Artificial intelligence (AI) involves using computers that can simulate human intelligence. AI software uses fast, repetitive processing and algorithms to "learn" from large amounts of data and complete decision-based tasks. Find out more about the opportunities offered by AI, as well as its limitations.
Learn the essentials about artificial intelligence and cognitive computing through this e-learning module. It covers the three areas where this technology is most relevant and beneficial for finance, as well as common misconceptions.
Robotic process automation (RPA) and artificial intelligence (AI) are tools that sit on the spectrum of cognitive technologies, and some vendors' offerings are converging. Here you can see the differences.
Learn about the impact of artificial intelligence and the opportunities it presents for the accountancy profession.
What opportunities does AI offer?
The benefits of implementing cognitive technologies go beyond automation of low-value activities and cost cutting, these software programmes can help finance functions to identify hidden risks and new opportunities.
ICAEW and Deloitte believe that there are three technologies using artificial intelligence and cognitive computing that are of most relevance to finance functions: cognitive language, machine learning and computer vision. Find out how these technologies work and what they can do.
Read real-life examples of how finance functions are using artificial intelligence and cognitive technologies, to improve efficiency and solve problems such as matching payments to invoices, answering supplier queries and preventing payment disputes.
Shamus Rae, Partner and Head of Digital Disruption at KPMG UK, in this webinar outlines how Artificial Intelligence is increasingly becoming a key component of automation in finance.
How to implement AI
To help finance teams considering artificial intelligence or cognitive computing technologies, ICAEW and Deloitte have identified the common barriers to success that must be overcome. These include: access to data, availability of skills and the integration of systems.
Nuno Godinho, Executive VP of product delivery at SAGE, in this webinar outlines the concept of a virtual finance director and the developments in software and communications and other technologies that enable accountants and business to operate in this way.
Artificial intelligence and cognitive computing technologies present some exciting opportunities for finance, but they can also be a daunting prospect. ICAEW and Deloitte have come up with five simple steps to help get you started.
Preparing yourself and your organisation for the impact of disruptive digital technologies might feel like a daunting task, but this eLearning module introduces you to a three step approach that is designed to help businesses embrace this change within finance.
Finance in a Digital World
ICAEW is collaborating with Deloitte to ensure its members and students have the knowledge and skills to take advantage of the opportunities offered by the fourth industrial revolution and to meet its challenges head on. Log-in to access exclusive content, including: eLearning, webinars and bite-sized summaries on individual technologies and the broader impact of digital technologies on finance.
Staying ahead of the rapid advances in technologies requires executives to make nimble, informed decisions about where and how to employ AI in their business. Read McKinsey's guide to AI essentials.
An interactive guide form McKinsey & Company giving essential information for executives on Artificial Intelligence, including an AI timeline, information (what is it/when to use it/how it works) on the different types of machine learning and deep learning with business cases for each.
House of Lords Select Committee on Artificial Intelligence report of session 2017-19 whose 'recommendations are designed to support the Government and the UK in realising the potential of AI for our society and our economy, and to protect society from potential threats and risks'.
MIT Sloan Management Review has partnered with The Boston Consulting Group to provide baseline information on the strategies used by companies leading in AI, the prospects for its growth, and the steps executives need to take to develop a strategy for their business. Subscription required to view full report.
Latest content from ICAEW on AI
While cognitive technology is currently the largest area of interest for many businesses, several other emerging technologies are making their impact felt, or are poised to increase in importance in the coming years.
Internal best practice design and controls are critical tools to ameliorate the risks in deploying cognitive technologies. However, in particularly important cases, or where the risk is unacceptably high, organisations should consider bringing in additional expertise to validate their design principles, controls or the model itself.
Robust controls must be put in place during the creation of cognitive technologies and throughout their deployment to make sure they are working effectively and as intended, as well as to detect and flag any unexpected behaviour.
Organisations need to tackle the risks associated with adopting cognitive technology so that they can benefit from the potential efficiencies and insights that it can offer.