Essay on Artificial Intelligence Economy

In recent years, society has witnessed robots and machines replacing many jobs that were once conducted by humans. The questions on everyone’s minds are when will the development and advancement of artificial intelligence stop, will robots have the potential to replace every aspect of humans’ lives, and what jobs will be left? Artificial intelligence is making its way into numerous industries and as a result, disrupting the workplace environment. Industries are currently realizing the economic benefits of Artificial intelligence such as the potential to improve productivity, efficiency, and accuracy across many job disciplines- but is this entirely beneficial? As technology continues to advance, robots are becoming more intelligent and learn to perform tasks more efficiently than humans in the workplace. As a result, many people fear that the rise and advancement of the technology associated with Artificial intelligence will lead to robots and machines replacing human workers, disrupting human interactions in the process as well as them viewing the technology as a threat rather than a tool to benefit the workplace. The main question then becomes, whether society is looking at a future where artificial intelligence will become more valuable than humans in the workplace and overall beneficial for the economy.

The contribution of the technology associated with artificial intelligence in the business industry has a significant impact on the global economy. According to the September 2018 report conducted by the McKinsey Global Institute on the impact of Artificial Intelligence on the global economy, artificial intelligence has the potential to gradually add 16 percent or roughly $13 trillion by the year 2030 to the current global economic output which is an annual contribution to the productivity growth of about 1.2 percent between 2018 and 2030(Bughin, 2018, p. 1). The report further showed that approximately 70% of businesses have the potential to incorporate the use of artificial intelligence technology in some way, shape, or form by the year 2030(Bughin, 2018, p. 2). As the business industry grows, artificial intelligence could have the potential to positively affect the global economy from different perspectives such as innovating products and services and increasing the activity in the global economy(Bughin, 2018).

Cami Rosso, a journalist who writes about science, innovation, and leadership explores these positive effects of artificial intelligence on the economy by introducing the unusual concept of automated psychological services powered by the technology associated with artificial intelligence(Rosso, 2018). Rosso discusses how automated psychological services will most likely be in the form of a technologically innovative service provided through mobile smartphone apps. According to Rosso “The potential advantages of a smartphone-based psychology wellness app include lower barriers to adoption, cost, access, availability, confidentiality, privacy, adherence and a lack of perceived stigma” (Rosso, 2018, p.2). Rosso highlights the fact that the cost of using psychological wellness apps is much lower and affordable than visiting a psychologist due to a session potentially costing a couple of hundred dollars while not even factoring in the costs related to transportation and the waiting room (Rosso, 2018). Rosso further supports her argument by incorporating research conducted on the cost of smartphone apps from Satista, a German database company which states that “The average price to purchase an app in the Apple App store on September 2018, is less than a dollar (89 cents) (Rosso, 2018, p.2). This shows that consumer demand is more likely to be driven by the availability and affordability of personalized and higher-quality artificial intelligence products and services(Rosso, 2018).

Based on the research conducted by the McKinsey Global Institute and Rosso, both make a fair argument for artificial intelligence playing an increasingly important role in our global economy in many different ways. From their perspective, they see artificial intelligence as an engine of productivity and economic growth. They both further argue how artificial intelligence can efficiently generate new products and services as well as industries and markets which therefore increases consumer demand. While these may be positive aspects from a business perspective, it is very clear why this is worrisome for those working in jobs that are at risk of displacement from artificial intelligence.

On the contrary to this debate, the disruptive effects of artificial intelligence have the potential to influence income distribution, employee wages, and overall economic inequality which Tracy Staedter, a science writer, editor, writing coach, and consultant, explores in her article “How Artificial Intelligence Will Transform Our Economic Future.” According to Staedter, “the rising demand for high-skilled workers capable of using artificial intelligence technology could increase their wages meanwhile mid-skilled and lower-skilled workers’ wages may decrease because higher-skilled workers are not only more productive but are also capable of completing more tasks thanks to artificial intelligence”(Staedter, 2019, p.1). Therefore the changes in demand for labor could potentially worsen income distribution and overall affect employees’ wages. Staedter further argues that depending on the pace of advancing technology associated with artificial intelligence, if society advances artificial intelligence at a faster rate then it will create more undesirable effects due to economic market imperfections. Furthermore, Staedter states that “as more artificial intelligence machines replace routine labor, the more productivity and overall income growth will rise and the more sharply inequality will increase”(Staedter, 2019, p.1). Based on Staedter’s article it is arguable that society would be more wealthy due to incorporating artificial intelligence in the workplace, but for many workers at risk of losing their jobs due to artificial intelligence, this technological change would only strengthen economic inequalities(Staedter, 2019).

The concern for artificial intelligence replacing many jobs that are normally conducted by humans is becoming increasingly more urgent as the latest artificial intelligence breakthroughs such as self-driving cars, robots and many more attract society’s attention. As the technology associated with artificial intelligence advances, some believe that it will consistently and inevitably take over large organizations in the workforce and will immensely increase the employment rate and create social turmoil.

Similarly, Cami Rosso also explores in her article how artificial intelligence will create massive job displacement. The majority of jobs that are at risk of being displaced shortly are process-driven jobs. These are jobs that can easily be automated such as transportation, customer service, and manufacturing. More specifically, according to Rosso “the jobs more at risk include bookkeepers, tellers, telemarketers, legal secretaries, bill and account collectors, and even postal workers” (Rosso, 2018, p.1). Overall the technology associated with artificial intelligence can easily do these types of jobs more efficiently and faster than humans. As a result, society must realize that artificial intelligence will play a role in everyone’s jobs shortly- whether that means making their jobs easier or unfortunately replacing them.

The possibility of artificial intelligence competing with humans will not only lead to a fight for jobs on an economic level but potentially even intrude on human relationships in a way that an artificial intelligence companion will focus only on its owner’s needs meanwhile a human relationship thrives between the exchange of favors. In the article “Robots will probably help care for you when you’re old,” Corinne Purtill, a behavioral science, health, and technology senior reporter for Quartz explores the issues associated with robotic caregivers and companions to the elderly. Purtill describes her conversations with Robert and Linda Sparrow, professors of philosophy at Australia’s Monash University. According to Robert and Linda Sparrow “The demands that our friends even pets make on us are unpredictable, sometimes unexpected and often inconvenient,” “This is an essential part of what makes relationships with other people or animals, interesting, involving and rewarding.” “Any reduction of what is often already minimal human contact would, in our view, be indefensible” (Purtil, 2018, p.15). It is therefore arguable that the relationships between artificial intelligence and humans pose an existential threat that could potentially lead to an end of human interaction as we know it.

Likewise, in the article “Why these friendly robots can’t be good friends to our kids,” Sherry Turkle, a professor of Social Studies and Science and Technology at MIT researched the interactions between children and robots in which robots are acting as companions by imitating human interactions, evoking emotions and overall replacing the roles that are usually conducted by other human beings. Based on Turkle’s research conducted on the effects of sociable robots on children, her findings conclude that sociable robots exploit human vulnerability in particular “exercising in emotional deception” (Turkle, 2017, p.5). By allowing children to interact and build fake relationships with these sociable robots, Turkle argues that they should not be expected to learn how to interact and create real, mutual relationships with other human beings(Turkle, 2017). Although Turkle explores the interactions between children and robots rather than adults and robots, the idea can be related to the workplace environment in which these intelligent robots have the potential to manipulate human workers when collaborating and overall change the nature of human employment.

Similar to the idea of Turkle’s concern with robots not being able to understand humans’ emotional lives because “they have not been born and don’t know pain or mortality or fear”(p.5); robots can’t be friendly or emotional like human workers and as a result, there will not be a pleasant working environment filled with employee relationships. Since robots are not capable of communicating like humans, the relationships and bonds between robots and employees will remain low. Furthermore, robots in the workplace will create a negative impact on employees’ relationships and attitudes towards their jobs and employers. When the human-dominated workforce is replaced by robots, the faith that the employees had developed in the organization for which they work will be undermined as employees will begin to think that their employers are only concerned about the efficiency and productivity of the work rather than the relationships and friendly working environment.

On the other side of the debate, however, there is a strong argument for incorporating artificial intelligence in the workplace, which will come through the expansion of employees’ skills rather than the substitution of jobs. There is the potential for human workers and robots to work together flawlessly by complementing each other’s skills. Robots would also have the potential to realize when human workers are having difficulty and will be more than ready to step in and assist the worker if their job is beyond their capabilities. The best job performance will be achieved through the collaboration between humans and robots in which a good example of this would be robotic caregivers.

Lousie Aronson, a practicing geriatrician and Professor of Medicine at the University of California, San Francisco, argues in her article “The Future of Robot Caregivers” that the quality of her patients’ everyday lives would be substantially better by incorporating the use of a robotic companion as well as a caregiver rather than the alternative of her patients being left alone. Aronson specifically states that her patients’ everyday lives consist mainly of “loneliness and disability” (p.1) because “we do not have anywhere near enough human caregivers for the growing number of older Americans” (Aronson, 2014, p.3). Aronson further argues that robots could help solve the employment shortage of caregivers by strategically incorporating them into human caregiving practices(Aronson, 2014). Aronson acknowledges the fact that “caregiving is hard work”(p.1), which is a full-time tedious job that can put a strain on a caregiver’s health, job, and relationships. Ensuring that an elderly patient is properly fed, bathed, dressed, and medicated can be “awkwardly intimate and physically and emotionally exhausting”(p. 1). Additionally, Aronson imagines a robot that is capable of working throughout the day while taking care of the patient’s responsibilities such as chores, and ensuring the patient can move around safely. Aronson further imagines a robotic caregiver who can interact with the patient by even telling jokes and reading aloud. As a result, the desire for a caregiver to hand over some of these responsibilities involved to a robot becomes more crucial.

Artificial intelligence has the potential to remove the stress of tedious and manual work for employees by making things automatic while allowing employees to keep their jobs and apply new skills, working in collaboration with robots. But artificial intelligence can take a turn for the worse and make the employee’s fears of losing their jobs a reality. The future of artificial intelligence isn’t exactly clear but it will have an impact on the workplace and economy- whether that impact is positive or negative, society must have to wait and see what the future holds.

