remediate an evolving ransomware situation more rapidly.

Cybersecurity threats are becoming more advanced, more persistent and are demanding more effort by security analysts to sift through countless alerts and incidents. IBM Security QRadar SIEM helps you remediate threats faster while maintaining your bottom line. QRadar SIEM prioritizes high-fidelity alerts to help you catch threats that others miss.

1  Cybercrime threatens business growth. Take these steps to mitigate your risk.  (link resides outside ibm.com)

2  Bridging the 3.4 million workforce gap in cybersecurity (link resides outside ibm.com)

3  2022 Ponemon Cost of Insider Threats Global Report  (link resides outside ibm.com)

4  Verizon 2023 Data Breach Investigations Report  (link resides outside ibm.com)

5   82% of Ransomware Attacks Target Small Businesses, Report Reveals  (link resides outside ibm.com)

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Causes and Effects of Climate Change

Fossil fuels – coal, oil and gas – are by far the largest contributor to global climate change, accounting for over 75 per cent of global greenhouse gas emissions and nearly 90 per cent of all carbon dioxide emissions.

As greenhouse gas emissions blanket the Earth, they trap the sun’s heat. This leads to global warming and climate change. The world is now warming faster than at any point in recorded history. Warmer temperatures over time are changing weather patterns and disrupting the usual balance of nature. This poses many risks to human beings and all other forms of life on Earth.

Causes of Climate Change

Generating power

Generating electricity and heat by burning fossil fuels causes a large chunk of global emissions. Most electricity is still generated by burning coal, oil, or gas, which produces carbon dioxide and nitrous oxide – powerful greenhouse gases that blanket the Earth and trap the sun’s heat. Globally, a bit more than a quarter of electricity comes from wind, solar and other renewable sources which, as opposed to fossil fuels, emit little to no greenhouse gases or pollutants into the air.

Manufacturing goods

Manufacturing and industry produce emissions, mostly from burning fossil fuels to produce energy for making things like cement, iron, steel, electronics, plastics, clothes, and other goods. Mining and other industrial processes also release gases, as does the construction industry. Machines used in the manufacturing process often run on coal, oil, or gas; and some materials, like plastics, are made from chemicals sourced from fossil fuels. The manufacturing industry is one of the largest contributors to greenhouse gas emissions worldwide.

Cutting down forests

Cutting down forests to create farms or pastures, or for other reasons, causes emissions, since trees, when they are cut, release the carbon they have been storing. Each year approximately 12 million hectares of forest are destroyed. Since forests absorb carbon dioxide, destroying them also limits nature’s ability to keep emissions out of the atmosphere. Deforestation, together with agriculture and other land use changes, is responsible for roughly a quarter of global greenhouse gas emissions.

Using transportation

Most cars, trucks, ships, and planes run on fossil fuels. That makes transportation a major contributor of greenhouse gases, especially carbon-dioxide emissions. Road vehicles account for the largest part, due to the combustion of petroleum-based products, like gasoline, in internal combustion engines. But emissions from ships and planes continue to grow. Transport accounts for nearly one quarter of global energy-related carbon-dioxide emissions. And trends point to a significant increase in energy use for transport over the coming years.

Producing food

Producing food causes emissions of carbon dioxide, methane, and other greenhouse gases in various ways, including through deforestation and clearing of land for agriculture and grazing, digestion by cows and sheep, the production and use of fertilizers and manure for growing crops, and the use of energy to run farm equipment or fishing boats, usually with fossil fuels. All this makes food production a major contributor to climate change. And greenhouse gas emissions also come from packaging and distributing food.

Powering buildings

Globally, residential and commercial buildings consume over half of all electricity. As they continue to draw on coal, oil, and natural gas for heating and cooling, they emit significant quantities of greenhouse gas emissions. Growing energy demand for heating and cooling, with rising air-conditioner ownership, as well as increased electricity consumption for lighting, appliances, and connected devices, has contributed to a rise in energy-related carbon-dioxide emissions from buildings in recent years.

