As the owner of a medium to a large company, new technologies such as AI can be used to support daily operations because of Option B. More accurate and efficient financial reporting (such as a reduction in human errors and increased productivity).
Artificial intelligence (AI) is an algorithm that gives a robot or computer the ability to undertake tasks normally done by human beings.
The tasks were previously required human intelligence and discernment but can now be handled by a robot or a computer.
Artificial Intelligence (AI) is not a new phenomenon, but it is still a growing concern for many industries. While the human element remains the most important factor in most businesses, the accounting industry is not exempt from the threat of new technologies. If you were the owner of a medium to a large company, how could you use new technologies such as AI to support your daily operations? Select and discuss one of the options below.
Option A: Cost savings associated with payroll and other personnel costs (i.e. training and development, employee hiring)
Option B: More accurate and efficient financial reporting (i.e. reduction in human errors, increased productivity)
Thus, AI enables accurate and efficient financial reporting with increased productivity.
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