Simple Guide to AI and Advanced Technologies

Here is a simple guide to AI and Advanced Technologies for my friends from the business, finance, and accounting world.

Modern digital transformation capabilities like Artificial Intelligence (AI), Machine Learning (ML), Robotic Process Automation (RPA), Natural Language Processing (NLP), and Connected Workspaces are revolutionizing the way businesses work.

While it all started with an aim to reduce costs by deriving efficiency, it’s now generating valuable insights capable of creating newer opportunities and avenues. Organizations are incorporating AI and advanced technologies into their day-to-day business operations. Let us understand some of these AI and advanced technologies in simple terms:

1. Artificial Intelligence (AI): Machines can perform cognitive functions we identify with human intelligence, such as recognizing, logical reasoning, learning, planning, problem-solving, and exercising creativity. It mimics the problem-solving and decision-making capabilities of human intelligence. AI systems can adapt their behavior to a certain degree by analyzing the effects of previous actions and working autonomously. For example, AI can help solve business-specific challenges, predict future outcomes, and provide prescriptive solutions.
2. Machine Learning (ML): It is the process of applying algorithms that teach machines how to learn automatically and improve from experience without explicit programming. It uses data and algorithms to imitate the way that humans learn, gradually improving its accuracy. It can be supervised, unsupervised, or reinforced learning. For example, machine learning algorithms can help detect fraud and errors, automate process activities, and provide advisory services to global finance teams on accounting rules and regulations.
3. Robotic Process Automation (RPA): It is a business process automation to execute mundane and repetitive manual tasks. The robot, also referred to as a bot can replicate a given task if there are logical steps to perform it. In the finance world, they can help automate rule-based activities. RPA enables you to improve productivity and drive down costs by freeing more time for the teams to focus on the strategic work that adds value to the business. While RPA can perform multiple tasks simultaneously and bring benefits to entities, it can prove challenging to scale in entities where change is continuous.
4. Natural Language Processing (NLP): It is a technology set that performs real-time speech-to-text processing and user-intent identification. It enables systems to understand the text and speech across the languages the same way humans can. For example, NLP enables the digital virtual assistant to perform live interaction, interpret email correspondence into actionable next steps, and improve the overall customer experience.
5. Connected Workspaces: They offer a seamless and straightforward way for resources across the organization to collaborate, record, and organize data. They keep track of all tasks and documents specific to projects, ensuring full view and control of all the data. By creating specific workspaces, the team members can intuitively align, manage, share data and make decisions quickly, increasing overall productivity. For example, Account reconcilers can share their working papers for each reconciliation in real-time with multiple users for inputs, review, and approval, all working virtually in one place.

Today, the business environment has become more dynamic and disruptive than ever before. Organizations and leaders have no choice but to be agile and proactive. One way to stay successful and relevant is by understanding these AI and advanced technologies in detail and adopting them.