Dave Sackett

Get Ready For Artificial Intelligence

By: Dave Sackett
Technology Evangelist blending Finance with IT
Advocate of AI, RPA, Blockchain and Crypto
 Follow the Money Going Into AI
Giant R&D spending amounts (hundreds
of billions) are being invested into
Artificial Intelligence (AI) applications,
research, etc.

China alone is planning

the equivalent of $150
Billion to invest in AI
Four Industrial Revolutions
Big data will grow
exponentially…
Components of the 4th Industrial Revolution
(AKA Industry 4.0)
Physical to Digital (Cyber) to
Mobile computing Physical
Robotic Process Automation
Artificial Intelligence Big Data for AI to analyze/learn
To Do: List the items to the left your executive team
Smart technology understands well enough to consider whether or not to
Social Media use them in your business:
Internet of Things (IoT) ______________________________________________
Machine to machine communication ______________________________________________
Block Chain (including Crypto currency) ______________________________________________
Bitcoin ______________________________________________
______________________________________________
3D printing
Implement an education plan to get to the same under-
standing on the other technologies.
 Why is big data important for AI?
Machines learn by exposure to data and identifying similarities and
differences.

More data = better understanding.

Example: A large number of employee expense reports can create
patterns that AI can identify as “normal.” Each new report helps to
slightly refine what the machine interprets as “normal.”
How AI terms are related:

Machine Learning Artificial Intelligence

A subset of AI that Any technique that
Deep Learning enables computers to
includes abstruse
The subset of machine learning composed statistical techniques that mimic human
of algorithms that permit software to train enable machines to intelligence, using logic,
itself to perform tasks, like speech and improve at tasks with if-then rules, decision
image recognition, by exposing experience. The category trees, and machine
multilayered neural networks to vast includes deep learning. learning (including deep
amounts of data. learning)
 Artificial Intelligence is a productivity tool
Accountants have used tools to support their roles for centuries.

Artificial Intelligence = software

automation like an Excel macro.

You provide instructions and the

software follows through.

Leverage AI as you would a calculator.

 When will AI affect you?
Planned: Bigger, public companies with many transactions have the financial
resources and the best case for ROI in regards to automating accounting tasks.

There needs to be good documentation and standardization to base workflows that

can translate well to automation.

Unplanned: You may be pushed into using AI in the form of risk management.

Example: AI anti-virus will be used to defend against

AI driven cyber attacks.
 Use this tool to help you identify where your investment in AI will have the
Assignment most benefit on the CFO Suite: AI in Finance – Identification Worksheet

Where do you expect Artificial Intelligence to have the biggest Impact on your business?
1. In terms of improving your competitiveness?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
2. What are the main threats you expect to encounter from AI?
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
Common contributions to machine learning:

• Updating e-mail spam filter rules.

• Telling newsfeeds (e.g. Flipboard) your preferred content.
• Using Google maps and Google translate.
• & recommendations based on previous picks.

Alexa, Google Home, Bixby = AI assistants

 Supervised vs. Unsupervised machine learning
Supervised = Here are examples of expenses reports that can be approved and here are
examples of expense reports that cannot be approved.

Unsupervised = Here are all the expense reports, what patterns can you find? What
things look off relative to the previous expense reports you have analyzed?
 Introduction to RPA

Robotic Process Automation (RPA): the use of a software robot or “bot”

that replicates the actions of a human to execute tasks across multiple
computer systems.
Robotics is predicted to
A minute of work for a automate or eliminate up to 40
robot is equal to about 15 percent of transactional
minutes of work for a accounting work by 2020.
human. - (Deloitte) - (2015 Accenture report)
 What can be automated with RPA?
EXAMPLES:
• Document Capture Data Entry
• 3-Way Matching
• GL Coding
• Vendor Interactions
• Payments
• Document Review & Approvals
• Process Management &
Controls
• Exception Processing
• And more…
List Areas in Your Business that are Ripe for the
Application of RPA:
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
 What can Robotic Assistants do?
• Control processes
• Enforce rules
• Automate communications
• Provide reminders
• Manage resources and escalates
• Perform data entry
• Collect and present data and documentation
• Ask for your expert input for review or approval
 What can Robotic Assistants do?

