Top Artificial Intelligence Technologies your Enterprise need Today

Yes, It is true that today every enterprise needs Artificial Intelligence. Because of this it’s now become the most rising and demanded technologies in the global market. Not only this, investment in these technologies now become rising. As per the report, the global Artificial Intelligence market is expected to grow at a CAGR of 42.2% from 2020 to 2027. If we talk about the market size value of AI then it crosses USD 62.4 billion and will generate revenue of USD 733.7 billion. Every sector are now adopting AI technologies and they totally depended on these technologies and bring innovations in industries and this is one of the main AI generating high revenue is the market. 

 The reason behind of rising AI technologies is that we all entered the modern world and we totally depend on technologies and want to do our tasks without any efforts that why we human invent AI technologies to do our works in the most innovative and advanced ways and make our tasks more efficient and effective. 

 Now here we discuss the top Artificial Intelligence technologies your enterprise need today:

 Natural Langauge Generation:

Machines process information can communicate in a different process than the human brain. Natural language generation is a sub-discipline of AI that converts the structured data into the native language. The machines are programmed with algorithms that convert the data to the user's desired format. The computers are programmed with algorithms in order to convert the data to the user's desired format. Natural language is a subset of artificial intelligence that allows creators of content to automate and deliver content in the desired format. In order to reach the target audience, content creators may use automated content to promote it on different social media channels and other media platforms. It is commonly customer services to generate reports and market summaries.  Natural Language Generation is offered by companies including Attivio, Automated Insights, Cambridge Semantics, Digital Logic, Lucidworks, Narrative Research, SAS, and Yseop.

Speech Recognition:

Speech recognition is one of the best and most demanding artificial technologies to recognize and convert contextual types and languages into numerical data. The new artificial intelligence technology developed by Siri is used in neural networks in which mobile apps communicate with the user in voice recognition. Speech recognition services are provided by companies such as NICE, Nuance Communications, OpenText, and Verint Systems.

Machine Learning Platforms:

Machine learning is both a computer science sub-discipline and a significant artificial intelligence branch. Its aim is to develop new methods that allow computers to learn and thus become smarter. Machine learning platforms are becoming more popular with the aid of algorithms, APIs (application programming interface), development, training tools, big data, and applications. For the purposes of categorization and prediction, they are used commonly. Some businesses that offer machine learning platforms are Amazon, Fractal Analytics, Google, H2O AI, Microsoft, SAS, Skytree, and Ad text.

Virtual Agent:

The virtual agent is nothing more than a machine agent or software capable of communicating with humans. Chatbots are the most common example of this type of technology. As their customer support agents, online and mobile apps have chatbots to communicate with humans and answer their queries. Google Assistant helps to plan meetings, and Amazon's Alexa helps make shopping simple for you. A virtual assistant often serves as a language assistant, which selects knowledge based on your option and preference. Amazon, Apple, Artificial Solutions, Assist AI, Innovative Virtual, Google, IBM, IPsoft, Microsoft, and Satisfi are some of the companies that have virtual agents. 

Robotic Process Automation:

The automation of robotic processes uses scripts and methods to help organizational processes that replicate and automate human activities. It is especially useful for cases where it is too costly or impractical to employ people for a particular job or task. 

Again, Adext AI, a network that automates digital advertisement processes using AI, is a clear example of this, preventing companies from devoting hours to mechanical and repetitive tasks. It is a solution that allows you to take advantage of your human talent and transfer workers into more strategic and innovative roles so that their decisions can really influence the growth of the business. Other examples of robotic process automation companies are Advanced Systems Concepts, Automation Anywhere Blue Prism, UiPath, and WorkFusion.

Decision Management:

Decision management systems for data translation and analysis into predictive models are adopted by modern organizations. In order to assist in corporate decision-making, enterprise-level technologies incorporate decision management systems to collect up-to-date information to execute business data analysis. Management of decisions allows us to make fast decisions, to minimize risks, and to simplify the process. In the financial sector, the health care sector, trading, insurance sector, e-commerce, etc., the decision management system is widely applied.