Although I do not have an affirmative stance on this issue, based on the research conducted by the various authors, I can conclude that as artificial intelligence transforms the workplace and economy it will also transform society as a whole. However, I would argue that it is too soon to come to a definitive answer on whether society is looking at a future where artificial intelligence will become more valuable than humans in the workplace and overall beneficial for the economy because we have not seen the evolution of artificial intelligence in the long-term- whether it’s leading humanity towards making the world a better place or leading to a disaster. As humans, we always embrace new technologies that change our everyday lives, but it is important to remember that the kind of technological changes we are embracing will create positive and negative outcomes that will affect humanity for generations to come.

Reflection on Artificial Intelligence Essay

How Artificial Intelligence (AI) Is Reshaping the Accounting Industry

Nowadays artificial intelligence is taking over most industries, and accounting is one of these industries. It is very interesting to see how accountants are benefiting from artificial intelligence by applying it daily. One of the major benefits of artificial intelligence is that it reduces considerably the number of hours required for the completion of a routine task. Accountants can get and process the data at a much faster pace. Another interesting fact is how bots are already capable of categorizing different data and tasks, being able to distinguish between similarities and differences of various data. One of the most discussed arguments about this topic is whether artificial intelligence is going to reduce the demand for accountants. Based on the very latest statistics, AI has already substituted humans, performing several tasks that before could be completed only by hired accountants. However, the number does not guarantee us that anytime soon we will have a big revolution in the field of accountancy. Nowadays accountants are becoming more and more involved with technology, something that used to be unimaginable before. It is great to see how accountants are wisely using technology for efficiency purposes. It looks like accountants have happily embraced the revolutionary AI and want to use it to improve their overall performance and efficiency. As I mentioned above, the major concern is that AI may take over the entire field of accountancy and thus drastically reduce the need for accountants. As of today, accountants do not seem to be very concerned about this possible future phenomenon. It is very hard to say how this field will look ten years from now, as changes happen every day, mostly in an unpredictable way. When we analyze the areas in the field of accountancy that have been affected the most by artificial intelligence, we find out that in the first place are administrative procedures. For example, for every tax report that accountants need to come up with, more than half of their normal work (collecting and organizing the data) is completed with the help of artificial intelligence. The latest in the field of artificial intelligence has indeed brought up a controversy regarding accountants and their usefulness in the future. On one hand, we have people who are already certain about the fact that we will not need accountants in the future due to the explosion of artificial intelligence. On the other hand, some people believe that accountants are fundamental for society and that artificial intelligence can never fully substitute them.

My personal opinion on the topic

To my opinion, artificial intelligence is a topic that will be discussed continuously in the present and future. Artificial intelligence is not only impacting the field of accountancy. We read about the huge impact of artificial intelligence everywhere: in the medical field, in the engineering field, in the aviation field, etc. The greatest part of society is concerned about the possibility that artificial intelligence and bots will take over professions that have been historically performed by humans. It is unavoidable to talk about this topic and analyze the impact of artificial intelligence. Do I think that artificial intelligence will eliminate the need for accountants? Not, that I completely disagree with this statement defended by a good number of people. On the other hand, I do see artificial intelligence as a positive influence in the field of accountancy. It is very promising to see how accountants have embraced artificial intelligence and how they see it as a tool to improve their performance and efficiency. Why do I think that artificial intelligence will never fully substitute the need for accountants? To begin with, accounting is the language of business. To be accepted by everyone in society as the language of business means that this field has particular importance. Artificial intelligence can assist with the completion of numerous administrative procedures. The completion of these procedures by the bots would help accountants in the way that they would have to focus more on decision-making, something that bots are not able to substitute for the human mind. So, artificial intelligence would help improve efficiency in several fields of financial accounting. What about managerial accounting? I doubt the fact that artificial intelligence will eliminate the need for the top management team that is responsible for decision-making. Why do I believe this? Because situations in the real world are never the same (or at least not most of the time). How can a programmed device make important decisions in different situations? As I have mentioned above, I am completely the implementation of technology in the field of accountancy, but it does not mean that it will save the world by diminishing the request for accountants. We should focus on the positive fact that AI is having a positive impact!

Artificial Intelligence and Robotics Essay

The human race is very distinct. They are developing technology according to their daily needs. They are modifying technology according to them as they are making robots which are going to help them in their household chores as well as in their office needs. Artificial intelligence is a part of human advancement because now they are performing some unprecedented tasks that seemed impossible in the past. The same thing is true with robotics even nowadays technicians are developing robotic limbs for people.

Artificial intelligence and robotics. Where it all began.

From the early 1950’s we had philosophers and scientists who were thinking about the concept that “machines can think”. From The Tin Man from the Wizards of Oz to the entire series of Star Wars and Star Trek. Then we saw some of the movies in which we have witnessed advancements. However, some of the researchers were depressed with this thought because every coin has two sides one is positive and the other is negative. If machines worked according to humans, then it is going to be very good, but some researchers are mulling over the thought that if these machines revolted against humans as we have seen in the movie Terminator.

We can also see the change in the computers this is also an example of AI. The first generation of computers nearly were of the size of a room and then came the simple desktop computers after came laptops and then the era of tablets arrived but nowadays a simple mobile phone is capable of doing the work of a mobile phone as well as of a computer and tablet. The latest example is the Samsung Galaxy Fold which they released on the 10th anniversary of Galaxy smartphones this phone is divided into two portions and there is a crease in the middle of the phone from where it bends and becomes a single phone. It’s a phone cum tablet.

Where artificial intelligence and robotics stand these days.

This is the era of big data and with artificial intelligence, we are compressing our data and using it for big works. We can store our work from remote locations to a safer location. Such as it is done in Microsoft Azure because, in Microsoft Azure, we can save our work at different three locations just to protect the work from being stolen and to make a better backup. Nowadays artificial intelligence is everywhere from banks to hospitals and from education to entertainment. We can see that artificial intelligence is taking over everything around us there are smart classes in schools that learn with the help of computers if the teacher is not present. In hospitals we can see that to solve the problem of cues there are little kiosk machines to book appointments and we can also see that these days doctors also have computerized equipment (articles) with which they inspect the patients. In banks, there are ATMs which help us to withdraw money from banks but with this past technology nowadays we can also deposit money into our account and to meet anyone in person we can book our appointment via a little machine which gives us a small number according to which our turn arrives. If we talk about entertainment, then we can see the lightings everywhere which glow in any kind of sequence for instance we can see Flinders Street Station at night. There is a sequence of lighting that moves from right to left. In movies also we can witness artificial intelligence in the form of CGI and animation.

Benefits of artificial intelligence and robotics.

There are several benefits of robotics and artificial intelligence according to Forbes. These benefits are in different sectors and are in different ways.

    1. It enhances efficiency and throughput for example we can see the automobile industry it took many years to set up this industry but with the help of artificial intelligence, it is saving more money, creating jobs, and making revenue.
    2. It helps humans to do what they want to do as humans are unable to do tedious tasks whereas these machines do these works for them and they never charge them anything other than a little maintenance.
    3. There is a myth going on in society that machines will consume the jobs of humans but in reality, this is never going to happen because the fusion of humans and machines is going to create many jobs because there is someone to create these machines mechanically and someone is there to design them and develop their algorithms. Finally, these machines are never going to maintain themselves, so companies must attain new teams for the maintenance and repair of these machines daily. This is a good revenue for future.
    4. There will be a loss of control witnessed in the future because excess of everything is bad if these machines get excessive power, naturally, they are going to break down and do such tasks that only a human can repair so there will be a team for these such kinds of scenarios.
    5. Machines are going to enhance our lifestyle. Simple tasks like answering emails and messages to answering calls. For example, whenever we call somebody or some customer service always a computer answers, and then it leads us to talk to a human being.
    6. Artificial intelligence is helpful in medical study as image-based studies could be comprehensive in the future the upcoming era is of wealthy personalities but with the help of artificial intelligence every peer will be able to access any kind of medical help.
    7. There will be an increase in automation because artificial intelligence will be adopted by every business. After all, it is going to do those kinds of work that require intensive human labor and are nearly impossible to do. The major benefit for businesses will be a reduction in the operational cost of developing things.
    8. It is going to elevate mankind because machines can solve problems, answer questions, and innovate with numbers that are beyond the reach of human beings. This thing could be used for the betterment of society. These concepts can make the lives of human beings easy as machines have better problem-solving and better decision-making skills.
    9. It has been studied that computers make fewer errors than humans and this could be a chance to know our history with artificial intelligence because it is going to make fewer mistakes as compared to human beings. The history that we are studying now is correct but if we take a deeper look at it only then we can see that some topics of our history are just assumptions that maybe this thing will happen here. Some people say that artificial intelligence can provide us with accurate history.
    10. Artificial intelligence is going to expand the creativity of humans as it is witnessed in movies. In Star Wars we can see talking and walking robots and we can see droids or big airplanes, or we can take the example of the movie 2012 in which they showed how the world is going to end creatively.

Effects of artificial intelligence and robotics.

It is said that every positive thing has a negative side. Artificial intelligence and robotics also have some negative aspects on human beings. Humans are going to become extremely lazy because they will be having machines on their side to do all their household chores from washing dishes to taking their dog on a walk. This is going to make obesity a huge hazard and with obesity, humans are going to have many health-related problems. Yes, people will have robots and talking devices in their homes but there will be a time when they are going to miss their old life and after missing their life, they are going to feel very depressed. Also, machines are going to snatch all the jobs from humans because machines are very much more efficient in every work than humans. Machines make fewer errors than humans so every employer will be going to prefer machines over humans for a hundred percent productivity rate and they are going to make accurate products. The other hazard of robotics and artificial intelligence is fictitious, but it could be true in the future, also some researchers think it this way if the machines turn against us. We are going to spoil our lives by giving all our information to these machines such as our passwords and bank details so these machines can use the details against us. And, some think it is a more dangerous way as shown in the movie Terminator. Every machine is hackable so someone distinct in hacking can hack the robot and use its memory to find out about our details to use against us as extortion tokens. People are innocent they want to know more about these machines, but these ideas are stopping them from using machines.

Future of artificial intelligence and robotics.

