PROSPECTIVE

CONNECTIONS
OF
ARTIFICIAL
INTELIGENCE
 TABLE OF CONTENT
 INTRODUCTION TO ARTIFICIAL INTELLIGENCE
 THE CONCEPT OF ARTIFICIAL INTELLIGENCE
PROS AND CONS: IS AI TECHNOLOGY A GAME CHANGER
FOR FINANCE TEAMS??
 POSITIVE IMPACTS OF ARTIFICIAL INTELLIGENCE
BENEFITS OF AI IN THE ACCOUNRING PROFESSION
NEGATIVE IMPACTS OF AI
LIMITATIONS OF AI IN THE ACCOUNTING PROFESSION
TOP CHALLENGES OF AI
WAYS TO IMPROVE AN AI MODEL
CONCLUSION
REFERENCE
 INTRODUCTION TO ARTIFICIAL
INTELLIGENCE
INTRODUCTION
Artficial intelligence is one of the most important technology
for the future alongside with cloud computing , blockchain. It
is considered the ability of a machine to initiate human actions
like communication, decision taken etc .some Benefis of
implanting artificial intelligence solutions, such as the
possibility of obtaining more accurate results and time saving
while processing different activity are already known in
different fields of study.
The role of this paper is to understand the impact
digitalization has on the accounting profession from the
company’s management perspective.
 THE CONCEPT OF ARTIFICIAL
INTELLIGENCE

ARTIFICIAL INTELLIGENCE: Finance leaders face a challenge related to AI , one

being the definition of the term. Ey (Ernst and Young) provide help to the CFO’s
defining AI as an umbrella term containing automation technologies from the
simplest robotic process automation to specialized tools able to mimic and
outperform in some specific cases human intelligence

Artificial intelligence are represented by deep learning and decisions making,

machine reading and vision and natural language processing and generation e.g
chatbots.
The increasing imterest im using AI is strongly motivated by the powerful and
promising decision tools for companies ,relevant in different industries ,AI can be
easily adopted by companies due to these fundamental trends
1.The increasing computing power will drastically improve processing speed.
2.The availability of better algorithms and techniques for use faced great
improvements during the last period.
3.Cloud computing offers to AI a platform to develop, with improved accessiblity,
 PROS AND CONS: IS AI TECHNOLOGY A GAME
CHANGER FOR FINANCE TEAMS?????
Artificial intelligence technology has the potential
to be a game changer for finance teams with its
ability to automate tasks and analyze various data
AI has the power to transform the way finance
teams work, however just like any emerging
technology , the use of AI also comes with its pros
and cons.
 POSITIVE IMPACTS OF ARTIFICIAL
INELLIGENCE IN THE ACCOUNTING
FIELD
AI in accounting and finance has brought numerous advantages to the accounting field and finance
which includes:
 Enhanced efficiency and accuracy: AI accounting systems are capable of automating repetitive
tasks, such as data entry, invoice processing and reconciliation which saves valuable time. In
addition by leveraging machine learning algorithms ,AI can continuously learn and improve its
accuracy over time, ensuring more reliable financial reporting and reduced risks of human errors.
 Advanced data analysis: with AI technologies in place, financial data analysis becomes more
efficient and insightful.AI powered tools can analyze vast amounts of financial data at an
unprecedented speed. By extracting valuable insights from complex data sets ,AI equipped
systems can provide accurate financial forecasts, identify patterns, and detect anomalies,
empowering you to make data given decisions in the organization.
 Cost Savings : implementing AI in accounting processes can lead to significant cost savings
business, by automating manual tasks companies can reduce labor costs and improve operational
efficiency. Moreover AI driven systems can optimize financial processes, and provide
recommendations for resource allocation.
 Fraud Detection and risks management : AI algorithms can detect unusual patterns , outliers and
potential fraud in financial transactions, thereby flagging potentially fraudulent activities through
continuous monitoring and real time alerts AI systems can help you identify and address
fraudulent activities ensuring the integrity and safety of your companies financial assets
 BENEFITS OF AI IN THE ACCOUNTING PROFESSION
 ADVANCED FINANCIALANALYSIS:AI enables advanced financial
analysis by providing real time insights and predictive analytics through
machine learning algorithms accounting AI can analyse historical data,
identify trends and make accurate forecasts
In a research study conducted by Deloitte, organizations that use and
combine RPA and AI in their intelligent automation strategy have
experienced a higher increase in revenue averaging arise of 9% in contrast s
organizations that only use RPA have seen a smaller increase in revenue
with an average of 3%
 IMPROVED CLIENT EXPERIENCE:the integration of AI in accounting
software enhances the overall client experience by automating routine
tasks and streaming processes .Additionally AI Chatbox can handle basic
clients enquiries and provide instant responses, improving communication
and reducing response times.
 NEGATIVE IMPACTS OF
ARTIFICIAL INTELLIGENCE
 DATA PRIVACY AND SECURITY RISKS: one of the negative effects of AI
technology for your finance teams is the potential data privacy and security risks it
brings.
AI systems handle sensitive financial information of data, which is why there is a
major concern that these systems might be vulnerable to cyber attacks or data
breaches. An example if hackers gain access to AI databases of an organization,
they can modify everything including each users or clients financial information
which compromise the integrity of financial records and even causing financial
losses. One of the prominent examples of data privacy and security risks is the
equifax data breach in 2017.
 DEPENDENCY ON TECHNOLOGY: Another drawback of AI in the finance
team is the increased dependency on technology, while AI can automate many
financial processes and enhance efficiency overreliance on AI systems can crreate
challenges when these systems encounter technical issues or malfunctions.they
may find themselves unprepared to handle financial tasks manually.
 A. I A. I