Biometrics:

Biometrics are used to identify the person through fingerprint mapping, facial expressions, voice recognition, and retina scanner. As it operates with touch, image, speech, and body language, it fosters organic interactions between machines and people. It is primarily used for market research purposes. Multiple authentications are required for this best artificial technology to identify anything. VR, Affectiva, Agnitio, FaceFirst, Sensory, Synqera, and Tahzoo are provided by this technology service.

Cyber Defence:

Cyber Defence is a method for computer defense aimed at detecting, preventing, and minimizing attacks and threats to device data and infrastructure. In order to uncover suspicious user behavior and identify cyber threats, neural networks that are capable of processing sequences of inputs can be used along with machine learning techniques to build learning technologies.

Image Recognition:

Image recognition is an AI technology sub-set. It acts as an identifier for various purposes to fit the company's images such as protection, diagnosis of diseases, and payment methods. Now how hot AI is mostly used in facial lock businesses and in training robots such as self-driving cars to use them for human assistance. Clarifai offers image recognition systems for individuals to identify duplicates and find related uncategorized images. 

Emotion Recognition:

This kind of AI technology makes it possible to read and interpret emotions conveyed by humans using advanced image processing or audio data processing. We can capture "micro-expressions," and vocal intonation that betrays the feelings of an individual, or subtle body language signals. Thus, law enforcers also use technology during interrogation. Beyond Verbal, and Affectiva is several companies that use emotion recognition.

Deep Learning Platforms:

A special form of machine learning with several abstraction layers consisting of artificial neural networks. Used mainly in pattern recognition and classification applications currently assisted by very broad data sets. All of the deep learning options worth exploring are Deep Instinct, Ersatz Laboratories, Fluid AI, MathWorks, Peltarion, Saffron Technology, and Sentient Technologies.

Conclusion

Artificial Intelligence reflects intelligence computing models. Intelligence can be characterized as structures, models, and operational functions that can be programmed to solve problems, inferences, process languages, etc. In several industries, the advantages of the use of artificial intelligence are already being reaped. Slowly every industry will adopt AI technology and it will bring a huge revolution in each and every type of industry.

Also Read: Industry 4.0-How Artificial Intelligence redefining the Manufacturing Process

 So as above you got to know the top Artificial Intelligence technologies your enterprise needs Today, Apart from this if you want to start your career in Artificial Intelligence and want to do a course then join “Nearlearn”. Nearlearn is the Foremost Artificial Intelligence Training Institute in Bangalore and also the best Machine Learning Training Institute. They provide highly skilled trainers having 10+ years of industry experience in these filed. They provide both online training and classroom training facilities. After completion, of course, they help you to get placement in various companies and also provide internship facilities to their students.

 

For more information contact us:

Visit: www.nearlearn.com

Industry 4.0- How Artificial Intelligence is redefining the Manufacturing Process

 Today, if we talk about the most emerging technology then the first thing that comes to mind is Artificial Intelligence. AI is known for its latest technology and it is implemented in every sector. Every business is taking advantage of this technology to bring new innovations and also for customer satisfaction. Day by day, the AI market is going towards high demand and bring revolution.  

Now new industries are developed i.e. Industry 4.0. While before we talk about industry 4.0 first we will know what is industry 4.0? Industry 4.0 is the latest industrial digital technology that has been developed to bring automation to production processes. Industry 4.0 completely change the manufacturing process. Industry 4.0 has brought new innovations and altered the established relationship between Machines and Workers. In the manufacturing processes, the use of Artificial Intelligence is common along with Industry 4.0. These Industries are using neural networks for solving many business problems such as sales predictions, Customer research, and risk management. 