The future is unpredictable but we can only assume little things about the future. These assumptions are, it is said that technology is increasing on a rapid scale and we are the first generation to witness all of these because we have witnessed the advancement from the CRT monitor to the LED screen from the mechanical mouse to the optical mouse, and from simple speakers to smart speakers such as apple homepod and Amazon Alexa. In the future, we may see driverless cars on roads in nearly ten years the testing for these cars has started in some parts of the world and there is an idea that these cars will have the full information about the person who is traveling in them. There was a concept issued by Uber which was a joint venture with Google. In this concept they have said that in the next ten years, we will be able to see driverless Uber cabs, these cabs are going to fetch data about the customer from all the social sites such as Facebook to LinkedIn and also check the local police department for the person. Moreover, there is also an assumption that in the upcoming twenty years, we will be able to listen to computers on the phone. We still hear computers talking on the phone but they speak English or the preferred language in the future, it is going to run a double language protocol in which it is going to detect the language of the speaker and translate the answer into the language from the basic language. It is also said that artificial intelligence could become a key to world peace because every nation is developing in this era and they are all helping each other in one or many ways so this is possible to form world peace around the globe.

Conclusion

Machines are everywhere we just need to learn about them, and we can make our future bright. After doing a brief research about artificial intelligence and robotics I concluded that our future is going to be very bright because of technology. There are some people with fear in their minds about technology. They just must keep in mind that once we were afraid of riding bicycles, we had a fear of falling in mind, but we survived and here we are driving cars. The people who created the first ever machine never thought about failure whether it was a computer or a car or an electrical smart car like Tesla. These people just did what they thought was right for society and they also had a vision for society. Artificial intelligence and robotics are also a beautiful gift from the creators of technology for us.

Compare and Contrast Essay about Artificial Intelligence

This report will discuss Artificial intelligence and its impact on the industry we are working in. In other words, AI has changed the way both humans and computers interact with each other. It is considered to be the best technology in terms of speed and efficiency. As a result, organizations are always ready to accept changes in terms of new technology.

In my opinion, Accountants are really happy with the advancement of AI as it has made their work easier in terms of advisory and audit services.

This report is divided into two sections – Learning and application.

Learning will explain our understanding of artificial intelligence and its tools. It will also depict the advantages and disadvantages of AI and its technologies.

The application will explain how AI will affect our careers in Accountancy in the future and how can we make sure that our respective jobs are not replaced by robots.

Part 1 – Learning

Artificial intelligence – Meaning

Artificial Intelligence also known as machine intelligence is the ability of a computer like a robot to perform a task assigned to an individual human. In the modern world, computers are designed in such a way that they can mimic the work that a human can perform.

“The major objective of AI is Learning, reasoning, and perception.”[endnoteRef:1] [1: Jake Frankenfield, “Artificial Intelligence”, Last Updated January 22, 2020, https://www.investopedia.com/terms/a/artificial-intelligence-ai.asp

Image source – Silke Otte, “How does Artificial Intelligence work”, Last accessed February 23rd, 2020, https://www.innoplexus.com/blog/how-artificial-intelligence-works/]

Components of Artificial Intelligence

    • Machine Learning: “ML as an essential tool of AI enables the computer to naturally learn and function with computers without being unequivocally modified. The main objective of ML is to avoid human support in the learning process.” “Google search engine is the perfect example which defines Machine learning.”[endnoteRef:2] [2: Cade Metz, “AI Is Transforming Google Search. The Rest of the Web Is Next” February 4th, 2016, https://www.wired.com/2016/02/ai-is-changing-the-technology-behind-google-searches/]
    • Deep Learning: “Deep learning enables decision making. Under deep learning, data is collected from various sources from where it’s easily assessable and then can be easily shared via cloud computing.” Deep learning also leads to speech recognition, such as Alexa. “Cloud computing is the advanced technology in the computer world which raises the computing technology to an above level. In this big storage is provided to multiple users to save their data for future use. Through this, a user can retrieve and store his data over the internet anytime at a low cost.”[endnoteRef:3] [3: Microsoft, “What is cloud computing?”, Last accessed February 22nd, 2020, https://azure.microsoft.com/en-ca/overview/what-is-cloud-computing/#benefits]
    • Neural network: “Neural network as a part of AI is a hardware or software which performs the same function as performed by neurons of the human brain. The artificial neural network performs tasks such as data analytics, face recognition, and many more.”[endnoteRef:4] [4: Vaishnavi Putcha, “Role of Neural Networks in Artificial Intelligence,” Last accessed February 22nd, 2020, https://mindmajix.com/neural-network-in-artificial-intelligence]
    • Computer vision: “CV as an integral part of AI enables the computer to create strategies to be able to see and comprehend advanced pictures.”[endnoteRef:5] [5: Jason Brownlee, “A Gentle Introduction to Computer Vision,” March 19th, 2019, https://machinelearningmastery.com/what-is-computer-vision/]
    • Cognitive computing: “Cognitive computing as a part of AI makes use of a computer to recreate human thought by making use of computer and tries to improve the interaction between machine and human “[endnoteRef:6] [6: Margaret Rouse, “Cognitive computing”, Last accessed February 22nd, 2020, https://searchenterpriseai.techtarget.com/definition/cognitive-computing]
    • Natural language processing: NLP allows the computer to understand and interpret human language to make it understandable.

Advantages of Artificial Intelligence

    • Time and cost-efficiency: AI made use of a large amount of data in the blink of an eye which human labor can take numerous hours to accomplish. In other words, the machine is more efficient than humans. They don’t take a break nor do they get tired. We can use machines at any time of the day which saves our cost and time.
    • Enhance customer experience: In this modern era, humans enjoy how Netflix provides them with the best movies anytime, how Alexa prepares their shopping list, and how Uber provides them with the best services at affordable rates. This is all possible due to Artificial intelligence. Thereby AI enhances customer experience.
    • Reduced human error: AI reduces human error. Computers make use of algorithms and programming that prevent errors and provide data accurately.
    • Support services: Many big and large organizations use digital assistants to provide support services to their customers which reduces the need for human labor. This increases productivity in the organization.
    • Better lifestyles: Every day humans make use of certain applications such as Apple’s Siri, Google OK, Amazon Alexa, and Windows Cortona which improve their quality of life. Thus, AI has become an essential part of our lives and is used for day-to-day activities.

Disadvantages of Artificial intelligence

    • Unemployment: AI involves making use of more machines and less human force to make work more efficient. This will lead to unemployment among the labor force and will create social issues in the economy.
    • High Investment: The creation of AI involves a large sum of investment and human efforts as it involves machines that make use of hardware and software that need timely update and repairment which involve high costs.
    • No Creativity in AI: Machines lack creativity, unlike humans who can think beyond. As a result, with time, the technologies are outdated.
    • No emotions: Unlike humans, Machines lack emotions. They can only perform a task that is programmed and cannot go beyond their functions.

Technologies in – Artificial intelligence

There are an immense number of technologies in AI and some of them that affect our career path are explained below –

    • Speech recognition: Speech recognition transfers human speech into a format that is easily understandable by computer for processing. For Instance, – SIRI “Speech recognition is also used in many software such as Mac, Windows, Briana and many more.” “Baker Tilly an accounting firm started using speech recognition to write their documents which makes work easier. This enables them to save time and cost.”[endnoteRef:7] [7: David brown, “ Accounting for speech recognition”, Last accessed February 22nd, 2020, https://www.computerweekly.com/news/2240042034/Accounting-for-speech-recognition]
    • Decision management – AI along with decision management enables companies to make better decisions by providing them with up-to-date information.

AI thereby debits the ROI and ROE of the company.

    • Biometrics – “Biometrics are used for security reasons. It deals with the recognition of the physical feature of humans. It identifies how people react to online applications”.[endnoteRef:8] Big accounting companies also have biometrics of their employees to access them to use confidential information. [8: Radhika Madhavan, “AI in Biometrics and Security – Current Business Applications”, Last updated May 20th, 2019, https://emerj.com/ai-sector-overviews/ai-in-biometrics-current-business-applications/]
    • Peer-to-peer network- “Under this AI technology the PCs are connected and files are shared using the network without the use of the server.”[endnoteRef:9] “Many accounting software such as Sage 50 made use of peer to peer network or client-server network” and “companies such as Deloitte provide peer to peer technology.” [9: James Cope, “What’s a Peer-to-Peer (P2P) Network?”, April 8th, 2002, https://www.computerworld.com/article/2588287/networking-peer-to-peer-network.html]
    • Cyber defense – Cyberdefense in AI detects and protects from uncertain attacks on data and infrastructure. Accountant needs to be conscious about protecting their data from an outside agency and need to understand cybersecurity risks.

Companies that provide AI –

    • Amazon – Amazon has provided numerous AI technologies and Amazon Alexa is one of the most famous among them.
    • Microsoft – Microsoft has provided the economy with the most prominent product in terms of AI – Cortona
    • Anki – One of the biggest revolutions created by Artificial intelligence was the Robot revolution by Anki which provided the world with products such as Cozmo and Fast and Furious
    • Intel – “Recently Intel provided the OpenVINO toolkit that was used in many applications of Self kiosk checkout and Industrial robotics”

Other than this, Companies such as Sound Hound, AIBrain, and Google also provide AI services.

Part 2 – Application

Artificial Intelligence in an Accounting Career

In this modern economy, Artificial intelligence is used in an accounting career to analyze a large amount of data in a short period which would have been difficult for a group of individuals. AI in accounting saves time and cost for the accountants who in turn can invest their time in some other strategic work that requires attention.

