Artificial Intelligence is intriguing, fascinating and hot current topic. So, what is AI or Artificial Intelligence? Artificial Intelligence is the evolution of computers, robots or machines to perform any human task with same intelligence and judgment. The Cinema had already opened the doors of imagination of Artificial Intelligence with movies likes I Robot or Terminator. For me the first and a very minuscule example of Artificial intelligence could be playing Chess with Computer. Today our almost all the queries are answered by Google and adding to same objective soon Google will answer photo queries as well, taking a step further towards Artificial Intelligence.

Video games are the best example for experiencing artificial intelligence. While in the fight sequence a hint will be provided so as to which punch could be used at the moment or on the race track what road to choose to win.

Artificial Intelligence for Accounts and Finance Vertical.

A valid question comes in the mind whether artificial intelligence can revolutionize the field of finance and accounts? Because accountancy is already going through technological advancements through software coding and cloud accounting. Day to day tasks are easily performed by the computers. So how can AI further change the graphics of this field?

• May be in future just a voice command is ordered to machine stating generate Balance Sheet for the current financial year and yuppie the accounts are ready.
• AI would also consider whether to pass a loan or waiver someone’s loan on humanitarian grounds.
• May be AI could eliminate the need of Auditors as accounts prepared are always perfect with no Suspense Account.

After pondering over these question the most debatable question arises whether AI is a boon or a curse. The revolutionary ideas have its own supporters and opponents.

AI could be boon to Accountancy as it would be efficient, quick, error-free, easy accessible and reliable. AI’s understanding of the credit cycle and connecting the same with cashflow of the company and economy specially under crunch crisis could make a real difference in the accounting area.

The adversaries of AI could be its same understanding of accounts but every account prepared is different as per the underlying businesses, it’s lack of understanding of humane inputs in the field and mass job losses as to add on. Also, who would regulate AI to keep it in check? There are lots of vague questions because it’s at a very naive stage, as and when it will grow, it will become more clear.

Every invention, discovery and knowledge has always been for the betterment of human race and Mother nature takes care of the survival and continuity. AI will also somehow fit into the human world and secure the very human existence. Looking forward to the processes of unveiling Artificial Intelligence.