The manufacturing industry is one of the most complex but emerging and essential industry. Products Manufacturing is expensive and a difficult process for companies that don’t have the right tools and resources to improve the standard of production and enriched goods. The manufacturing industry must depend on technology and automation to operate the machines and produce the resulting high-quality goods. By 2021, the company estimates that the smart manufacturing market will hit $ 320 billion, with a compound annual growth rate of 12.5%.  According to Allied Market Research, the global Artificial Intelligence in Manufacturing Industry market was $513 million in 2015 and is expected to hit $15,273 million by 2025, rising at 55.2 % CAGR.

Now here we discuss about industry 4.0 that how AI is redefining the manufacturing process:

 Robots:

Robots are well-known partners for manufactures for doing smart work. AI robots enable humans to perform dangerous and complex tasks in simple ways. Although autonomous robots are programmed to perform one particular task repeatedly, robots are capable of learning from various tasks. They can also recognize and avoid obstacles, and this versatility and spatial knowledge help them to communicate with human workers. Usually, manufacturers put robots to work on tasks that include heavy lifting or on assembly lines in the factory. For example, KUKA Company uses AI robots and BMW is one of its biggest customers and one of the organizations that have already discovered that robots can reduce human error, boost performance and maximize value across the entire supply chain. 

 Automation:

Many routine tasks in the manufacturing industry are automated with the help of Artificial Intelligence. Workflows are developed to represent data points, generate reports, generate signal notifications, position re-orders, reserve sections, review flag issues, update shipping personnel, and schedules. Modern robots are working on every level, from the processing of goods to the packaging of them. Even small manufacturing industries are automating their works.

Product Development:

Obviously, the product development stage is the most commonly known application of machine learning. The planning and design process of new goods and the development of existing products are related to the knowledge that needs to be taken into account in order to produce the best results. Thus, Machine learning systems help to collect real-time data from consumers, evaluate, and even find potential market opportunities. Both of these end up with good products and innovative products from an established catalog that can show the organization's new revenue streams. Some manufacturers, as is the case with drug companies, turn to AI systems to assist in faster product development. 

Quality Control:

Artificial intelligence technologies are used in order to perform quality management and product inspection activities.AI powered computer vision algorithms can learn from product data automatically and identify defects in the product. In addition, with over 90 % accuracy, AI can also perform automatic quality control checks that can detect system faults as compared to human inspections, and then there is the possibility of improving the quality of the entire production process. 

Package Inspection:

The most important production practises that should not be neglected are testing products and quality control. Pharmaceutical companies have difficulty counting capsules in containers before packaging items. A business based in England has discovered a solution to this problem. A computer vision-based inspection system has been introduced to measure the number of tablets going into a bottle at the end of manufacturing. 

24/7 Manufacturing process:

The demand for goods will increase as the population increases in most parts of the world. Manufacturing plants and factories are looking at robotics to increase their production capability and production time in order to supply the equipment for this enormous demand. While worker tiredness, lack of enthusiasm, overwork, and subject to union rules, there are none of these problems for robots. The standard of their work is certainly affected when human beings do so much work. This places them in critical conditions and causes the manufacturing organization's owners to lose revenue.

Handle Raw Materials:

A manufacturing industries can deal with the handling of chemicals and hazardous substances. This clearly puts workers at risk, raises the risk that important human lives can be lost and opens up the prospect of litigation. This is where robots, filling risky positions for humans.

Without endangering humans, robots can handle radioactive materials, toxic chemicals and many other things easily. You can register programmes with the use of robotics to ensure correct management without any risks due to human error. You will face mechanical repair instead of serious injury if the worst happens.

Improve Efficiency:

Robotic technology is amazingly helpful in improving the quality of the production process of the product. As robotic systems are very fast, they can do a lot of things at high speeds. We can do more tasks in less time with the help of robots. Therefore, production processes are obtaining tremendous benefits from them. The use of robotics is a way of improving the whole manufacturing sector's economy.

3D Vision Inspection:

3D machine vision systems typically have multiple  laser displacement sensors or cameras. Two or more cameras are installed at different locations with multiple camera 3D vision systems to provide orientation data to the robot.To identify very tiny connector pins, a computer vision inspection device was located on the assembly line. The positioning of these small pins is very hard for manual inspectors. If the faulty connector pin goes through the manufacturing cycle, it notifies the manufacturer of the disaster.