“According to a survey by MIT-Boston consulting company around 79% of the people believe that AI leads to an increase in productivity.”[endnoteRef:10]AI in accounting improves productivity and provides accountants with more time to be efficient. [10: Alison Snyder, “Executives say AI will change business but aren’t doing much about it”, September 6th, 2017, https://www.axios.com/executives-say-ai-will-change-business-but-arent-doing-much-about-it-1513305300-e041775d-a56b-4db7-be1f-47d69b060427.html]

“Following is the list of work in accounting that Is performed by Artificial intelligence-

    • Audit: AI provides security to store a large amount of data in the proper format. During auditing, the auditor can easily track the files and prevent fraudulent activities. With the medium of AI, they will be able to audit the financial statements accurately and reliably.
    • Accounts Payable/ Receivable: AI In accounts payable and receivable provides crucial information such as who are the debtors and creditors. What is the amount owed from and to them it also depicts the number of contracts a company has and what are the essential clauses that need to be kept in mind thereby providing efficiency and effectiveness in time and money.
    • Year-end statements: Artificial intelligence provides a year-end statement from across the sources and merges them into one file. This saves time and effort for the accountant and they can easily prepare the year-end financial statements.
    • AI Chatbots: AI chatbot provides an accountant with certain support services in terms of a certain area such as bank balance.”[endnoteRef:11] [11: Renuka Rana, “How Artificial Intelligence will impact the accounting industry”, November 9th, 2018, https://www.acecloudhosting.com/blog/artificial-intelligence-impact-accounting/]

AI Revolution

The high-speed growth of AI has driven small and large companies to Adapt to technology before anyone else. An industry that encourages the technology will grow and prospect in the long run. To succeed in the long run, the industry particularly accounting needs to –

    • Trained all the accountants and aspiring accounts with AI skills and technology to ensure the smooth interaction of machines and humans.
    • The employees must be aware of various new techniques that might affect them in the future, and they should be ready to deal with them.
    • “The new AI Revolution will increase productivity by replacing repetitive tasks.”[endnoteRef:12] [12: Stephane Kasriel, “6 ways to make sure AI creates jobs for all and not the few”, August 14th, 2017, https://www.weforum.org/agenda/2017/08/ways-to-ensure-ai-robots-create-jobs-for-all/]

To ensure company success in the future the accountants should understand what AI is and they should educate themselves to continue in the long run.

According to The Canadian Public Professional Expert, the accountant will only gain from AI as AI will displace the task but will not replace the jobs of an accountant.

However, in the following prospect, AI will affect CPA work –

    • With the help of AI tools, the accountant does not have to categorize the expenses as the software itself will do it which will save a lot of their time and efficiency.
    • The “AI drone technology”[endnoteRef:13] also proved to be very beneficial for auditors as the auditor does not have to personally visit and count the inventory. Thus, auditors can focus their time on other important work. [13: Ethan Rotberg, “Eye in the sky: How drones are assisting with audits”, CPA, February 2nd, 2019, https://www.cpacanada.ca/en/news/innovation/2019-02-12-audit-drones]
    • Not only this, With the help of AI, the accountants can collect and analyze data from various sources and predict their future course of action.
    • “Overall In the AI revolution, The audit process will be completely changed and prestigious accounting firms will generate revenue using Auditing algorithms or Audit data analytics .”[endnoteRef:14] [14: CPA, “Audit data analytics guide”, Last accessed February 22nd, 2020, https://www.cpacanada.ca/en/business-and-accounting-resources/audit-and-assurance/canadian-auditing-standards-cas/publications/cpa-canada-audit-data-analytics-guide]

Future Role of AI in Accountancy –

AI will play an important role in accounting shortly because technology will never be outdated, and accountants have the opportunity to gain experience and knowledge to survive in the AI market.

The situation is similar to knowing Microsoft Word and Microsoft Excel. Anyone with an accounting background who doesn’t know how to operate them will not be able to survive and will be outdated soon.

“Many of the leading accounting software providers use AI technology in their Software such as Sage 50, Xero, Intuit to provide several services such as Bank reconciliation, auditing of financial statements, preparing invoices and many more.” This depicts the importance of AI shortly.[endnoteRef:15] [15: Jeb Su, “Why Artificial Intelligence Is The Future Of Accounting: Study”, January 22nd, 2018, https://www.forbes.com/sites/jeanbaptiste/2018/01/22/why-artificial-intelligence-is-the-future-of-accounting-study/#1b281800337b]

“ Not only this many of the big universities and schools are incorporating the DBMS (Database management system ) into their accounting curriculum to train aspiring students about the urge and need of Artificial intelligence.”[endnoteRef:16] [16: Finance Voices, “ Is artificial intelligence set to replace Accountants in the future?”, August 9th, 2018, https://finance.toolbox.com/articles/is-artificial-intelligence-set-to-replace-accountants-in-the-future]

Further, irrespective of whether the company is small or big it needs to adopt AI technologies now or in the future to cope with the technology. Employees can be trained by organizing workshops and seminars so that they realize the urge for AI in the accounting sector which makes work easier and more efficient.

Overall, Artificial intelligence is not likely to replace accountants in the future. In other words, Accountants are essential to check if the work done by the AI is accurate or not. Thus, Accountants are the backbone of the economy no matter if the world is surrounded by Artificial technology.

Essay on the History of Artificial Intelligence

Chef Watson is a machine ‘chef’ who can create recipes from almost any ingredient. We’re familiar with Siri and Alexa, virtual assistants that do everything from setting alarms to translating foreign phrases. Tesla’s electric cars come with the Autopilot feature that lets them auto-steer, change lanes, navigate, and self-park. What do these three things have in common? Artificial intelligence. Whether they come as software solutions or embodied in products, AI systems are everywhere we look, and they have become a driving force in most sectors of the global economy. The use of artificial intelligence raises several important legal questions, but to analyze these issues it is important first to understand what it is and how it has evolved.

Intelligence is defined by the Merriam-Webster Dictionary as “the ability to learn or understand or to deal with new or trying situations; the skilled use of reason.” Intelligence has also been described as “the ability to think, to learn from experience, to solve problems, and to adapt to new situations.” It may become obvious from a closer examination of these definitions that one could, with these terms, just as well describe a robot as one could a human being. For example, when Google Maps factors in congestion delays and extends the arrival time from what was first displayed, the application has taken a new situation of things, analyzed it, and adjusted accordingly, displaying a level of intelligence. This is not to say that machines and humans display the same type of intelligence: natural and artificial intelligence differ in numerous ways, but they are fundamentally similar in that they involve the application of learned information or data to solve a problem or carry out a task.

Artificial intelligence does not lend itself easily to a definition, but many scholars adopt the following definition given by Elaine Rich: “Artificial intelligence is the study of how to make computers do things at which, at the moment, people are better.” In simple terms, artificial intelligence is a simulation of natural intelligence. Thus, the ability of a machine to carry out high-level cognitive functions that require intelligent behavior would qualify as artificial intelligence. Artificial intelligence can have simple or complex utility functions. Artificial intelligence is built on algorithms: it is, essentially, layers of algorithms, some even self-programming. An algorithm is a set of specific instructions for solving a defined problem or solving a task: the internet has made them ubiquitous in everything from the apps on our phones to video games. For example, social media such as Twitter and Instagram use algorithms to sort content and decide its visibility to each user. Complex algorithms support the structure of strong artificial intelligence.

How does artificial intelligence depend on algorithms? The answer is quite simple: machine learning. Machine learning is a central sub-field of artificial intelligence that focuses on algorithms or systems that learn from data and improve automatically. In other words, artificial intelligence becomes more efficient because the algorithms that make it up can get better at identifying patterns in data and making decisions with minimal human intervention. Advancements in the field of artificial intelligence have what is known as ‘the AI effect’: when a function becomes significantly mainstream, it is no longer considered artificial intelligence. For example, optical character recognition (OCR) is no longer considered AI because it has become a routine technology.

Artificial intelligence, much like any scientific development, is built on foundations that far precede it. A discussion on its history will take us way back to ancient times, but actual developments started in about the 19th century. Studies in (philosophical) logic and theoretical computer science far predate artificial intelligence. 1884 in particular is a very important year for artificial intelligence. It was in this year that Charles Babbage worked on a mechanical machine that should exhibit intelligent behavior. However, he later decided that he would not be able to produce a machine that would exhibit as intelligent behaviors as a human being, and considered his work suspended. In 1937, Alan Turing, a British mathematician, developed a halting problem that pointed out the limits of intelligent machines. In 1950, he created the Turing test to assess the intelligence of computers, and the intelligence level of the machines that passed the test at that time was considered adequate. Alonzo Church, an American mathematician, further contributed to Turing’s work, birthing what is known as the Church-Turing thesis.

Artificial intelligence officially became an academic pursuit at the historic Dartmouth College conference in 1956 where the term was first used. The first artificial intelligence applications were introduced during this period. These applications were based on logic theorems and chess games. The programs developed during this period were distinguished from the geometric forms used in the intelligence tests, which supported the idea that intelligent computers could be created. Professor John McCarthy, an American computer scientist referred to as the ‘father of artificial intelligence’, is credited with coining the term as well as starting the AI laboratory at MIT around 1956 and at Stanford University in 1963. He developed LISP, a programming language described as “the most important tool for the implementation of symbol-processing AI systems.”

Will Robots Replace Human Employment? Essay

The robotics revolution has started! Since robotics have been manufactured, the efficiency and productivity in working conditions are growing rapidly. They formed a huge leap in our lives as they became part of many workplaces. Moreover, they can implement a wide variety of tasks successfully in a record time compared to human performance. Also, they are playing a pivotal role in helping laborers in their work to be faster and more effective. “When automation or computerization makes some steps in a work process more reliable, cheaper or faster, this increases the value of the remaining human links in the production chain” (Autor, 2015). However, some employees believe that robotics will have an unfavorable impact on the workplace, all because they thought that their jobs are in danger. For instance, now accountants, laborers of construction, farmers, housekeepers, and chauffeurs are worrying about losing their jobs due to robotics “Up to 20 million manufacturing jobs around the world could be replaced by robots by 2030” (Oxford Economics, 2019). So, this will decrease laborer wages and increase the rate of unemployment in the future. From another perspective, robotics may be the main source for real disasters that are waiting to face the world in the future. This essay will discuss the impact of robotics on the workforce and how employees need to cooperate with them in fields such as accounting, workers of construction and farming.

There are so many high-risk fields that still depend on manual laborers as construction workers, who consistently facing hard and perilous working conditions. As a result, the numbers of wounds and death are constantly incrementing. “317 million nonfatal professional injuries and 321,000 occupational fatalities occur all around the world each year, so, that 151 workers sustain a work-related accident every 15 seconds” (Abdalla, Spenser Apramian, Linda and Mark, 2013). However, replacing them with robots will increase safety and permit errands to be finished precisely. For example, in China, they started to use the robot-welder, which is manufactured to pick up a big pile of boards and take them into an elevator to increase safety, instead of hiring workers, because if a laborer is injured while working particularly on this job, it could be a serious issue. Robots also will be cost-efficient in the long run as they can work for long periods with the same efficiency without taking rest. On the contrary, laborers need time to take a break, and they get bored due to the same task that they do every day, so it became a routine for them, and this affects the quality of their work.

