As artificial intelligence (AI) and data science transform industries across the board, accounting is on the edge of major technological changes. Leading firms have invested much into the development of AI and data analytics technology in the coming years as a signal of a shift in the accounting and finance world.
What are the other next big things in accounting and finance?
- Big data
Data isn’t just numbers and spreadsheets that accounts are familiar with, but it also includes unstructured data that can be analyzed through real-status monitoring of financial matters. According to a recent post on Forbes, Data is the fuel that powers other technology trends that are transforming finance and accounting in the Fourth Industrial Revolution. With the digitized audit process, the world of opportunities is wide open for new insights from data that weren’t possible before and ultimately help improve performance and revenue.
2. Computing power
The increased computing power allows accounting and finance firms to store and use the data more effectively by utilizing cloud services. Edge computing has also grown. The adoption of 5G network is the backbone of a smarter world. Quantum computers will provide services that weren’t possible with traditional computers. Thus, there will be tremendous value in finances with this capability.
3. Artificial Intelligence (AI)
AI helps accountants be more efficient by the algorithms which allow machines to take over tedious, time-consuming tasks. With the support of AI, financial professionals will be able to spend more time delivering insights. Errors and costs can be reduced by the use of machine learning through streamlining operations.
It’s getting more common to see finance professionals rely on AI to do what it does best while humans are recovering to do what they do best.
4. Intelligence of things
Internet of things along with the system of interconnected devices and machines combined with artificial intelligence equals intelligence of things. It helps finance professionals track ledgers, transactions, and other records in real-time. Continuous monitoring results in more stress-free accounting activities while at the same time improves inventory tracking and management.
In accounting and finance, robotic process automation (RPA) can handle repetitive and time-consuming tasks such as document analysis and processing, which is abundant in any accounting department. Freed up from these mundane tasks, accountants are able to spend time on strategy and advisory work. Intelligent automation (IA) is capable of mimicking human interaction and can even understand inferred meaning in client communication and adapt to an activity based on historical data. In addition, drones and unmanned aerial vehicles can even be deployed on appraisals and the like.
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