EXAMPLES: List Areas in Your Business that are Ripe for the
• Control processes Application of Robotic Assistants:
• Enforce rules __________________________________________
__________________________________________
• Automate communications
__________________________________________
• Provide reminders __________________________________________
• Manage resources and escalates __________________________________________
• Perform data entry __________________________________________
• Collect and present data and __________________________________________
documentation __________________________________________
• Ask for your expert input for review __________________________________________
or approval __________________________________________
Automated Data Entry

• Invoices
• Purchase Requests
• Purchase Orders
• WEB Docs/E-mail
• Eliminate Double Entry
• Key-Process Docs
– HCFA/EOB
– Orders
– Special Transactions
 Automated Data Entry

List Areas in Your Business that are Ripe of the

EXAMPLES:
Application of Automated Data Entry: • Invoices
__________________________________________ • Purchase Requests
__________________________________________
__________________________________________ • Purchase Orders
__________________________________________ • WEB Docs/E-mail
__________________________________________
• Eliminate Double Entry
__________________________________________
__________________________________________ • Key-Process Docs
__________________________________________ – HCFA/EOB
__________________________________________ – Orders
__________________________________________ – Special Transactions
You can start RPA
anywhere… Accounts Payable

Accounts Receivables
Purchasing
Order Entry
Operations

Human Compliance
Customer Resources
Service
You can start RPA
anywhere… Where is the Best Place for Your
Business to Start?
______________________________
_
Purchasing Compliance ______________________________
_
______________________________
_
Operations ______________________________
_

Human Accounts Payable

Customer Resources
Service Accounts Receivables

Order Entry
 Benefits of Accounting Automation
BENEFITS
BEFORE. RESULTS
More Efficient Process Less
Labor Fewer Mistakes
$22 .75 78% $5 .03
REDUCTION
COST TO PROCESS
COST TO PROCESS
Ensure Accountability &
Compliance

Rapid
16.3DAYS 63% REDUCTION
6.1DAYS
TIME TO PROCESS
Implementation TIME TO PROCESS

Satisfied Users Do More

With Less 16% 298% 47%
EARLY PAYMENT DISCOUNTS
EARLY PAYMENT DISCOUNTS
INCREASE IN
PAYMENTS
 Myths and Reality of RPA
MYTH: Robotics will fix outdated
or inefficient processes. MYTH: All processes can be
REALITY: Process costs are improved with RPA.
reduced by 25%-40% and processing REALITY: RPA is a
speed is significantly increased. technology overlay, that ties
together legacy fragmented
systems through automation.
MYTH: Robots will replace the
workforce.
REALITY: Human workforce
increases focus on results, analytics
and relationships.
 Myths and Reality of RPA
MYTH: Robotics will fix outdated
or inefficient processes.
REALITY: Process costs are
reduced by 25%-40% and processing
speed is significantly increased.
MYTH: Robots will replace the
workforce.
REALITY: Human workforce
increases focus on results, analytics
and relationships.
MYTH: All processes can be
improved with RPA.
REALITY: RPA is a
technology overlay, that ties
together legacy fragmented
systems through automation.
Use this tool to calculate the expected
return on your AI Projects:
ROI Calculator for AI Projects
 Why prepare for AI?
The benefits of AI are expected to outweigh the cons. AI will continue to grow in
nearly all aspects of our lives.

• AI is a designed to be a problem solving technology.

• The world economy is expected to gain billions in GDP through utilizing AI.

• Your career will be impacted by this coming change in AI and other related
technologies.
 How to prepare for AI?

