Artificial intelligence, or AI, is one of the engines simplifying financial processing, reducing errors, and increasing productivity. In technical terms, AI is applied when a machine mimics cognitive functions that we associate with human minds, such as learning and problem solving. An example of AI many of us have heard of, or even have experience with today, is the self-driving car. But a little bit closer to home, AI is used within best-in-class cloud accounting systems to perform tasks such as determining the classification of transactions, looking for anomalies, flagging complex business issues that would require input from accounting, and even helping to detect fraud. Thus, AI allows for higher-value work to be performed by human accountants while automating routine work that can be extremely time-consuming. What this means is that AI can handle data crunching, while human accountants analyze that data and provide informed recommendations based on their experience and knowledge.
There is a misconception that AI projects are for companies with deep pockets and a team of data scientists. As Sage Intacct's Dan Miller explains, mid-market companies have an opportunity to put today's AI tools to work - or risk falling behind.