Consuming too much

Your home and use of power, how you move around, what you eat and how much you throw away all contribute to greenhouse gas emissions. So does the consumption of goods such as clothing, electronics, and plastics. A large chunk of global greenhouse gas emissions are linked to private households. Our lifestyles have a profound impact on our planet. The wealthiest bear the greatest responsibility: the richest 1 per cent of the global population combined account for more greenhouse gas emissions than the poorest 50 per cent.

Based on various UN sources

Effects of Climate Change

Hotter temperatures

As greenhouse gas concentrations rise, so does the global surface temperature. The last decade, 2011-2020, is the warmest on record. Since the 1980s, each decade has been warmer than the previous one. Nearly all land areas are seeing more hot days and heat waves. Higher temperatures increase heat-related illnesses and make working outdoors more difficult. Wildfires start more easily and spread more rapidly when conditions are hotter. Temperatures in the Arctic have warmed at least twice as fast as the global average.

More severe storms

Destructive storms have become more intense and more frequent in many regions. As temperatures rise, more moisture evaporates, which exacerbates extreme rainfall and flooding, causing more destructive storms. The frequency and extent of tropical storms is also affected by the warming ocean. Cyclones, hurricanes, and typhoons feed on warm waters at the ocean surface. Such storms often destroy homes and communities, causing deaths and huge economic losses.

Increased drought

Climate change is changing water availability, making it scarcer in more regions. Global warming exacerbates water shortages in already water-stressed regions and is leading to an increased risk of agricultural droughts affecting crops, and ecological droughts increasing the vulnerability of ecosystems. Droughts can also stir destructive sand and dust storms that can move billions of tons of sand across continents. Deserts are expanding, reducing land for growing food. Many people now face the threat of not having enough water on a regular basis.

A warming, rising ocean

The ocean soaks up most of the heat from global warming. The rate at which the ocean is warming strongly increased over the past two decades, across all depths of the ocean. As the ocean warms, its volume increases since water expands as it gets warmer. Melting ice sheets also cause sea levels to rise, threatening coastal and island communities. In addition, the ocean absorbs carbon dioxide, keeping it from the atmosphere. But more carbon dioxide makes the ocean more acidic, which endangers marine life and coral reefs.

Loss of species

Climate change poses risks to the survival of species on land and in the ocean. These risks increase as temperatures climb. Exacerbated by climate change, the world is losing species at a rate 1,000 times greater than at any other time in recorded human history. One million species are at risk of becoming extinct within the next few decades. Forest fires, extreme weather, and invasive pests and diseases are among many threats related to climate change. Some species will be able to relocate and survive, but others will not.

Not enough food

Changes in the climate and increases in extreme weather events are among the reasons behind a global rise in hunger and poor nutrition. Fisheries, crops, and livestock may be destroyed or become less productive. With the ocean becoming more acidic, marine resources that feed billions of people are at risk. Changes in snow and ice cover in many Arctic regions have disrupted food supplies from herding, hunting, and fishing. Heat stress can diminish water and grasslands for grazing, causing declining crop yields and affecting livestock.

More health risks

Climate change is the single biggest health threat facing humanity. Climate impacts are already harming health, through air pollution, disease, extreme weather events, forced displacement, pressures on mental health, and increased hunger and poor nutrition in places where people cannot grow or find sufficient food. Every year, environmental factors take the lives of around 13 million people. Changing weather patterns are expanding diseases, and extreme weather events increase deaths and make it difficult for health care systems to keep up.

Poverty and displacement

Climate change increases the factors that put and keep people in poverty. Floods may sweep away urban slums, destroying homes and livelihoods. Heat can make it difficult to work in outdoor jobs. Water scarcity may affect crops. Over the past decade (2010–2019), weather-related events displaced an estimated 23.1 million people on average each year, leaving many more vulnerable to poverty. Most refugees come from countries that are most vulnerable and least ready to adapt to the impacts of climate change.

