There is concern that this technology poses a threat to job roles such as accountants. Content-aware AI can parse fine detail much faster than humans, and deliver unexpected insights.
In planning and analysis, the same machine learning is combined with insights gleaned from deep dives into vast pools of data. It speeds up bookkeeping and reduces the risk of human error to such a degree that non-financial people can keep reliable accounts. At its simplest, machine learning recognizes and recalls the way we like to treat each transaction. Developments in technology infrastructure, the availability of huge volumes of relevant and properly structured data, and a constant drive to improve efficiency and build value, mean that change is inevitable.ĪI is now incorporated into most of the software packages that we use, from Intuit to Oracle. Then, finance professionals stepped up their value creation game, taking the efficiencies and insights that digital spreadsheets provided and changing the role for the better.ĪI gives us the same historic opportunity to transform the finance function, and the process is well underway. There has not been such a shakeup in the profession since the launch of Visicalc, the original digital spreadsheet, in the 1970s.
It’s one of the technologies that we expect will transform accounting, but what about the transformation of accountants? Whether we are browsing for a new show on Netflix or posting an invoice to the ledger, AI gives us a helping hand.
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Leading advisor to senior Finance and FP&A leaders on how to succeed with business partneringĪrtificial Intelligence is already part of our everyday lives.