Artificial intelligence (AI) is an area of computer science that emphasizes the creation of intelligent machines that work and react like humans.
Some of the Business Areas, where AI can be/is being used are:
- AI in Banking in providing better interest recommendations to customers
- Offer suggestive actions for Non-Performing assets
- Anti-money laundering i.e. in the analysis of potentially fraudulent transactions
- Auditing i.e. in the analysis of huge data and fraud detection
- Portfolio management, in predicting better ROI for investments
- Speech recognition in customer care centers
- Gathering Market intelligence
- Area of Healthcare in diagnosing problems ahead of time, providing a better life to people at large
- Area of farming in analyzing farm soil-related data for better analysis
Impact and Opportunities to Chartered Accountants
With the industry moving towards Artificial intelligence at a rapid pace, many of the analytical tasks will do through algorithms, thereby increasing speed and accuracy. Hence its imperative professionals have an understanding of the underlying AI technology to aid in the auditing/accounting/consulting-related work. Further, a strong business understanding will aid professionals in providing consulting services for technology implementations in the areas of AI