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Stroke Causes and Risk Factors

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Strokes are caused by blocked blood flow to the brain (ischemic stroke) or sudden bleeding in the brain (hemorrhagic stroke). Many things raise your risk of stroke. Some of these risk factors can be changed to help prevent a stroke or future strokes.

Ischemic stroke

About 87% of strokes are ischemic. The blockage in the brain is usually caused by a piece of plaque or a blood clot. If the blockage occurs locally in the brain, the condition is called thrombosis. If the blood clot travels from somewhere else in the body, it is called an embolism. Ischemic strokes are classified specifically based on where in the brain the blockage occurs and where in the body an embolism developed. In some cases, the location of the original embolism is not known.

When plaque builds up on the inner walls of the arteries, it can lead to a disease called atherosclerosis . Plaque hardens and narrows the arteries, limiting blood flow to tissues and organs. Plaque can build up in any artery in the body, including arteries in the brain and neck. Carotid artery disease occurs when plaque builds up in the carotid arteries in the neck that supply blood to the brain. It is a common cause of ischemic stroke.

Plaque in an artery can also break open. Blood platelet stick to the site of the plaque injury and clump together to form blood clots. These clots can partly or fully block an artery.

Blood clots leading to stroke can happen when there are other heart and blood conditions, such as atrial fibrillation and sickle cell disease . MRI studies show that as many as 40% of children with sickle cell disease have had a stroke, even though a medical exam does not show signs of one. The only treatment for these undetected strokes (also called silent infarcts) is to receive regular blood transfusions .

Studies have found ischemic stroke in people who have COVID-19. However, it is too early to tell whether COVID-19 can cause stroke.

Inflammation

Chronic (long-term) inflammation contributes to ischemic stroke. Researchers are still trying to understand this fully. Research shows that inflammation can damage the blood vessels and contribute to atherosclerosis. Ischemic stroke can also lead to inflammation that further damages brain cells.

Transient ischemic attack

A transient ischemic attack (TIA) is caused by a blockage in the brain just like an ischemic stroke. With a TIA, the blockage breaks up before there is any damage to your brain. It typically lasts less than an hour but can come and go. Eventually, it can become a full stroke. A TIA is also called a mini-stroke. If you are diagnosed with a TIA in an emergency room, you should follow up as soon as possible with a primary care provider and a neurologist, a doctor who specializes in treating disorders of the brain, spinal cord, and nervous system.

Hemorrhagic stroke

Sudden bleeding can cause a hemorrhagic stroke. This can happen when an artery in or on top of the brain breaks open. The leaked blood causes the brain to swell, raising pressure in the brain that can damage brain cells. There are two types of hemorrhagic stroke: intracranial hemorrhage, or bleeding within the skull, and subarachnoid hemorrhage (SAH), or bleeding between the brain and the membrane that surrounds it. Intracranial hemorrhage occurs in about 10% of stroke cases, and SAH occurs in about 3%.

Some conditions make blood vessels in the brain more likely to bleed.

• Aneurysm is a balloon-like bulge in an artery that can stretch and burst.
• Arteriovenous malformations (AVMs) are tangles of poorly formed arteries and veins that can break open in the brain.
• High blood pressure puts pressure on the inside walls of the arteries. This pressure makes them more likely to break open, especially if they are weakened from an aneurysm or AVM.

What are the risk factors?

There are many risk factors for stroke. You can treat or control some but not all of them.

Risk factors for stroke. This animation discusses some of the main risk factors for stroke, which are also described below. Medical Animation Copyright © 2023 Nucleus Medical Media, All rights reserved.

Factors that you can control account for 82% to 90% of all strokes:

• High blood pressure
• Physical inactivity

Ischemic and hemorrhagic strokes share many of the same risk factors, such as high blood pressure, diabetes , and high blood cholesterol . Other risk factors are specific to the type of stroke. Blood clots can arise from coronary heart disease , atrial fibrillation , heart valve disease , and carotid artery disease . Bleeding can occur after taking blood thinners.

