If you read almost any article about the future of the accounting industry, you might be inclined to make a dramatic career shift. The statistics point to massive technological change. According to findings from a 2017 PwC study, 40% of the accounts payable process can be automated; other findings show that accounting and bookkeeping jobs are at the highest risk from digital disruption in the next 20 years. On its surface, this data might lead you to assume that AI and automation are like ruthless villains coming for our jobs. But the outlook doesn't have to be bleak.
Artificial intelligence is here, but businesses have barely scratched the surface of the impact it can have. Instead of supercharging their growth, some companies are finding themselves stuck with proof-of-concept experiments that end up going nowhere. Leaders need to create the right company culture to inspire, build and empower a workforce fit for the AI age. While the'how' remains a challenge, the emerging problems are actually the'why' and the'who'. Leaders see attracting the right talent and competing investment priorities as the two top barriers to AI adoption.
It turns out that we might be at the perfect storm where how we store and access financial information combined with the maturation of tech capabilities are all in place to accelerate the digital transformation of accounting and finance. Just as others who faced the prospect of machines taking over jobs that used to be done by humans, accounting and finance professionals might anticipate the reality of 4th Industrial Revolution with fear. Actually, when machines take over repetitive, time-consuming and redundant tasks, it will free human finance professionals to do higher level and more lucrative analysis and counseling for their clients. Let's take a look at just of the few opportunities that are now available thanks to the digital transformation of accounting and finance. According to consulting firm Accenture, "automation, minibots, machine learning and adaptive intelligence are becoming part of the finance team at lightning speed."
Artificial Intelligence (AI) has the potential to completely redesign the way in which businesses operate across functions, including customer service, marketing, and finance. There are numerous Artificial Intelligence development companies who can help you in developing modern AI-powered solutions for your business. But as it is the case with other emerging technologies, there are challenges, and Artificial Intelligence isn't an exception. According to a new survey carried out by MIT-Boston Consulting Group, 85% of executives believe Artificial Intelligence will transform business, but only 20% of companies are using it in some way, and just 5% make extensive use of it. The adoption of Artificial Intelligence is very low because of the obstacles which come in the way of adopting the technology.
Factories are increasingly deploying artificial intelligence and analytics, with manufacturing companies turning to digital automation to create cheaper and faster production processes. Many of these companies are just starting to find ways to deploy these new technologies. A recent article in Enterprise IoT Insights, described how "factories are bustling with innovation experiments, as industrialist are availed of ever-more sophisticated digital trends." In the article, "AI--On the line," I offered some insights and KPMG viewpoints into efforts to bring higher-order automating intelligence to the production line. Some companies have already made strides in the digital transformation of their factories.
Today, the average company's workforce is not able to continuously refresh the knowledge and skill levels needed to capitalize on new business opportunities. This situation threatens to worsen over time. Here's a different approach: machine learning and artificial intelligence solutions can proactively offer the workforce an entirely new, future-oriented learning experience across devices and channels--one that is customized, personalized, dynamic and predictive. Business leaders know that thriving in the digital age requires them to take on the disruptive forces changing their industry--with speed, confidence and bold new bets. Nothing less than a similarly bold approach to "new skilling" will prepare the workforce to support continuous innovation and growth.
Automated Machine Learning helps streamline your processes and inspire predictive analytics within your organization. Built for technical and non-technical business leaders, Data-Core's "Citizen Scientists" can perform Machine Learning to use Microsoft Azure Auto ML literally within 1-hour on a best fitted model generated by training the data-set and in a very minimum budget. Automated Machine Learning expects data to be cleaned, feature engineered and labeled. You share your domain expert with us, who explains your business and expectation from your historical data, and we do rest for you. Step 1: We feed your historical data-set (in csv format) in Azure AutoML Platform Step 2: Our "Citizen Scientists" will train the data-set in Azure AutoML to generate the best fitted model.
When was the last time to you read a WhatsApp message that was longer than the screen space? Or spent an extra minute reading a LinkedIn post that was two paragraphs? We live in a world of soundbites, but details still matter--especially when it comes to your cover letter. The biggest challenge on a two-page resume is explaining your past work experience crisply and concisely. In fact, many companies use AI-based programs and algorithms to parse out the basic details of your resume.
"This (AI) is about augmenting human intelligence. When you step back and look at AI, yes there is hype, it will replace all jobs. We say look that's not the right way to approach it. The correct way to say is that this set of artificial intelligence technologies will augment and assist humans to do their work better," Ashvin Vellody, Partner, Deloitte India told indianexpress.com during an interaction. According to a new report by Deloitte and the Confederation of Indian Industry (CII), AI could prove to be most beneficial in areas like agriculture, manufacturing, education and health care services in India.