Recently, several researches have shown that robots are superior in accounting functions rather than humans, and this affects accountants who are concerned about where they are going to fit if this occurs in the future. “Software programs attempting to replicate human experts, behavior, and expertise, store human knowledge and experience and transform it into rules thus trying to solve accounting problems and perform some accounting tasks” (Stancheva, 2006). Robots not only can be used in banking fields as they will arrange meetings, collect and count money but also, they will be quite useful in business fields to produce a higher quality of output for companies. As well as, they help to utilize the data and understand information faster and accurately so the human error will be reduced and data can be easily checked later on. Moreover, an individual’s positions will turn out to be less stressful, so employee’s tasks can be more centered around significant works that need greater liability. However, replacing accountants who are working as risk-takers with robots cannot be ideal because this type of position needs creativity and from its qualification to be able to take specific decisions when there is an issue, and robots will struggle to achieve this. From another perspective, accountants and businesses have to find the best way in which workers can interact with robots effectively. “Businesses should review their organization’s activities to assess where potential value from automation is highest and create a strategic plan that includes both capital investment and reskilling workers” (McKinsey Global Institute, 2017).

Agrarian robots which related to agriculture became one of the key patterns that will profoundly impact farming and may replace farmers too. “There is a three-in-four chance that artificial intelligence (AI) will replace farmers” (Oxford University, 2019), because they can perform many tasks, especially through planting, fertilizing corn, weed control, and scouting operations. They also can take care of farmland, reap plants, and expanding crop yields. From another perspective, they can help to assist ranchers in dealing with the issue of a waning labor force and permit them to work more proficiently. Needless to say, some countries started to prepare for the TerraSentia robot, that can be wandered autonomously through fields and analyze plants with advanced sensors to identify which is strongest and healthiest and announce back to human officials while inspecting crops. Besides, a French designer created the Wall-Ye robot, that assists with pruning and collecting grapes at vineyards, utilizing infrared sensors and scissor-hands.

On the other hand, robots have their darker side that has to be taken into consideration. For instance, preparing for the design, and intelligent software system requires many types of researches, which is quite expensive and needs an extended time to complete. Also, they are complicated in their maintenance. Moreover, you cannot assemble human knowledge in a machine because it is an endowment of nature. “Humans will always need for effective and embodied interactions with other humans, which can never be replaced by robots” (Lin, 2016). As a result, they cannot interact with unexpected situations. No matter how insightful a machine may become, it can never replace a human. Also, workers can improve and develop their working through age and experiences. However, this cannot be said about robots as they are machines that cannot have creativity or imagination. From another perspective, robots require manual labor to control them because if they become out of control, they may cause colossal disasters.

To sum it all up, it is better to manufacture robots to assist workers in achieving their tasks successfully rather than replacing them. Furthermore, as indicated by most specialists, the sort of assignments that can most effectively be robotized is those that have a serious level of redundancy in either physical tasks or data processing. Besides, with each employment taken over by the machines, there will be an equivalent number of chances for responsibilities to be finished by individuals. “Rather than robots replacing medical or accounting professionals, the latter need to work hand in hand with robots, to continue raising the value of work within their profession” (Lee, Loke, 2007). Moreover, people will wind up in harmonious connections with robots after they comprehend how to interact with them in an ideal manner, because robots perform real tasks that require human intelligence. For having a productive future, numerous specialists recommended that people and robots need to work with each other as robots need to do tasks that can be mechanized while people need to take care of the responsibilities that require an individual or imaginative touch. Furthermore, the government needs to create real solutions to survive those workers who may lose their jobs by providing educational courses and aptitudes retraining for existing and future specialists.

References

  1. Abdalla, S., Spenser S., Linda F., and Mark R. (2013). Injury Prevention and Environmental Health. (3rd ed.). https://www.ncbi.nlm.nih.gov/books/NBK525209
  2. Autor, D., (2015). Why Are There Still So Many Jobs? The History and Future of Workplace Automation. Journal of Economic Perspectives Volume 29, Number 3. https://ifr.org/downloads/papers/IFR_The_Impact_of_Robots_on_Employment_Positioning_Paper_updated_version_2018.pdf
  3. Boston Consulting Group. (2015). The Robotics Revolution. https://ifr.org/downloads/papers/IFR_The_Impact_of_Robots_on_Employment_Positioning_Paper.pdf
  4. Fook, L., Loke, H. (2017). WILL ROBOTS REPLACE ACCOUNTANTS? Journal.isca.org.sg. https://journal.isca.org.sg/2017/07/25/will-robots-replace-accountants/pugpig_index.html
  5. Lin, P. (2016). Relationships With Robots: Good Or Bad For Humans? Forbes. https://www.forbes.com/sites/patricklin/2016/02/01/relationships-with-robots-good-or-bad-for-humans/?sh=5fb0843c7adc
  6. Matthews, K. (2019). 5 Ways Robotics Will Disrupt The Construction Industry In 2019. Robotics Business Review. https://www.roboticsbusinessreview.com/news/5-ways-robotics-will-disrupt-construction-industry-in-2019
  7. Oxford Economics (2019). Robots ‘to replace up to 20 million factory jobs’ by 2030. BBC News https://www.bbc.com/news/business-48760799
  8. Schilperoort, L. (2020). 10 Common Jobs To Be Replaced By Robots Within 5 Years – Job Tradition. Jobtradition.com. https://www.jobtradition.com/10-common-jobs-to-be-replaced-by-robots-within-5-years
  9. Stancheva, E. (2018). HOW ARTIFICIAL INTELLIGENCE IS CHALLENGING ACCOUNTING PROFESSION. https://ifr.org/downloads/papers/IFR_The_Impact_of_Robot_on_Employment_Positioning_Paper_updated_version_2018.pdf

Essay on Artificial Intelligence Economy

In recent years, society has witnessed robots and machines replacing many jobs that were once conducted by humans. The questions on everyone’s minds are when will the development and advancement of artificial intelligence stop, will robots have the potential to replace every aspect of humans’ lives, and what jobs will be left? Artificial intelligence is making its way into numerous industries and as a result, disrupting the workplace environment. Industries are currently realizing the economic benefits of Artificial intelligence such as the potential to improve productivity, efficiency, and accuracy across many job disciplines- but is this entirely beneficial? As technology continues to advance, robots are becoming more intelligent and learn to perform tasks more efficiently than humans in the workplace. As a result, many people fear that the rise and advancement of the technology associated with Artificial intelligence will lead to robots and machines replacing human workers, disrupting human interactions in the process as well as them viewing the technology as a threat rather than a tool to benefit the workplace. The main question then becomes, whether society is looking at a future where artificial intelligence will become more valuable than humans in the workplace and overall beneficial for the economy.

The contribution of the technology associated with artificial intelligence in the business industry has a significant impact on the global economy. According to the September 2018 report conducted by the McKinsey Global Institute on the impact of Artificial Intelligence on the global economy, artificial intelligence has the potential to gradually add 16 percent or roughly $13 trillion by the year 2030 to the current global economic output which is an annual contribution to the productivity growth of about 1.2 percent between 2018 and 2030(Bughin, 2018, p. 1). The report further showed that approximately 70% of businesses have the potential to incorporate the use of artificial intelligence technology in some way, shape, or form by the year 2030(Bughin, 2018, p. 2). As the business industry grows, artificial intelligence could have the potential to positively affect the global economy from different perspectives such as innovating products and services and increasing the activity in the global economy(Bughin, 2018).

Cami Rosso, a journalist who writes about science, innovation, and leadership explores these positive effects of artificial intelligence on the economy by introducing the unusual concept of automated psychological services powered by the technology associated with artificial intelligence(Rosso, 2018). Rosso discusses how automated psychological services will most likely be in the form of a technologically innovative service provided through mobile smartphone apps. According to Rosso “The potential advantages of a smartphone-based psychology wellness app include lower barriers to adoption, cost, access, availability, confidentiality, privacy, adherence and a lack of perceived stigma” (Rosso, 2018, p.2). Rosso highlights the fact that the cost of using psychological wellness apps is much lower and affordable than visiting a psychologist due to a session potentially costing a couple of hundred dollars while not even factoring in the costs related to transportation and the waiting room (Rosso, 2018). Rosso further supports her argument by incorporating research conducted on the cost of smartphone apps from Satista, a German database company which states that “The average price to purchase an app in the Apple App store on September 2018, is less than a dollar (89 cents) (Rosso, 2018, p.2). This shows that consumer demand is more likely to be driven by the availability and affordability of personalized and higher-quality artificial intelligence products and services(Rosso, 2018).

Based on the research conducted by the McKinsey Global Institute and Rosso, both make a fair argument for artificial intelligence playing an increasingly important role in our global economy in many different ways. From their perspective, they see artificial intelligence as an engine of productivity and economic growth. They both further argue how artificial intelligence can efficiently generate new products and services as well as industries and markets which therefore increases consumer demand. While these may be positive aspects from a business perspective, it is very clear why this is worrisome for those working in jobs that are at risk of displacement from artificial intelligence.

On the contrary to this debate, the disruptive effects of artificial intelligence have the potential to influence income distribution, employee wages, and overall economic inequality which Tracy Staedter, a science writer, editor, writing coach, and consultant, explores in her article “How Artificial Intelligence Will Transform Our Economic Future.” According to Staedter, “the rising demand for high-skilled workers capable of using artificial intelligence technology could increase their wages meanwhile mid-skilled and lower-skilled workers’ wages may decrease because higher-skilled workers are not only more productive but are also capable of completing more tasks thanks to artificial intelligence”(Staedter, 2019, p.1). Therefore the changes in demand for labor could potentially worsen income distribution and overall affect employees’ wages. Staedter further argues that depending on the pace of advancing technology associated with artificial intelligence, if society advances artificial intelligence at a faster rate then it will create more undesirable effects due to economic market imperfections. Furthermore, Staedter states that “as more artificial intelligence machines replace routine labor, the more productivity and overall income growth will rise and the more sharply inequality will increase”(Staedter, 2019, p.1). Based on Staedter’s article it is arguable that society would be more wealthy due to incorporating artificial intelligence in the workplace, but for many workers at risk of losing their jobs due to artificial intelligence, this technological change would only strengthen economic inequalities(Staedter, 2019).