Other risk factors are based on lifestyle, genetic , and environment.

• Age is a risk factor, too. A stroke can occur at any age, but the risk is higher for babies under the age of 1 and for adults as they grow older.
• Anxiety, depression, and high stress levels, as well as working long hours and not having much contact with family, friends, or others outside the home, may raise your risk for stroke.
• Family history and genetic play a role as well. Your risk of having a stroke is higher if a parent or other family member has had a stroke, particularly at a younger age. Certain genes affect your stroke risk, including those that determine your blood type. People with blood type AB (which is not common) have a higher risk.
• Living or working in areas with air pollution can also contribute to stroke risk.
• Other medical conditions, such as sleep apnea , kidney disease, and migraine headaches, are also factors.
• Other unhealthy lifestyle habits, including drinking too much alcohol, getting too much sleep (more than 9 hours), and using illegal drugs such as cocaine, may raise stroke risk.
• Race and ethnicity is another factor. In the United States, stroke occurs more often in Black, Alaska Native, American Indian, and Hispanic adults than in white adults.
• Sex can play a role in risk for stroke. At younger ages, men are more likely than women to have a stroke. But women tend to live longer, so their lifetime risk of having a stroke is higher. Women who take birth control pills or use hormone replacement therapy are at higher risk. Women are also at higher risk during pregnancy and in the weeks after giving birth. High blood pressure during pregnancy — such as from preeclampsia — raises the risk of stroke later in life.
• Viral infections or conditions, such as lupus or rheumatoid arthritis, can cause inflammation.

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• Most Black Americans Believe Racial Conspiracy Theories About U.S. Institutions

2. Black Americans and racial conspiracy theories about the criminal justice system  

Table of contents.

• Most Black adults say they experience racial discrimination 
• Black adults feel angry or undermined in the face of discrimination 
• Black adults say they must work more than everyone else to get ahead
• Black Americans believe the criminal justice system was designed to hold them back
• Familiarity with and belief in racial conspiracy theories about policing and prisons 
• Many Black Americans believe the political system was designed to hold them back
• Familiarity with and belief in racial conspiracy theories about political leaders 
• Black Americans believe the economic system was designed to hold them back
• Familiarity with and belief in racial conspiracy theories about big businesses   
• Black Americans believe the news media was designed to hold them back 
• Most Black adults believe racial conspiracy theories about the media
• Some Black Americans believe the health care system was designed to hold them back
• Familiarity with and belief in racial conspiracy theories about medical research
• Familiarity with and belief in racial conspiracy theories about Black families
• Many Black Americans believe racial conspiracy theories about government elimination of Black men from their families
• Familiarity with and belief in racial conspiracy theories about reproductive health
• Some Black Americans believe racial conspiracy theories about abortion and birth control
• Acknowledgments
• Methodology

Editor’s note: This report is under revision. We used the words “racial conspiracy theories” as a shorthand and acknowledge that was not the best choice.  Black Americans’ doubts about the fairness of U.S. institutions are accompanied by suspicion. How Black Americans think those institutions impact their ability to thrive is worthy of study, and that’s the purpose of this survey.

Racial conspiracy theories about the criminal justice system have their roots in key events in the 20th century.

What is a ‘racial conspiracy theory’?

In this report, the phrase “racial conspiracy theories” refers to the suspicions that Black adults might have about the actions of U.S. institutions based on their personal and collective historical experiences with racial discrimination.

In the convict-leasing and chain gang systems of the early 1900s, Black men were forced to build roads, bridges and ditches as part of their incarceration. This new infrastructure improved the business prospects of rural planters throughout the South.

And in the 1990s, the CIA released a report about its role in the inner-city cocaine epidemic of the 1980s and early ’90s. While the agency denied that it was directly involved, it admitted that addressing drug activity in their Central American operations was not among its priorities.

