AI is here. One of the significant challenges is properly managing the data for AI. The cloud and Sage Intacct start this process by providing the foundation for AI to extract meaningful transactional data.
Only after a clean data extraction can AI start the process of analyzing and highlighting trends in the data to make better machine/human decisions. AI will change and disrupt numerous industries over the next 24-36 months. These include finance, healthcare, customer service, transportation, and manufacturing.
Here’s a look at how it will affect the finance area:
- Automating the back office
- Purchase orders from a customer can be read via a supplier portal where machine language can read/check for required information, pricing and create automated sales orders or shippers at the supplier distribution centers without human intervention
- Natural language will be able to process and interpret thousands of contracts and key on outliers, quickly develop risk profiles and identify areas of concern
- Symbiotic relationship
- AI and machine learning will quickly become part of the fabric of accounting. Along with keeping up with GAAP and FASB, you can now add AI as part of this increasing complex function
AI is not the end all. It can deal with repeatable, logical functions and can “learn” over time given enough data sets to visualize patterns and make better decisions. What is missing from AI is the context of data analysis, this is where the human element is needed to synthesize and provide the right decision for clients. The accounting firms of the near future will combine AI tools with value added human context and judgement to retain, grow, and capture market share from those who do not embrace this change.
Check out the link below for how Sage Intacct and AI are changing finance to form a technology/human driven decision model.
For more information on Sage Intacct, please contact Barry Coyne.