The concern for artificial intelligence replacing many jobs that are normally conducted by humans is becoming increasingly more urgent as the latest artificial intelligence breakthroughs such as self-driving cars, robots and many more attract society’s attention. As the technology associated with artificial intelligence advances, some believe that it will consistently and inevitably take over large organizations in the workforce and will immensely increase the employment rate and create social turmoil.

Similarly, Cami Rosso also explores in her article how artificial intelligence will create massive job displacement. The majority of jobs that are at risk of being displaced shortly are process-driven jobs. These are jobs that can easily be automated such as transportation, customer service, and manufacturing. More specifically, according to Rosso “the jobs more at risk include bookkeepers, tellers, telemarketers, legal secretaries, bill and account collectors, and even postal workers” (Rosso, 2018, p.1). Overall the technology associated with artificial intelligence can easily do these types of jobs more efficiently and faster than humans. As a result, society must realize that artificial intelligence will play a role in everyone’s jobs shortly- whether that means making their jobs easier or unfortunately replacing them.

The possibility of artificial intelligence competing with humans will not only lead to a fight for jobs on an economic level but potentially even intrude on human relationships in a way that an artificial intelligence companion will focus only on its owner’s needs meanwhile a human relationship thrives between the exchange of favors. In the article “Robots will probably help care for you when you’re old,” Corinne Purtill, a behavioral science, health, and technology senior reporter for Quartz explores the issues associated with robotic caregivers and companions to the elderly. Purtill describes her conversations with Robert and Linda Sparrow, professors of philosophy at Australia’s Monash University. According to Robert and Linda Sparrow “The demands that our friends even pets make on us are unpredictable, sometimes unexpected and often inconvenient,” “This is an essential part of what makes relationships with other people or animals, interesting, involving and rewarding.” “Any reduction of what is often already minimal human contact would, in our view, be indefensible” (Purtil, 2018, p.15). It is therefore arguable that the relationships between artificial intelligence and humans pose an existential threat that could potentially lead to an end of human interaction as we know it.

Likewise, in the article “Why these friendly robots can’t be good friends to our kids,” Sherry Turkle, a professor of Social Studies and Science and Technology at MIT researched the interactions between children and robots in which robots are acting as companions by imitating human interactions, evoking emotions and overall replacing the roles that are usually conducted by other human beings. Based on Turkle’s research conducted on the effects of sociable robots on children, her findings conclude that sociable robots exploit human vulnerability in particular “exercising in emotional deception” (Turkle, 2017, p.5). By allowing children to interact and build fake relationships with these sociable robots, Turkle argues that they should not be expected to learn how to interact and create real, mutual relationships with other human beings(Turkle, 2017). Although Turkle explores the interactions between children and robots rather than adults and robots, the idea can be related to the workplace environment in which these intelligent robots have the potential to manipulate human workers when collaborating and overall change the nature of human employment.

Similar to the idea of Turkle’s concern with robots not being able to understand humans’ emotional lives because “they have not been born and don’t know pain or mortality or fear”(p.5); robots can’t be friendly or emotional like human workers and as a result, there will not be a pleasant working environment filled with employee relationships. Since robots are not capable of communicating like humans, the relationships and bonds between robots and employees will remain low. Furthermore, robots in the workplace will create a negative impact on employees’ relationships and attitudes towards their jobs and employers. When the human-dominated workforce is replaced by robots, the faith that the employees had developed in the organization for which they work will be undermined as employees will begin to think that their employers are only concerned about the efficiency and productivity of the work rather than the relationships and friendly working environment.

On the other side of the debate, however, there is a strong argument for incorporating artificial intelligence in the workplace, which will come through the expansion of employees’ skills rather than the substitution of jobs. There is the potential for human workers and robots to work together flawlessly by complementing each other’s skills. Robots would also have the potential to realize when human workers are having difficulty and will be more than ready to step in and assist the worker if their job is beyond their capabilities. The best job performance will be achieved through the collaboration between humans and robots in which a good example of this would be robotic caregivers.

Lousie Aronson, a practicing geriatrician and Professor of Medicine at the University of California, San Francisco, argues in her article “The Future of Robot Caregivers” that the quality of her patients’ everyday lives would be substantially better by incorporating the use of a robotic companion as well as a caregiver rather than the alternative of her patients being left alone. Aronson specifically states that her patients’ everyday lives consist mainly of “loneliness and disability” (p.1) because “we do not have anywhere near enough human caregivers for the growing number of older Americans” (Aronson, 2014, p.3). Aronson further argues that robots could help solve the employment shortage of caregivers by strategically incorporating them into human caregiving practices(Aronson, 2014). Aronson acknowledges the fact that “caregiving is hard work”(p.1), which is a full-time tedious job that can put a strain on a caregiver’s health, job, and relationships. Ensuring that an elderly patient is properly fed, bathed, dressed, and medicated can be “awkwardly intimate and physically and emotionally exhausting”(p. 1). Additionally, Aronson imagines a robot that is capable of working throughout the day while taking care of the patient’s responsibilities such as chores, and ensuring the patient can move around safely. Aronson further imagines a robotic caregiver who can interact with the patient by even telling jokes and reading aloud. As a result, the desire for a caregiver to hand over some of these responsibilities involved to a robot becomes more crucial.

Artificial intelligence has the potential to remove the stress of tedious and manual work for employees by making things automatic while allowing employees to keep their jobs and apply new skills, working in collaboration with robots. But artificial intelligence can take a turn for the worse and make the employee’s fears of losing their jobs a reality. The future of artificial intelligence isn’t exactly clear but it will have an impact on the workplace and economy- whether that impact is positive or negative, society must have to wait and see what the future holds.

Although I do not have an affirmative stance on this issue, based on the research conducted by the various authors, I can conclude that as artificial intelligence transforms the workplace and economy it will also transform society as a whole. However, I would argue that it is too soon to come to a definitive answer on whether society is looking at a future where artificial intelligence will become more valuable than humans in the workplace and overall beneficial for the economy because we have not seen the evolution of artificial intelligence in the long-term- whether it’s leading humanity towards making the world a better place or leading to a disaster. As humans, we always embrace new technologies that change our everyday lives, but it is important to remember that the kind of technological changes we are embracing will create positive and negative outcomes that will affect humanity for generations to come.

Reflection on Artificial Intelligence Essay

How Artificial Intelligence (AI) Is Reshaping the Accounting Industry

Nowadays artificial intelligence is taking over most industries, and accounting is one of these industries. It is very interesting to see how accountants are benefiting from artificial intelligence by applying it daily. One of the major benefits of artificial intelligence is that it reduces considerably the number of hours required for the completion of a routine task. Accountants can get and process the data at a much faster pace. Another interesting fact is how bots are already capable of categorizing different data and tasks, being able to distinguish between similarities and differences of various data. One of the most discussed arguments about this topic is whether artificial intelligence is going to reduce the demand for accountants. Based on the very latest statistics, AI has already substituted humans, performing several tasks that before could be completed only by hired accountants. However, the number does not guarantee us that anytime soon we will have a big revolution in the field of accountancy. Nowadays accountants are becoming more and more involved with technology, something that used to be unimaginable before. It is great to see how accountants are wisely using technology for efficiency purposes. It looks like accountants have happily embraced the revolutionary AI and want to use it to improve their overall performance and efficiency. As I mentioned above, the major concern is that AI may take over the entire field of accountancy and thus drastically reduce the need for accountants. As of today, accountants do not seem to be very concerned about this possible future phenomenon. It is very hard to say how this field will look ten years from now, as changes happen every day, mostly in an unpredictable way. When we analyze the areas in the field of accountancy that have been affected the most by artificial intelligence, we find out that in the first place are administrative procedures. For example, for every tax report that accountants need to come up with, more than half of their normal work (collecting and organizing the data) is completed with the help of artificial intelligence. The latest in the field of artificial intelligence has indeed brought up a controversy regarding accountants and their usefulness in the future. On one hand, we have people who are already certain about the fact that we will not need accountants in the future due to the explosion of artificial intelligence. On the other hand, some people believe that accountants are fundamental for society and that artificial intelligence can never fully substitute them.

My personal opinion on the topic

To my opinion, artificial intelligence is a topic that will be discussed continuously in the present and future. Artificial intelligence is not only impacting the field of accountancy. We read about the huge impact of artificial intelligence everywhere: in the medical field, in the engineering field, in the aviation field, etc. The greatest part of society is concerned about the possibility that artificial intelligence and bots will take over professions that have been historically performed by humans. It is unavoidable to talk about this topic and analyze the impact of artificial intelligence. Do I think that artificial intelligence will eliminate the need for accountants? Not, that I completely disagree with this statement defended by a good number of people. On the other hand, I do see artificial intelligence as a positive influence in the field of accountancy. It is very promising to see how accountants have embraced artificial intelligence and how they see it as a tool to improve their performance and efficiency. Why do I think that artificial intelligence will never fully substitute the need for accountants? To begin with, accounting is the language of business. To be accepted by everyone in society as the language of business means that this field has particular importance. Artificial intelligence can assist with the completion of numerous administrative procedures. The completion of these procedures by the bots would help accountants in the way that they would have to focus more on decision-making, something that bots are not able to substitute for the human mind. So, artificial intelligence would help improve efficiency in several fields of financial accounting. What about managerial accounting? I doubt the fact that artificial intelligence will eliminate the need for the top management team that is responsible for decision-making. Why do I believe this? Because situations in the real world are never the same (or at least not most of the time). How can a programmed device make important decisions in different situations? As I have mentioned above, I am completely the implementation of technology in the field of accountancy, but it does not mean that it will save the world by diminishing the request for accountants. We should focus on the positive fact that AI is having a positive impact!

Artificial Intelligence and Robotics Essay

The human race is very distinct. They are developing technology according to their daily needs. They are modifying technology according to them as they are making robots which are going to help them in their household chores as well as in their office needs. Artificial intelligence is a part of human advancement because now they are performing some unprecedented tasks that seemed impossible in the past. The same thing is true with robotics even nowadays technicians are developing robotic limbs for people.

