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Posted: 15 Nov 2017

In the Media - "5 ways accountants have mastered AI"

By Mindfields Global

Leading business strategy publication "In the Black" featured Mindfields MD, Mohit Sharma, as a thought leader within the AI space. Penned by Cameron Cooper, the article proposes that we consider AI as new tool for workplace enhancement and potential job-creator, not a job-killer as previously feared. 

While the article is focused on the application and benefits AI can bring to the accounting industry, the commentary and discussion relates to a wide gamut of industries and various sectors. Unlike many articles regarding AI, '5 ways accountants have mastered AI' proposes that widespread option of AI will not mean a robot takeover of the economy but it will bring change.

According to the article, the main areas that AI is set to have a significant positive impact upon are:

  1. Auditing 
  2. Risk Management
  3. Vendor reconciliation 
  4. Regulatory compliance and reporting
  5. Trend analytics

Mohit Sharma, Mindfields' Founder and Exec chairman comments:

The rise of AI will complement the evolution of accountants from number crunchers to value-added advisors. With its focus on numbers and data, the accounting sector – and areas such as risk management, in particular – is a prime candidate for AI’s intelligent learning systems. Any tasks which are mostly repetitive are open to change. Just as Uber has revolutionised the concept of sharing cars for transport, I expect more and more technology firms to share their knowledge-based assets with firms of all sizes, allowing them to easily access the best technology on a pay-per-use basis or at a relatively low cost. The domain of risk management is well suited to cognitive computing capabilities because fraudulent cases can be missed amid mountains of structured data or ambiguous events. As machine-learning options grow, clients will have access to a massive amount of data-driven knowledge at increasingly affordable prices.

The real benefit of such technology advancement will be the reduction of costs for the consumer.

 View the original article as published in CPA Magazine: 5 ways accountants have mastered AI

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