How practical, affordable AI is already transforming accounting.
By Hitendra R. Patil and Eli Fathi
Co-author Eli Fathi is CEO at MindBridge Ai, developer of the world’s first auditing tool based upon artificial intelligence and machine learning technologies – the Ai Auditor – to uncover errors in financial data. He attended Algonquin College and the University of Ottawa, where he earned a master’s degree in engineering. Fathi has been a technology entrepreneur for over 30 years, having founded or co-founded numerous technology companies including Fluidware Corp. He currently sits on the boards of the Ontario Chamber of Commerce, Start-Up Canada, and C-Com, a company that develops satellite-based technologies.
Artificial intelligence (AI) tends to conjure up images of sci-fi movies, with costly computers replacing humans for some sinister purpose, but the reality is much more collaborative and effective.
While AI has been adopted by many industries, its adoption rate in financial services has been relatively slow, and for understandable reasons. But you can get a feel of AI’s possible impact when you see that 76% of banking CxOs agree that adopting AI will be critical to their organization’s ability to differentiate in the market.
Practical, affordable AI is here, and the question is not whether or not to adopt, rather it is how quickly to get on board to differentiate in the quality, effectiveness, and efficiencies that AI-based solutions can provide.
AI is poised to transform the accounting industry. Let’s see why.