Conclusion

So Everywhere we can see that Artificial Intelligence is creating its space and without AI, we can do nothing. In manufacturing industry, AI makes every tasks easier and efficient without any changes in quality. That’s why large number of enterprises are implementing AI and enhancing its production.

Also Read: How Artificial Intelligence is a game-changer in educational institutes or academics

 So as above you got to know how Artificial Intelligence is redefining the manufacturing process, Apart from this if you want to start your career in Artificial Intelligence and want to do a course then join “Nearlearn”. Nearlearn is the ForemostArtificial Intelligence Training Institute in Bangalore and also the best Machine Learning Training Institute. They provide highly skilled trainers having 10+ years of industry experience in these filed. They provide both online training and classroom training facilities. After completion, of course, they help you to get placement in various companies and also provide internship facilities to their students.

 

For more information contact us:

Visit: www.nearlearn.com

How Artificial Intelligence is a game-changer in the Educational institutes /Academics?

Yes, we can call it that Artificial Intelligence is a game-changer in every industry and giving more benefits to us without any complexity. We human wants that our life become easier & efficient and with less effort, we want better results without any errors. So we humans already build a Machine that exactly thinks and works like humans i.e. we called Artificial Intelligence.  But we can’t ignore that artificial Intelligence will bring a drastic change in our daily lives. It completely modernizes and smart way of doing business in every field. In every sector, smart digital operations are going to grow to better serve their customers. Especially, the education sector keeps up with the trend of artificial intelligence. Educational institutions are gradually transitioning to AI, such as primary, higher, and technical learning environments. The key reason behind this transformation is to provide learners with better facilities.  

In 2016, the Global Higher Education Market was estimated at USD 51.80 billion and is expected to reach USD 105.72 billion by 2025, rising from 2017 to 2025 at a CAGR of 8.25%. 

Among the different segments, the education industry is slowly spreading wings into digital and online education systems. By 2021, the online education market is going to be a $1.96 billion business. Artificial Intelligence not only seeks to benefit the sector but also to provide improvements that will make it more capable and entrepreneurial. The concept is to deliver solutions that are customized through automation and a basic understanding of their specifications for both teachers and students.

Empowering and updating educational systems with AI has resulted in improved knowledge transfer and comprehensive and worthy assessment of evaluations. An efficient education sector has the potential to transform a country by improving human resources and efficiency. Particularly, in the sense of developing countries, the education and literacy levels of the population play an important role in the growth and general transition to an advanced economy.

Let us discuss How Artificial Intelligence is a game-changer in the education industry:

AI automates administrative tasks: 

Every administrative activity is automated by AI technology. Teachers usually spend more time explaining homework, tests, and the doubts of their students. But this manual grading process is completely automated by AI apps and software. A lot of time for teachers and Institutions can be saved by the use of AI. Teachers will therefore concentrate more on improving the academic careers of their students. Driven by rising demand from educational institutions for AI, developers of AI software are concentrating on creating more successful AI products that fulfill all institutional grading needs. Therefore the automatic classification of written tests is provided by developments in AI technology.

The emergence of Voice Assistant: 

Modern educators in offline settings use voice assistants. Some of the best assistants that enable learners to communicate with study materials without the need for a teacher are Alexa, Siri, and Cortana. These AI devices can be used to provide casual contact and extra learning assistance with course materials. Therefore, AI-based computers improve learning processing with virtual personal assistants. Using adaptive learning features, artificial intelligence assistants allow learners to learn from anywhere at any time. 

Using AR and VR Technology: 

AR and VR technology empowers learners to explore and learn at their own pace by providing an immersive and interactive learning environment without using textbooks, thereby stimulating learning and understanding and improving vital retention. Education VR and AR-based apps that combine digital technology and learning, enhance the educational process, and allow students to visually acquire knowledge. Such innovations provide a solid foundation for enhancing the education process.

