Artificial intelligence (AI) has been used in software for some time now and the benefits have been realized across industries. Currently, it is positioned to have a substantial impact on accountants and their clients. Accounting Today brought this interesting topic to our attention in their article, “Deep Dive Emerging Technologies: AI.

There are already alliances between leading incumbent financial services and technology companies, using robotics and AI to address key pressure points, reduce costs, and mitigate risks. They are targeting a specific combination of capabilities such as social and emotional intelligence, natural language processing, logical reasoning, identification of patterns and self-supervised learning, and more. Frequently you hear people complain and fret that they are tryign to replace the bank teller. I believe the focus is far beyond that at this point.

Service robots are in the early stages of a long development cycle, and they still face some big technological hurdles. In the next three to five years, you can expect modest, evolutionary gains.

Melody K. Smith

Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.