• Learn the difference between • Be vigilant to keep your data

what AI can do easily and what accurate.
will be difficult for AI to do.
• Expect routine, rule-based
• Develop new skills that will manual tasks to be the first
benefit from AI driven data. activities to be automated.
 How to prepare for AI?
Action Plan and Timeline complete:
• Learn the difference __________________________________________
__________________________________________
between what AI can do __________________________________________
easily and what will be __________________________________________
__________________________________________
difficult for AI to do. __________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
 How to prepare for AI?
Action Plan and Timeline complete:
• Develop new skills that __________________________________________
__________________________________________
will benefit from AI __________________________________________
driven data. __________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
 How to prepare for AI?

• Be vigilant to keep Action Plan and Timeline complete:

__________________________________________
your data accurate. __________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
 How to prepare for AI?

Action Plan and Timeline complete:

• Expect routine, rule- __________________________________________
based manual tasks to be __________________________________________
__________________________________________
the first activities to be __________________________________________
automated. __________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
 Specifics To Prepare for AI
• Capture a real-time flow of more and more data from a cloud-based server
(feed AI with lots of data)

• Utilize API software to link multiple data sources (feed AI with lots of
data)

• Improve the quality of your data with rules and standardization (link data
sources with a common field and support the output of analytical data)

• Prepare to take on action based on the analytical data (make decisions

with supporting information from AI)
Examples of AI related to Accounting & Finance

• Risk management

• Audits • Compliance and reporting

• Forecasting and analytics

Example using

Today’s Automation with an ERP System

 Automation through rules-based work flows by user-defined fields
 Automatic sub-ledger reconciliations , like AP Trade
 Automatic job-costing
 Automatic reporting
 FIFO inventory by purchase order for automatic proper COGS posting
 Application Programming Interface (API) ready for RPA integration
 API ready to connect to other databases to push and pull information
Example of Modern ERP with software
automation
 Which new skills will be important?

• Troubleshooting ERP system problems

• Interpreting data and offering advice to increase positive results
• Finding variances in data assembled by Bots
• Understanding how algorithms are defined:
al·go·rithm ˈalɡəˌriT͟ Həm/ Noun

a process or set of rules to be followed in calculations or other problem-

solving operations, especially by a computer.
"a basic algorithm for division"
Preventing Your Own Obsolescence to Automation
• Use your authority as the owner of your business data to insure
accuracy of what automation posts.
• Stay valuable to your company as automation takes over more
functionality by taking on related functions.
• Anticipate changes and adapt your role to the new work that will be
available to do.
• Learn new skills and find gaps in your reporting process.
Problems with forecasting AI advancement impacts
• Some AI initiatives will succeed, others will fail.
• Science fiction, through popular culture, has influenced
opinions on the dangerous potential of AI.
• The further you look into the future, the less accurate forecasts
will be.
• AI is happening in many different industries simultaneously at a
fast pace.
Good Luck on Your AI Journey!!
Technology Evangelist blending Finance with IT
Advocate of AI, RPA, Blockchain and Crypto

• Senior Director of Finance and Administration

ULVAC Technologies
• Cost Accounting Manager
Dave Sackett
Nova Biomedical
• Corporate Controller
GI Plastek
• Accounting and IT Manager
ULVAC Technologies
 CFO.University is built around the Four Pillars of CFO Success – Accounting,
Finance, Treasury and Leadership. These Pillars are supported with Core Competencies
in a framework that allows you to master your role as a senior financial officer.
 Sources of Information
DocuPhase RPA https://www.docuphase.com/
Visibility ERP http://www.visibility.com/
The 4 Industrial Revolutions (by Christoph Roser ) at http://AllAboutLean.com
https://www.linkedin.com/pulse/artificial-intelligence-deep-learning-trends-insights-anuj-saxe
na
https://www.uipath.com/automate/robotic-process-automation
http://www.startribune.com/robotic-software-sweeping-large-accounting-firms-and-clients
http://www.ey.com/ Presentation by EY
ULVAC Technologies, Inc. http://www.ulvac.com