Robots in Education:

As artificial intelligence and robotics technologies continue to evolve rapidly, with the aid of robots in the field of education, we will be able to do incredible things. According to educational expert Sir Anthony Seldon, teaching robots would be able to interpret the facial expressions of children, and maybe even their minds, within the next ten years to evaluate and adjust to how their learning is proceeding.

AI tutors may also offer useful insights to teachers on how students learn, as well as feedback about how to properly personalize the learning experience of each student.

Help Educators in performing efficient institutional tasks:

Assistants based on artificial intelligence also provide school administrators with tremendous benefits. The AI assistants perform jobs such as maintaining student records, syllabus management, HR-related problems, and finance management seamlessly. 

AI-based assistants are scheduled to provide students with human-like teaching experience.These systems also help to find information related to certain instructional materials. Thus the smart teaching sessions and subject materials allow teachers to provide students with the best hands-on experiences.

Higher education institutions are enhancing the efficiency of the admissions process through the use of AI-powered education systems. In addition, with the use of machine learning in education, the admissions management process is becoming more desirable in the industry.

Accessibility and Availability: 

Combined with AI, digitization, education has become internationally available and readily accessible to everyone. There are no hurdles to AI, whether you are a student speaking a foreign language. You can quickly translate things and get audio as well as a video for the classes, making it easily open to you. If you are unable to attend the classes, AI not only authorises the classes for you but also makes them customised, open and interactive. Basically, the conventional methods of teaching are broken down by Artificial Intelligence and made more personalised and organised for you.

Automation of Grading activities:

The only way to assess student achievement is by grading. Artificial intelligence will automatically carry out the grading of exams and assignments through different applications and tools. For example, the system will match the student's response with the answer keys stored in the application for multiple choice questions, fill in the blanks, etc and give the grades accordingly. It won't be long before Artificial Intelligence will start testing long responses, which in turn will save teachers a lot of time and they can concentrate on other tasks and pay more attention to students.

AI creates smart contents:

The introduction of AI is required by conventional educational processes to provide vital academic performance for students. In addition,  Smart material, plays a key role in recognising the brand of modern education policies. For example, Digital video conferencing and video courses, allow students to understand the subject / topic easily. Artificial intelligence and machine learning techniques help to create smart virtual content or customized textbooks. These digitised textbooks develop new learning margins for all students of any grade. 

Conclusion

Based on above, we have to believe that AI will completely change the traditional ways of learning and it will bring new and smart methods for learning and make our learning process totally practical. It will make learning process more easier and efficients and its will be helpful for both teachers and students. No doubt it totally change our education system. 

Also Read: What are the application of Artificial Intelligence use in the Food Processing Industry?

So as above you got to know how AI is a game-changer in the Education Industry, Apart from this if you want to start your career in Artificial Intelligence and want to do a course then join “Nearlearn”. Nearlearn is the Foremost Artificial Intelligence Training Institute in Bangalore and also the best Machine Learning Training Institute. They provide highly skilled trainers having 10+ years of industry experience in these filed. They provide both online training and classroom training facilities. After completion, of course, they help you to get placement in various companies and also provide internship facilities to their students.

 

For more information contact us:

Visit: www.nearlearn.com

What are the Application of Artificial Intelligence use in the Food Processing Industry?

 In the era of Artificial Intelligence, Every industry now becoming the biggest booming industry and bringing a new era of technology and innovations in every aspect. The rising demand for Artificial Intelligence bringing more jobs and innovative working styles. Govt also started investment in AI technology to bring more productive work in every sector. Now, AI catching the attention of every Business sector and one of them is the Food Processing Industry. The Food processing industry is currently capped at a whopping $100 billion and will continue to grow at a CAGR of at least 5 % by 2021. In future food production, Artificial Intelligence has a crucial role to play. Food and beverage companies are increasingly moving to satisfy customer needs by leveraging technology for operations and logistical efficiencies. Artificial intelligence has been adopted by the industry's prominent players to establish deep empathy for their audience. AI is impacting the food processing industry directly or indirectly. It helps both farmers or the food processing industry to produce high-quality raw materials and help to generate revenue.  In Food Processing Industry there are so many processes like checking the quality of food, packaging, food safety, cleanliness, and so many things, and these things are not possible for workers to check the large quantity. So AI makes these things possible and makes these industries more productive and making these processes easier and efficient.   

