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ARTIFICIAL INTELLIGENCE (AI)

Artificial intelligence is intelligence demonstrated by machines.

Artificial intelligence is rapidly becoming a part of more businesses’ daily operations, with AI chatbots and product recommendation engines already in widespread use.

AI Overview

• AI involves the capacity of a computer to perform operations analogous to learning and decision-making in humans.
• According to a consulting firm Accenture, “automation, minibots, machine learning, and adaptive intelligence are becoming part of the finance team at lightning speed.”

• Who wouldn’t want to leave processes that can be automated to a machine?

AI And The Accountant

What Exactly can AI do that I cannot?

• Automate much of the routine and repetitive activities that are undertaken on a daily, weekly or annual basis.
• Empower management and staff through immediate decision-making.
• Create smart actionable insights through automated reasoning.
• Examine huge quantities of data in fractions of the normal time taken if done manually.

RPA – Robotic Process Automation

“An application of technology that allows employees in a company to
configure computer software, or a ‘bot’, to capture and interpret existing applications for processing a transaction, manipulating data, triggering responses, and communicating with other digital systems”.

RPA in action – How it works and how it helps ease accounting and audit processes:

• Accounting apps learn invoice coding behaviors and suggest where transactions should be allocated.

• Bank reconciliations are automated. Again, the technology learns from previous allocations and account choices and then makes the right recommendations for new bank transactions.

• According to PWC, in the future auditors will be able to audit 100% of companies’ financial transactions. Machine learning algorithms will process and review the data, recognize anomalies and compile a list of outliers for auditors to check.

• AI makes work easier for accountants and accounting firms, not replacing them.

Are we there already??

From BOOKKEEPER to BOTKEEPER

“We knew we were on to something when an early demonstration showed that botkeeper could clean up three years of a client’s bookkeeping in just two weeks.”  – Enrico Palmerino, chief executive at botkeeper.

Do we want to be there??

Innovus Group Supports the AI Projects initiative.

Osman Varwani – MD Innovus Tech Consultants – facilitating a virtual workshop on the Impact of Robotics & AI at the 2nd EA Digital Conclave hosted by ICPAK on 15th & 16th September 2021.

Innovus Group Supports the Mombasa County Robotics Project for an AI smart future generation!