The following statement is referring to Artificial Intelligence (AI) and Machine Learning (ML). What’s your reaction when you read it?
Financial professionals need to understand and guide their companies to take advantage of these technologies to compete effectively in an increasingly data-driven economy.
Perhaps your first response is "bring it on”, but to a baby boomer like myself, it can seem pretty daunting. It’s as if the world is turning faster and faster, just as we are thinking of slowing down.
The quote above comes from a recent Sage blog on The Future of Accounting. Before we laggards start despairing for our own futures, the same article holds out some hope for us:
But human beings will still need to analyze, interpret, and provide guidance regarding this information.
That’s something I can identify with more easily!
Intelligence for the Here & Now
I have no doubt that AI & ML will prove worthy of their hype. In fact, I’m sure they are already impacting our businesses and lives, for better or worse, in ways that we are not even aware of. But do we really all need to become AI & ML gurus?
Let’s cherry-pick a few of the areas referred to in the article and see how Sage 300 add-ons from Orchid Systems can start addressing these challenges today. Real solutions, no artificial ingredients!
- Spotting anomalies and providing alerts
- Extender Configurator lets you generate real-time alerts when nominated events occur
- Extender Workflow gives you even greater control over approvals and other event-driven business processes
- Our Management by Exception Solution page and related video go into much more detail about how you can identify & escalate the 'red flag' issues
- Analyzing and learning from vast and ever-increasing amounts of data
- Info-Explorer provides powerful, affordable Business Intelligence, with real ‘slice & dice’ functionality
- Taking errors out of manual, repetitive, and time-consuming tasks
- Inter-Entity Transactions & Trade do just this, eliminating duplicate data entry and keeping entities in balance
- EFT Processing also improves productivity and accuracy, streamlining your payments and receipts
AI & ML are all about learning and improving how we do things over time, but surely that’s something we humans can also aspire to!
About the Author:
David Lacey is Communications Manager at Orchid Systems. He admits to being a baby boomer but does not claim to be a financial professional. You can find out more about David and other Orchid staff members at the bottom of our About Us page.