So here we Discuss what are the applications of Artificial Intelligence in the food processing industry:

 

Ensuring Personal Hygiene:

In this aspect, AI helps businesses to easily identify any inefficiencies and remove them to improve food safety. In a food plant, which is just as essential as hygiene in a kitchen, AI also helps improve personal hygiene and helps to ensure that a facility is compliant with regulations. Companies like KanKan worked to develop smart solutions to make this happen as the company introduced an AI-powered hygiene enhancement solution in China. The device, which can also be used in restaurants, uses employee surveillance cameras and uses software for facial recognition and object recognition to decide if employees wear hats and masks as required by food safety laws. The app collects screen pictures for analysis if it detects a breach.

Sorting Food Product and Packaging:

The first operational challenge facing food processing industry is feedstock sorting. Every potato, tomato, orange, and apple is different, and therefore needs thorough sorting, because to remain in the market, every food processing company must retain a certain quality.This process involves a large amount of human labour if not automated through AI and other emerging technologies such as IoT. According to TOMRA, a leading provider of sorting and collection solutions in Norway, until the end of the 20th century, 90% of food was sorted by humans. TOMRA uses X-ray, NIR (Near Infra-Red) spectroscopy, LASER, cameras and a special machine-learning algorithm to analyse various aspects of a fruit or vegetable for sorting, unlike other food sorting machines that only sort low quality fruits and veggies from good ones. 

Food Processing Automation:

Food processing is not fully automated in many supply chains as they need human employees for most of their functions. Despite the best precautions, it is however, difficult to preserve full hygiene. By automating their processes as much as possible, food processing companies will guarantee full hygiene and high food quality. They can use AI-powered robotic equipment to accurately perform complex human tasks, such as packaging. AI Automating foods production can increase high quality food and ensure fine safety. 

Maintaining Cleanliness:

It is a major concern in food factories to preserve cleanliness. Many businesses claim to be as clean as ice because their every process automated and untouched by human hands.

According to the University of Nottingham, the cleaning of equipment accounts for about 30 % energy and water resources of the food processing Industry. They also claim that their AI-based sensor technology will save nearly $133 million a year and also save time, resources, and water to clean the equipment by 50%. 

In the food industry, Artificial Intelligence role is becoming increasingly important due to its ability to help save food that can go bad, improve hygiene of food worker and clean processing equipment more quickly. In the end, technology has the ability to create a healthier and more affordable food industry for both employees and customers.

Developing New Product:

The food processing industry is unique in its way as there are so many items a single business can provide. It is very challenging for businesses to imagine exactly what consumers are looking for in this market, and businesses use advanced technology such as artificial intelligence to find out this problem. 

Gastrograph AI claims to help food Industry to do exactly that. Their technology utilises machine learning and predictive algorithms in order to model consumer flavour preferences and predict how well they will respond to new tastes. To help businesses create new products that fit their target audience's tastes, the data can be segmented into demographic categories.

Segmentation of Food Items:

A majority of manufacturers hire workers to perform repetitive tasks such as food selection and categorization. The staff manually sort large volumes of food for a clean packaging process by size and shape. In several ways, the new developments in AI have led to the food industry. This includes food sorting, ensuring top-notch compliance with health and safety, creating new items, and improving the supply chain. AI basically allows procedures to be simplified, making it easier for workers to operate and making operations more efficient. For example, with the advent of AI-based solutions, staff may recognise the correct potato sizes needed for French fries and potato chips accurately. The same AI application can also sort different types of vegetables by their taste, colour, odour, and food recipes. In addition, it can be used for quality control to satisfy growing quality concern of consumers. The result is achieved using core sensor technologies and cameras that can identify materials based on colour, form, and biological features.

