ARTIFICIAL INTELLIGENCE AND ITS PROMINENCE ON F&A OUTSOURCING


Artificial Intelligence (AI) is now omnipresent. Progressing eventually AI will be the norm ubiquitously, where either machine perceives the capability to decide or humans collaborate in sync with machines in terms of intelligence.

AI significance is that it paves the way for machines to think and act as possibly as humans do. And in a few aspects, it can do much better than humans. For tasks which are repetitive and voluminous,  machines can perform consistently than humans can achieve to do due to a human’s basic trait of boredom in doing voluminous repeated tasks.

Finance & Accounting Outsourcing is the business practice where accounting firms, corporate houses, a small scale business or startups outsource their finance & accounting tasks to an onshore or offshore outsourcing company. Outsourcing is hugely done because of its cost-effectiveness and timeliness for their own business and getting them a strategic edge.


How does AI actually weave into F & A?

AI, whether its F & A or for that instance any other field, AI is nurtured through – Machine Learning(ML)  & Deep Learning(DL). You could ask what does anyone in accounts get to do with ML and DL. An human or machine (in this case) gains knowledge by processing information and this is what AI, ML and DL aim to do.

At the very primary level, one has to feed the machine as much as information in all the possible dimensions a data will be handled, for a given situation of tasks. This data is what we refer to as the training data set. Then in the next level, the system is tested for its efficiency of predicting the right output and validate for the given query. This is known as the testing data set. Once successful, the machine will learn itself to think, act and decide as a human does and complete the tasks it is trained to do. This works very well for the repetitive tasks and predictions related to it. The more the AI gets advanced, the more the complex predicting of solutions will be made possible.

So for the start, AI can be instrumental for the basic book keeping and related services of any organization. This will be much more predictable and an effective training data set can be made and implemented to learn for the machine software. Once the ML is a go for the necessary tasks the data can be aggregated and trained for extensive accounting functions and much more strategic predicting.

Accountants take on AI

Accountants are not reluctant of AI as such it is gonna replace them in the future. The beauty of any new advancement in technology is that it only strives to make work easier and simpler for any human. Gone are the times even people sticking to things that are becoming obsolete.Now everyone looks for ways to make their work smarter, quicker, easier and exceptionally productive at the end of the day. Hence accountants are more than welcome to share their plate of work with AI and focus on more tactical and imperative tasks which widen and benefits their scope of business with clients.

At Indian Muneem we give real-time solutions for all your Finance & Accounting needs. Visit us at www.indianmuneem.com  to request for quote and a free pilot project.

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