DISADVANTAGES OF ARTIFICIAL
INTELLIGENCE
 ETHICAL CONSIDERATIONS: the implementation of AI
technology in financial teams poses ethical considerations.AI
algorithms are built on training data and if that data is biased
the results can be discriminatory. For instance if an AI systems
is trained to determine loan eligibility base on historical data
this might have a major impact on the financial industry since it
only means that the organizations algorithms are biased and
data can lead to unfair lending and discrimination against
specific groups.
 HIGH COSTS: the ability to create a machine that can
simulate human intelligence is no small feat.
 LIMITATIONS OF ARTIFICIAL INTELLIGENCE
IN ACCOUNTING PROFESSION
Certain areas of the accounting profession where human expertise remain vital
includes:
 CRITICAL THINKING AND JUDGEMENT:AI lacks ability to exercise judgment
and make nuanced decisions based on context and ethics’
 CLIENT COMMUNICATION: building trusts with clients understanding, their
unique needs and offering personalized advice require human interaction.
 ADAPTABILITY: AI is limited to predefined algorithms and data while humans
can adapt to unforeseen challenges and changes in business environments.
 REGULATORY INTERPRETATIONS:AI can assist in compliance but human
accountants must interpret the nuances of constantly changing regulations
 COMPLEX PROBLEM SOLVING :Handling intricate financial scenarios especially
in mergers, acquisitions or financial strategy demands human expertise
 A. I A. I

OTHER LIMITATIONS OF
ARTIFIFIAL INTELLIGENCE
• Implementation times which may be lengthy
depending on what you are trying to implement.

• integration challenges and lack of understanding of

the state of the art systems

Usability and interoperability with other systems

and platforms.
 A. I A. I

TOP CHALLENGES OF
ARTIFICIAL
INTELLIGENCE
• DATA PAUCITY
•: one of the biggest challenges of AI is the paucity of data .AI is only
effective and functional when they are fed with the input of data. They
are only as efficient as the quality of data. AI powered machines to give
the best result rely on data. Companies are facing the challenges of
aggregating the right set of data to generate accurate results as they donot
have access to the desired quantity of data.
•EXPENSIVE
The higher efficiency of AI demands super computers. Thee innovations
in AI like machine learning and deep learning demand and relies on the
efficiency of GPUS and a number of cores to work efficiently.
TALENT DEFICIT
this ranks top among the major challenges of artificial intelligence .while the advances of artificial
intelligence are growing rapidly the fiels itself is new, there is a huge gap in knowledge of AI.
LACK OF TRUST
the nature of the prediction provided by the deep learning models is unknown. This presents one of the
most critical challenges in AI. The general layman is illiterate about a certain set of inputs devising a
solution for a particular program. They are oblivious to how AI is largely integrated into the devices.
ISSUES OF PRIVACY AND SECURITY
AI IS BIASED
The nature of good or bad AI systems wholly relies on the
nature and the amount of data that is used to train their AI
algorithm. The only way to gain efficient services of AI is to
aggregate good data. The data that organizations aggregate on
a daily basis holds no significance unless they are put to train
on an AI algorithm.
FEAR OF JOB DISRUPTION
One of the biggest AI challenges is how the general populace is
concerned about the fear of losing their jobs on machines and
how it can significantly replace humans. The rate at which AI
powered machines are automating tasks reflects the potential
of reshaping the job market, this is a constant debate that is
buzzing in the Tech world and among ordinary people as well
there may be cases of eliminating jobs characterized by
routine tasks.
These are the major problems of AI that are limiting the
potencial of Artificial Intelligence
 TOP 7 AI
IMPROVEMENT
RECOMMENDATIONS
AND TECHNIQUES
2024
 AI IMPROVEMENT DIAGRAMMES
Improve data
quality

Feed more Enrich the Leverage

data augmentation Improve the
data algorithm

Data Synthetic Improve the

collection data data Improve the Feature the
lecture engineering
RECOMMENDATIONS ON HOW TO APPROACH AI MODEL
IMPROVEMENT

MONITOR PERFORMANCE
You can only improve something by knowing its areas to
improve. This can be done by monitoring the features of the AI
model. However if all the AI features cannot be monitored only
a selected number of key features can be observed to study
variations in their output that can impact the model
performance.
 HYPOTHESIS GENERATION
Prior to selecting the right method, we recommend performing
hypothesis generation. This is a pre decisional process to
structure the decision process and narriow down the options.
This process involves gaining domain knowledge, studying the
problem AI model is facing and providing available options that
 WAYS TO IMPROVE AI MODEL
FEED MORE DATA: adding new and fresh details one of the most common and
effective methods of improving the accuracy of your machine learning model

DATA COLLECTION: data collection/harvesting can be used to expand your

dataset and feed more data into the AI model. In this process fresh data is collected
to retrain the model. As the name implies, synthetic data is data that is created
artificially rather than by real events

IMPROVE THE DATA :improving the existing data can also result in an improved
AI model .

ENRICH THE DATA: expanding the dataset is one of many ways to improve AI
another important way of enhancing AI model is enriching the data

LEVERAGE DATA AUGMENTATION: some people might confuse augmented

data with synthetic, however both the terms have some differences.
CONCLUSION
Harnessing the potential of AI has evolved to become a
pivotal element of business organizations. As technology
continues to advance ,AI can enhance productivity and
efficiency while trimming costs. the ability to accurately
analyze data and make forecasts based on that data
represents a significant advantage of AI usage.

Moreover AI can assist businesses in making superior

decisions by supplying insights into consumer behavior or
market trends . This intelligence can then be leveraged to
fine tune marketing strategies or device new products that
cater to consumers needs more effectively.
REFERENCE