Introducing new recipes:

In recipes, the number of ways in which we can mix ingredients. Adding the fact that these ingredients can be cooked in different ways, makes cooking dishes a field of endless possibilities. Today, we have massive online recipes databases, which make it easy to evaluate ingredients in various cuisines. Researchers can determine what similarities are shared between particular kitchens.

Scientists can determine which food components in some regions drive flavour and make a dish famous. This basic understanding also enables intelligent algorithms to advise chefs about new combinations of ingredients, which will ultimately result in a wider variety of menu offers.

Conclusion

As we all know that AI is implementing in every industry. AI bring new revolution in Food Industry and completely change the ways of food processing with minimum wastage and attract more consumers in the market with its uniqueness of product. It ensures less human errors, less waste of products, costs saving, and efficient customer services. 

 Also Read: How AI will impact and Digitize the Accounting and Finance Industry?

So here you can see the application of Artificial Intelligence in the Food Processing Industry, Apart from this if you want to start your career in Artificial Intelligence and want to do a course then join “Nearlearn”. Nearlearn is the Foremost Artificial Intelligence Training Institute in Bangalore and also the best Machine Learning Training Institute. They provide highly skilled trainers having 10+ years of industry experience in these filed. They provide both online training and classroom training facilities. After completion, of course, they help you to get placement in various companies and also provide internship facilities to their students.

 

For more information contact us:

Visit: www.nearlearn.com

How AI will impact and Digitize the Accounting and Finance Industry?

 As we all know that nowadays, every industry are adopting Artificial Intelligence, and the Finance industry are also one of them.  No doubt, we are moving towards digitalization, and AI plays a very important role in the digital transformation of the accounting and finance industry. It reduces so many financial tasks and it reduces the burden of repetitive and time-consuming tasks. In Business, AI becomes very essential for every businessman. Finance and accounting are very important in every business sector and finance professionals maintain all accounts. The role of finance professionals is to record and maintain a report of every financial transaction of business and also they face so many issues related to accounts like errors in a financial transaction, audit mistakes, and procurements process error, and many more. But after the implementation of AI in accounting, Finance professionals performing their tasks more efficiently without any errors. In the accounting and finance sector, the digital transformation using AI is incredible. AI accounting software brings a drastic change in every company. 

So let’s see how AI will impact and Digitize the Accounting and Finance Industry: 

Automation of Accounting Tasks:

The use of robotic process automation for repetitive high-frequency tasks removes the space for human error and allows a financial institution to refocus staff efforts on processes that require human participation. Ernst & Young has reported a 50% -70%  cost reduction, and Forbes calls it a "Gateway Drug To Digital Transformation."

Artificial intelligence automates the processes of accounting far and wide. By reducing costs, it maintains operational efficiency. As automation enters every corner of a business, financial companies are also adopting the digital transformation that will benefit from technological innovations. For example, Xero, an accounting firm, has introduced the Find & Recode algorithm that automates the tasks and by scanning code corrections, it finds common patterns. Using the algorithm, when reviewing 50 invoices, 90% more accurate results were found. 

 Audits:

Expense claim auditing is another transactional finance activity that could benefit from AI-enhanced automation. Employees in finance must ensure that receipts are valid, match amounts claimed, and are in accordance with company policy. While using state-of-the-art travel-and-expense solutions will simplify the claim process, the auditing is still manual. 

The level of protection is improved by digitization in the audit process. The auditors can monitor any file that is accessed by using a digital tracker. Rather than searching all paper files, the digital files can help auditors in the audit work. Therefore the digitization approach of auditing offers increased accuracy of audits. Therefore, artificial accounting and auditing intelligence help to monitor the company's every financial activity. AI-powered audits are more accurate and flawless. 