Artificial intelligence and robotics. Where it all began.

From the early 1950’s we had philosophers and scientists who were thinking about the concept that “machines can think”. From The Tin Man from the Wizards of Oz to the entire series of Star Wars and Star Trek. Then we saw some of the movies in which we have witnessed advancements. However, some of the researchers were depressed with this thought because every coin has two sides one is positive and the other is negative. If machines worked according to humans, then it is going to be very good, but some researchers are mulling over the thought that if these machines revolted against humans as we have seen in the movie Terminator.

We can also see the change in the computers this is also an example of AI. The first generation of computers nearly were of the size of a room and then came the simple desktop computers after came laptops and then the era of tablets arrived but nowadays a simple mobile phone is capable of doing the work of a mobile phone as well as of a computer and tablet. The latest example is the Samsung Galaxy Fold which they released on the 10th anniversary of Galaxy smartphones this phone is divided into two portions and there is a crease in the middle of the phone from where it bends and becomes a single phone. It’s a phone cum tablet.

Where artificial intelligence and robotics stand these days.

This is the era of big data and with artificial intelligence, we are compressing our data and using it for big works. We can store our work from remote locations to a safer location. Such as it is done in Microsoft Azure because, in Microsoft Azure, we can save our work at different three locations just to protect the work from being stolen and to make a better backup. Nowadays artificial intelligence is everywhere from banks to hospitals and from education to entertainment. We can see that artificial intelligence is taking over everything around us there are smart classes in schools that learn with the help of computers if the teacher is not present. In hospitals we can see that to solve the problem of cues there are little kiosk machines to book appointments and we can also see that these days doctors also have computerized equipment (articles) with which they inspect the patients. In banks, there are ATMs which help us to withdraw money from banks but with this past technology nowadays we can also deposit money into our account and to meet anyone in person we can book our appointment via a little machine which gives us a small number according to which our turn arrives. If we talk about entertainment, then we can see the lightings everywhere which glow in any kind of sequence for instance we can see Flinders Street Station at night. There is a sequence of lighting that moves from right to left. In movies also we can witness artificial intelligence in the form of CGI and animation.

Benefits of artificial intelligence and robotics.

There are several benefits of robotics and artificial intelligence according to Forbes. These benefits are in different sectors and are in different ways.

    1. It enhances efficiency and throughput for example we can see the automobile industry it took many years to set up this industry but with the help of artificial intelligence, it is saving more money, creating jobs, and making revenue.
    2. It helps humans to do what they want to do as humans are unable to do tedious tasks whereas these machines do these works for them and they never charge them anything other than a little maintenance.
    3. There is a myth going on in society that machines will consume the jobs of humans but in reality, this is never going to happen because the fusion of humans and machines is going to create many jobs because there is someone to create these machines mechanically and someone is there to design them and develop their algorithms. Finally, these machines are never going to maintain themselves, so companies must attain new teams for the maintenance and repair of these machines daily. This is a good revenue for future.
    4. There will be a loss of control witnessed in the future because excess of everything is bad if these machines get excessive power, naturally, they are going to break down and do such tasks that only a human can repair so there will be a team for these such kinds of scenarios.
    5. Machines are going to enhance our lifestyle. Simple tasks like answering emails and messages to answering calls. For example, whenever we call somebody or some customer service always a computer answers, and then it leads us to talk to a human being.
    6. Artificial intelligence is helpful in medical study as image-based studies could be comprehensive in the future the upcoming era is of wealthy personalities but with the help of artificial intelligence every peer will be able to access any kind of medical help.
    7. There will be an increase in automation because artificial intelligence will be adopted by every business. After all, it is going to do those kinds of work that require intensive human labor and are nearly impossible to do. The major benefit for businesses will be a reduction in the operational cost of developing things.
    8. It is going to elevate mankind because machines can solve problems, answer questions, and innovate with numbers that are beyond the reach of human beings. This thing could be used for the betterment of society. These concepts can make the lives of human beings easy as machines have better problem-solving and better decision-making skills.
    9. It has been studied that computers make fewer errors than humans and this could be a chance to know our history with artificial intelligence because it is going to make fewer mistakes as compared to human beings. The history that we are studying now is correct but if we take a deeper look at it only then we can see that some topics of our history are just assumptions that maybe this thing will happen here. Some people say that artificial intelligence can provide us with accurate history.
    10. Artificial intelligence is going to expand the creativity of humans as it is witnessed in movies. In Star Wars we can see talking and walking robots and we can see droids or big airplanes, or we can take the example of the movie 2012 in which they showed how the world is going to end creatively.

Effects of artificial intelligence and robotics.

It is said that every positive thing has a negative side. Artificial intelligence and robotics also have some negative aspects on human beings. Humans are going to become extremely lazy because they will be having machines on their side to do all their household chores from washing dishes to taking their dog on a walk. This is going to make obesity a huge hazard and with obesity, humans are going to have many health-related problems. Yes, people will have robots and talking devices in their homes but there will be a time when they are going to miss their old life and after missing their life, they are going to feel very depressed. Also, machines are going to snatch all the jobs from humans because machines are very much more efficient in every work than humans. Machines make fewer errors than humans so every employer will be going to prefer machines over humans for a hundred percent productivity rate and they are going to make accurate products. The other hazard of robotics and artificial intelligence is fictitious, but it could be true in the future, also some researchers think it this way if the machines turn against us. We are going to spoil our lives by giving all our information to these machines such as our passwords and bank details so these machines can use the details against us. And, some think it is a more dangerous way as shown in the movie Terminator. Every machine is hackable so someone distinct in hacking can hack the robot and use its memory to find out about our details to use against us as extortion tokens. People are innocent they want to know more about these machines, but these ideas are stopping them from using machines.

Future of artificial intelligence and robotics.

The future is unpredictable but we can only assume little things about the future. These assumptions are, it is said that technology is increasing on a rapid scale and we are the first generation to witness all of these because we have witnessed the advancement from the CRT monitor to the LED screen from the mechanical mouse to the optical mouse, and from simple speakers to smart speakers such as apple homepod and Amazon Alexa. In the future, we may see driverless cars on roads in nearly ten years the testing for these cars has started in some parts of the world and there is an idea that these cars will have the full information about the person who is traveling in them. There was a concept issued by Uber which was a joint venture with Google. In this concept they have said that in the next ten years, we will be able to see driverless Uber cabs, these cabs are going to fetch data about the customer from all the social sites such as Facebook to LinkedIn and also check the local police department for the person. Moreover, there is also an assumption that in the upcoming twenty years, we will be able to listen to computers on the phone. We still hear computers talking on the phone but they speak English or the preferred language in the future, it is going to run a double language protocol in which it is going to detect the language of the speaker and translate the answer into the language from the basic language. It is also said that artificial intelligence could become a key to world peace because every nation is developing in this era and they are all helping each other in one or many ways so this is possible to form world peace around the globe.

Conclusion

Machines are everywhere we just need to learn about them, and we can make our future bright. After doing a brief research about artificial intelligence and robotics I concluded that our future is going to be very bright because of technology. There are some people with fear in their minds about technology. They just must keep in mind that once we were afraid of riding bicycles, we had a fear of falling in mind, but we survived and here we are driving cars. The people who created the first ever machine never thought about failure whether it was a computer or a car or an electrical smart car like Tesla. These people just did what they thought was right for society and they also had a vision for society. Artificial intelligence and robotics are also a beautiful gift from the creators of technology for us.

Compare and Contrast Essay about Artificial Intelligence

This report will discuss Artificial intelligence and its impact on the industry we are working in. In other words, AI has changed the way both humans and computers interact with each other. It is considered to be the best technology in terms of speed and efficiency. As a result, organizations are always ready to accept changes in terms of new technology.

In my opinion, Accountants are really happy with the advancement of AI as it has made their work easier in terms of advisory and audit services.

This report is divided into two sections – Learning and application.

Learning will explain our understanding of artificial intelligence and its tools. It will also depict the advantages and disadvantages of AI and its technologies.

The application will explain how AI will affect our careers in Accountancy in the future and how can we make sure that our respective jobs are not replaced by robots.

Part 1 – Learning

Artificial intelligence – Meaning

Artificial Intelligence also known as machine intelligence is the ability of a computer like a robot to perform a task assigned to an individual human. In the modern world, computers are designed in such a way that they can mimic the work that a human can perform.

“The major objective of AI is Learning, reasoning, and perception.”[endnoteRef:1] [1: Jake Frankenfield, “Artificial Intelligence”, Last Updated January 22, 2020, https://www.investopedia.com/terms/a/artificial-intelligence-ai.asp

Image source – Silke Otte, “How does Artificial Intelligence work”, Last accessed February 23rd, 2020, https://www.innoplexus.com/blog/how-artificial-intelligence-works/]

Components of Artificial Intelligence

    • Machine Learning: “ML as an essential tool of AI enables the computer to naturally learn and function with computers without being unequivocally modified. The main objective of ML is to avoid human support in the learning process.” “Google search engine is the perfect example which defines Machine learning.”[endnoteRef:2] [2: Cade Metz, “AI Is Transforming Google Search. The Rest of the Web Is Next” February 4th, 2016, https://www.wired.com/2016/02/ai-is-changing-the-technology-behind-google-searches/]
    • Deep Learning: “Deep learning enables decision making. Under deep learning, data is collected from various sources from where it’s easily assessable and then can be easily shared via cloud computing.” Deep learning also leads to speech recognition, such as Alexa. “Cloud computing is the advanced technology in the computer world which raises the computing technology to an above level. In this big storage is provided to multiple users to save their data for future use. Through this, a user can retrieve and store his data over the internet anytime at a low cost.”[endnoteRef:3] [3: Microsoft, “What is cloud computing?”, Last accessed February 22nd, 2020, https://azure.microsoft.com/en-ca/overview/what-is-cloud-computing/#benefits]
    • Neural network: “Neural network as a part of AI is a hardware or software which performs the same function as performed by neurons of the human brain. The artificial neural network performs tasks such as data analytics, face recognition, and many more.”[endnoteRef:4] [4: Vaishnavi Putcha, “Role of Neural Networks in Artificial Intelligence,” Last accessed February 22nd, 2020, https://mindmajix.com/neural-network-in-artificial-intelligence]
    • Computer vision: “CV as an integral part of AI enables the computer to create strategies to be able to see and comprehend advanced pictures.”[endnoteRef:5] [5: Jason Brownlee, “A Gentle Introduction to Computer Vision,” March 19th, 2019, https://machinelearningmastery.com/what-is-computer-vision/]
    • Cognitive computing: “Cognitive computing as a part of AI makes use of a computer to recreate human thought by making use of computer and tries to improve the interaction between machine and human “[endnoteRef:6] [6: Margaret Rouse, “Cognitive computing”, Last accessed February 22nd, 2020, https://searchenterpriseai.techtarget.com/definition/cognitive-computing]
    • Natural language processing: NLP allows the computer to understand and interpret human language to make it understandable.

