Artificial Intelligence or AI is defined as the capacity of machines and software to exhibit or imitate a sense of cognitive intelligence. The idea behind AI holds great potential and yet also raises many concerns. In fictions, scientific and otherwise, developing AI tools and applications, capable of thinking, learning and, reacting like living beings doesn’t end very well. But in the real world, the concerns it generates are not that grave but does, however, pose the threat of a revolutionary disruption trend similar to that of cloud accounting.
There is no need to deny the fact that AI can become an invaluable business enhancement tool in professions where significant training is a necessary prerequisite. Professions where technical precision and right-minded judgments are necessary such as accounting also has great scope for AI applications. In fact, a report from Deloitte states that in the very near future, AI could help develop a whole new paradigm of services, and product, creating a whole new market with huge investor profits.
Niche business areas like customer service, research and development, logistics, sales, and marketing also have great potential for AI applications. Although AI as a technology is still in its infancy, a report from the European Commission states that the global market for AI and AI applications grew from €700 million in 2013 to €27 billion by the end of 2015.
Similar to the cloud accounting disruption in the industry a few years earlier, accountants and the accounting industry in general, will …