These events provide some context for Black Americans’ beliefs in several racial conspiracy theories.

Roughly seven-in-ten Black Americans believe in racial conspiracy theories about the criminal justice system. About three-quarters (74%) say the prison system was designed to hold Black people back a great deal or a fair amount. Similar shares say the same about the courts and judicial process (70%) and policing (68%). While many Black adults say the criminal justice system was designed to hold Black people back, there are some group differences.

By discrimination experience and ethnicity

Racial discrimination continues to be a significant factor in how Black Americans assess their progress, or lack of it. Those who have experienced racial discrimination are more likely than those who haven’t to say the prison system (79% vs. 62%), judicial process (74% vs. 61%) and policing (73% vs. 55%) each was designed to hold Black people back.

When it comes to ethnicity, the majority of non-Hispanic (75%) and multiracial (72%) Black adults say the prison system and the judicial process were designed to hold Black people back. Fewer Hispanic Black adults say the same (60%).

By education, family income and party

Black Americans’ views also differ by education. About three-quarters or more of Black adults who have been to college, regardless of their degree status, say the prison system, the judicial process and policing were designed to hold Black people back. Those with a high school diploma or less education are less likely to agree. Likewise, Black adults with high family incomes are more likely than those with lower family incomes to say the same about prisons and policing. 2

Political affiliation also plays a role in what Black adults believe about the criminal justice system. Black Democrats are more likely than Black Republicans, including those who lean to each party, to say the prison system (78% vs. 59%), judicial process (74% vs. 55%) and policing (72% vs. 54%) were intentionally designed to hold Black people back, though majorities of both groups say the systems were designed this way.

In addition to believing the criminal justice system was designed to hold Black people back, most Black Americans are also familiar with racial conspiracy theories about the criminal justice system.

Some 83% of Black adults say they have heard about the idea that police do very little to prevent guns and drugs from flooding Black communities. And 82% have heard the idea that Black people are incarcerated more than White people to create profit for prisons. Only about 15% of Black Americans say they are unfamiliar with these narratives.

Belief in racial conspiracy theories about policing in Black communities

Aside from being familiar with these ideas, most Black Americans say racial conspiracy theories about policing are true and happening today . About three-quarters of Black adults say the police’s failure to prevent the flow of guns and drugs in Black communities is something that happens today (76%). By comparison, 10% say this happened in the past but no longer happens today, and 8% say this has never happened.

By discrimination experience and community type

Black adults who have experienced racial discrimination (80%) are more likely than those who haven’t (68%) to say the failure of police to prevent the flow of guns and drugs is something that happens today. And Black adults who live in urban areas (80%) are slightly more likely than those in suburbs (76%) or rural areas (72%) to say this.

By education and party

Black adults also differ on this question by education and political party. Those with a bachelor’s degree (78%) are more likely than those with a high school diploma or less (72%) to say police are failing to prevent the flow of guns and drugs into Black communities. The share of Black Democrats (79%) who believe this is higher than the share of Black Republicans (66%).

Belief in racial conspiracy theories about prisons and profits

Black Americans also say racial conspiracy theories about the prison industry are true and happening today. About three-in-four Black adults (74%) say Black people are being incarcerated more than White people so that prisons can make profits off them. Smaller shares say this happened in the past but no longer happens today (11%) or say this has never happened (8%).

Much like their beliefs about police neglect in Black communities, Black adults who have experienced discrimination and those who are Democrats are more likely than their counterparts to say Black people are used for profit in the prison industry today.

• The middle-income range for the American Trends Panel is about $47,800 to $143,400 annually for an average family of three. Lower-income families have adjusted incomes less than $47,800 and upper-income families have adjusted incomes greater than $143,400. All figures are expressed in 2022 dollars. ↩

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Most Black Americans Believe U.S. Institutions Were Designed To Hold Black People Back

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