Advantages of Artificial Intelligence

    • Time and cost-efficiency: AI made use of a large amount of data in the blink of an eye which human labor can take numerous hours to accomplish. In other words, the machine is more efficient than humans. They don’t take a break nor do they get tired. We can use machines at any time of the day which saves our cost and time.
    • Enhance customer experience: In this modern era, humans enjoy how Netflix provides them with the best movies anytime, how Alexa prepares their shopping list, and how Uber provides them with the best services at affordable rates. This is all possible due to Artificial intelligence. Thereby AI enhances customer experience.
    • Reduced human error: AI reduces human error. Computers make use of algorithms and programming that prevent errors and provide data accurately.
    • Support services: Many big and large organizations use digital assistants to provide support services to their customers which reduces the need for human labor. This increases productivity in the organization.
    • Better lifestyles: Every day humans make use of certain applications such as Apple’s Siri, Google OK, Amazon Alexa, and Windows Cortona which improve their quality of life. Thus, AI has become an essential part of our lives and is used for day-to-day activities.

Disadvantages of Artificial intelligence

    • Unemployment: AI involves making use of more machines and less human force to make work more efficient. This will lead to unemployment among the labor force and will create social issues in the economy.
    • High Investment: The creation of AI involves a large sum of investment and human efforts as it involves machines that make use of hardware and software that need timely update and repairment which involve high costs.
    • No Creativity in AI: Machines lack creativity, unlike humans who can think beyond. As a result, with time, the technologies are outdated.
    • No emotions: Unlike humans, Machines lack emotions. They can only perform a task that is programmed and cannot go beyond their functions.

Technologies in – Artificial intelligence

There are an immense number of technologies in AI and some of them that affect our career path are explained below –

    • Speech recognition: Speech recognition transfers human speech into a format that is easily understandable by computer for processing. For Instance, – SIRI “Speech recognition is also used in many software such as Mac, Windows, Briana and many more.” “Baker Tilly an accounting firm started using speech recognition to write their documents which makes work easier. This enables them to save time and cost.”[endnoteRef:7] [7: David brown, “ Accounting for speech recognition”, Last accessed February 22nd, 2020, https://www.computerweekly.com/news/2240042034/Accounting-for-speech-recognition]
    • Decision management – AI along with decision management enables companies to make better decisions by providing them with up-to-date information.

AI thereby debits the ROI and ROE of the company.

    • Biometrics – “Biometrics are used for security reasons. It deals with the recognition of the physical feature of humans. It identifies how people react to online applications”.[endnoteRef:8] Big accounting companies also have biometrics of their employees to access them to use confidential information. [8: Radhika Madhavan, “AI in Biometrics and Security – Current Business Applications”, Last updated May 20th, 2019, https://emerj.com/ai-sector-overviews/ai-in-biometrics-current-business-applications/]
    • Peer-to-peer network- “Under this AI technology the PCs are connected and files are shared using the network without the use of the server.”[endnoteRef:9] “Many accounting software such as Sage 50 made use of peer to peer network or client-server network” and “companies such as Deloitte provide peer to peer technology.” [9: James Cope, “What’s a Peer-to-Peer (P2P) Network?”, April 8th, 2002, https://www.computerworld.com/article/2588287/networking-peer-to-peer-network.html]
    • Cyber defense – Cyberdefense in AI detects and protects from uncertain attacks on data and infrastructure. Accountant needs to be conscious about protecting their data from an outside agency and need to understand cybersecurity risks.

Companies that provide AI –

    • Amazon – Amazon has provided numerous AI technologies and Amazon Alexa is one of the most famous among them.
    • Microsoft – Microsoft has provided the economy with the most prominent product in terms of AI – Cortona
    • Anki – One of the biggest revolutions created by Artificial intelligence was the Robot revolution by Anki which provided the world with products such as Cozmo and Fast and Furious
    • Intel – “Recently Intel provided the OpenVINO toolkit that was used in many applications of Self kiosk checkout and Industrial robotics”

Other than this, Companies such as Sound Hound, AIBrain, and Google also provide AI services.

Part 2 – Application

Artificial Intelligence in an Accounting Career

In this modern economy, Artificial intelligence is used in an accounting career to analyze a large amount of data in a short period which would have been difficult for a group of individuals. AI in accounting saves time and cost for the accountants who in turn can invest their time in some other strategic work that requires attention.

“According to a survey by MIT-Boston consulting company around 79% of the people believe that AI leads to an increase in productivity.”[endnoteRef:10]AI in accounting improves productivity and provides accountants with more time to be efficient. [10: Alison Snyder, “Executives say AI will change business but aren’t doing much about it”, September 6th, 2017, https://www.axios.com/executives-say-ai-will-change-business-but-arent-doing-much-about-it-1513305300-e041775d-a56b-4db7-be1f-47d69b060427.html]

“Following is the list of work in accounting that Is performed by Artificial intelligence-

    • Audit: AI provides security to store a large amount of data in the proper format. During auditing, the auditor can easily track the files and prevent fraudulent activities. With the medium of AI, they will be able to audit the financial statements accurately and reliably.
    • Accounts Payable/ Receivable: AI In accounts payable and receivable provides crucial information such as who are the debtors and creditors. What is the amount owed from and to them it also depicts the number of contracts a company has and what are the essential clauses that need to be kept in mind thereby providing efficiency and effectiveness in time and money.
    • Year-end statements: Artificial intelligence provides a year-end statement from across the sources and merges them into one file. This saves time and effort for the accountant and they can easily prepare the year-end financial statements.
    • AI Chatbots: AI chatbot provides an accountant with certain support services in terms of a certain area such as bank balance.”[endnoteRef:11] [11: Renuka Rana, “How Artificial Intelligence will impact the accounting industry”, November 9th, 2018, https://www.acecloudhosting.com/blog/artificial-intelligence-impact-accounting/]

AI Revolution

The high-speed growth of AI has driven small and large companies to Adapt to technology before anyone else. An industry that encourages the technology will grow and prospect in the long run. To succeed in the long run, the industry particularly accounting needs to –

    • Trained all the accountants and aspiring accounts with AI skills and technology to ensure the smooth interaction of machines and humans.
    • The employees must be aware of various new techniques that might affect them in the future, and they should be ready to deal with them.
    • “The new AI Revolution will increase productivity by replacing repetitive tasks.”[endnoteRef:12] [12: Stephane Kasriel, “6 ways to make sure AI creates jobs for all and not the few”, August 14th, 2017, https://www.weforum.org/agenda/2017/08/ways-to-ensure-ai-robots-create-jobs-for-all/]

To ensure company success in the future the accountants should understand what AI is and they should educate themselves to continue in the long run.

According to The Canadian Public Professional Expert, the accountant will only gain from AI as AI will displace the task but will not replace the jobs of an accountant.

However, in the following prospect, AI will affect CPA work –

    • With the help of AI tools, the accountant does not have to categorize the expenses as the software itself will do it which will save a lot of their time and efficiency.
    • The “AI drone technology”[endnoteRef:13] also proved to be very beneficial for auditors as the auditor does not have to personally visit and count the inventory. Thus, auditors can focus their time on other important work. [13: Ethan Rotberg, “Eye in the sky: How drones are assisting with audits”, CPA, February 2nd, 2019, https://www.cpacanada.ca/en/news/innovation/2019-02-12-audit-drones]
    • Not only this, With the help of AI, the accountants can collect and analyze data from various sources and predict their future course of action.
    • “Overall In the AI revolution, The audit process will be completely changed and prestigious accounting firms will generate revenue using Auditing algorithms or Audit data analytics .”[endnoteRef:14] [14: CPA, “Audit data analytics guide”, Last accessed February 22nd, 2020, https://www.cpacanada.ca/en/business-and-accounting-resources/audit-and-assurance/canadian-auditing-standards-cas/publications/cpa-canada-audit-data-analytics-guide]

Future Role of AI in Accountancy –

AI will play an important role in accounting shortly because technology will never be outdated, and accountants have the opportunity to gain experience and knowledge to survive in the AI market.

The situation is similar to knowing Microsoft Word and Microsoft Excel. Anyone with an accounting background who doesn’t know how to operate them will not be able to survive and will be outdated soon.

“Many of the leading accounting software providers use AI technology in their Software such as Sage 50, Xero, Intuit to provide several services such as Bank reconciliation, auditing of financial statements, preparing invoices and many more.” This depicts the importance of AI shortly.[endnoteRef:15] [15: Jeb Su, “Why Artificial Intelligence Is The Future Of Accounting: Study”, January 22nd, 2018, https://www.forbes.com/sites/jeanbaptiste/2018/01/22/why-artificial-intelligence-is-the-future-of-accounting-study/#1b281800337b]

“ Not only this many of the big universities and schools are incorporating the DBMS (Database management system ) into their accounting curriculum to train aspiring students about the urge and need of Artificial intelligence.”[endnoteRef:16] [16: Finance Voices, “ Is artificial intelligence set to replace Accountants in the future?”, August 9th, 2018, https://finance.toolbox.com/articles/is-artificial-intelligence-set-to-replace-accountants-in-the-future]

Further, irrespective of whether the company is small or big it needs to adopt AI technologies now or in the future to cope with the technology. Employees can be trained by organizing workshops and seminars so that they realize the urge for AI in the accounting sector which makes work easier and more efficient.

Overall, Artificial intelligence is not likely to replace accountants in the future. In other words, Accountants are essential to check if the work done by the AI is accurate or not. Thus, Accountants are the backbone of the economy no matter if the world is surrounded by Artificial technology.