AI chatbots:

Chatbots is leading technology which enabling the customers to use banking services with voice commands. In order to answer queries, the Interactive Voice Response System (IVRS) helps process requests and connect users with different banking services and provides the necessary information. AI-driven chatbots are developed to effectively resolve user queries. The quiries can include the latest account balance information, statements, credit bills, and account status, etc. In this ways AI help Accoutant in many ways. 

Procurement:

When it comes to filing the procurement and buying methods of the company, there is a lot of paperwork involved. It is important to maintain a large number of records on systems that are not connected to each other. The procurement process will be automated as AI-machines process unstructured data by using APIs. 

Blockchain:

Blockchain technology would allow users to get to the fine records, create smart contracts and record transactions, and it is anticipated that accountant practitioners will be alerted by the system and also the blockchain is set up to incorporate the benefit of the payment process, which speeds up the payment process by maximising assistance and satisfaction.

AI in Credit Decisions:

Artificial Intelligence offers a faster, more reliable, lower-cost evaluation of a potential borrower and accounts for aider variety  of factors, leading to a better-informed, data-backed decision. Compared to those used in conventional credit scoring systems, credit scoring offered by AI is based on more complex and sophisticated rules. They will help to identify applicants who are more likely to default and others who lack any credible credit history. AI holds great potential, and business leaders are left to make the smartest decisions with the right data. Digital banks and loan-issuing applications use AI algorithms to use alternative data to determine loan eligibility and provide personalized option.

Risk Management:

Artificial intelligence plays a important role in managing risk. Algorithms may be used for risk cases to examine case history and find any possible issues. This includes using machine learning to create accurate models that allow financial experts to track real patterns and notice potential risks. These models can also ensure that more reliable information is obtained for use in future models. The use of Artificial Intelligence in risk management means that vast amounts of data can be subject to powerful processing in a shorter period of time. It is also be managed both structured and unstructured knowledge with cognitive computing. All this would otherwise be equal to long hours of work for human teams.

Working in cloud technology:

In the cloud, a powerful technology trend is currently running. The cloud provides immediate access to computing abilities and data.  The regular updating of data which helps accountants to evaluate information and make strong decisions based on data is a major benefit of a cloud-based system. In addition, as reported in the Journal of Accountancy, "cloud-based technology can also ensure constant monitoring, rather than intermittent analysis," whenever computer data is updated."

Monthly/Quarterly cash Flows:

The AI-powered machines can collect data and integrate the data from several sources. It not only AI software, devices, or AI apps speed up your processes, but they also make your financial processes accurate and secure.  AI-powered computers can quickly collect and consolidate your monthly, quarterly, or annual cash flows.

AI and Fraud Detection:

AI is particularly effective in preventing credit card fraud, which has grown exponentially in recent years as e-commerce and online transactions have increased. Fraud detection systems analyse the behaviour, location, and purchasing habits of customers and trigger a safety mechanism when something seems out of order and contradicts the spending pattern that has been established. All cases of use in fraud management have different criteria for AI algorithms, but they are used somewhat differently in each case. Transaction monitoring includes faster response time, error rates and accuracy, and the availability and consistency of training data. 

Conclusion

Nowadays, Artificial Intelligence totally changing the accounting process and finance industry. AI-powered systems help accountants to maintain a large amount of transactions and record data. In the coming days, It reduces so many workloads and burden of accountants and take our finance industry in a new direction. AI is bringing a revolution in the finance industry. 

Also Read: HowArtificial Intelligence is impacting Automotive Industry?

So here you can see how artificial intelligence will impact and Digitize the Accounting and Finance Industry, Apart from this if you want to start your career in Artificial Intelligence and want to do a course then join “Nearlearn”. Nearlearn is the Foremost Artificial Intelligence Training Institute in Bangalore and also the best Machine Learning Training Institute. They provide highly skilled trainers having 10+ years of industry experience in these filed. They provide both online training and classroom training facilities. After completion, of course, they help you to get placement in various companies and also provide internship facilities to their students.

 

For more information contact us:

Visit: www.nearlearn.com