I had the pleasure of doing my civic duty last week and serve in the jury pool. While there is a lot of waiting, you also have the time to talk to some interesting people. I found myself lucky enough to sit next to a young IT worker, his vision of the future was very refreshing. We both agreed that artificial intelligence (AI) was the next “big thing”; but, how we defined AI was a bit different.
Did you know that Microsoft offers an AI Program?
Microsoft Professional Program for Artificial Intelligence. The AI track takes aspiring AI engineers from a basic introduction of AI to mastery of the skills needed to build deep learning models for AI solutions that exhibit human-like behavior and intelligence.
Can Artificial intelligence disrupt the finance team? First, AI will not eliminate the need for accountants. The goal would be to reduce the repetitive tasks which are often time-consuming and provide accountants more time to serve in an advisory role.
Automation in accounting has been around for a long time
The concept of automating the accounts payable process has something we have been working on for years. The goal, automate a tedious and repetitive process to make AP personnel’s lives easier, thus optimizing the efficiency of the department.
My example may be a simple and not really describe the depth of what is possible with AI in the accounting department; but, finding efficiencies in finance has been around a long time. I believe that auditors will find great value when leveraging AI. Instead of sampling data, an auditor could potentially run an entire ledger through an automated analysis. Again, this is nothing new, there are already tools that help auditors with this process. But let’s think a bit more disruptive, now thru AI a set of transactions could be provided and thru machine learning, could identify the patterns in the transactions and then be able to identify what “normal transactions” look like. This could identify discrepancies sooner and without bias.
Making an audit easier and less intrusive to finance teams is a win win!
Share with us your AI vision.
Karen Riordan, Vice President SSi Consulting
The Impact of Artificial Intelligence on Finance Teams