What is artificial intelligence and how can you harness its power?

“The world, as we know it, is living through a period of extraordinary change, and a big driver of this change is artificial intelligence (AI) and machine learning (ML).” -  Alexander Hagerup, CEO of Vic.ai

AI is one of the most sought-after technologies of the era. It is used across industries, ranging from healthcare to transportation to even accounting. But, what exactly is artificial intelligence? 

In today’s article, we’re going to discuss all things related to Artificial Intelligence and Machine Learning to help you get a better understanding of whether this up-and-coming technology may be the answer your business has needed since day one. 

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What is artificial intelligence (AI)?

Artificial Intelligence is the ability of machines to simulate the cognitive functions of human beings through complex computer systems. It's the intelligence technology that powers Siri, Alexa, Google search, Netflix, and many other technologies that are an integral part of our lives. 

AI is all about making computers think like humans. If you're having trouble wrapping your head around what exactly that means, don't feel bad. It's not easy to conceptualize! Let’s take a look at a few examples. 

Examples of AI 

The best way to understand it is to picture an AI-powered computer doing something you do every day (but without human intervention or guidance). For example, if you went for a run at 6 AM every day and stopped by Starbucks on your way home for a Vanilla Bean Frappuccino with extra whipped cream, an AI-powered computer would be able to recognize that pattern and order your drink before you even arrive at the store.

AI can also be used to recognize patterns in data sets. For example, let’s say you want to go to one of your favorite restaurants in the city, but you don’t want to hit the dinner rush. By doing a quick Google Search, the Google algorithm is able to tell you when the restaurant’s busy times are and the not so busy times. By using this Google feature, you can say goodbye to long wait times! Pretty cool right? 

Due to the pitfalls of automation or lack thereof, 69.8% of AP professionals want to innovate accounts payables to save time and 37% want to innovate to reduce payment errors. Artificial intelligence can provide predictive reasoning to make decisions about an invoice after seconds of ingestion.

Autonomous invoice processing can help save time and reduce errors by using artificial intelligence to run the accounting process from beginning to end, essentially mimicking human decision-making. It removes room for error by intelligently selecting invoices and expenses that meet a certain confidence level, then enters them automatically, and sends them to approvers without requiring any data entry or classification review beforehand.

[Related Article: How to speed up your invoice processing workflow]

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Why AI? 

Effective AI takes on the burden of repetitive daily routines which can pull you and your team away from other important tasks that require human effort (such as managing complex client service issues, giving processing insights, and generating ideas to grow your business). By implementing AI software into your everyday processes,  you can reduce overall costs associated with inefficiency and save your team time in the long run. 

So, what’s the difference between AI and Machine Learning? Let’s define Machine Learning. 

What is machine learning?

Machine Learning (ML) is a subset of AI that learns patterns and habits to improve the accuracy and reliability of the system. Just like humans, ML learns from its past behavior and optimizes its functionality to make better decisions/actions next time. It’s only when Machine Learning and AI work together that you’ll be able to offload more and more work from your plate and onto the machine.

The power couple: AI & machine learning

Both AI and Machine Learning are integral for automation software and are used to identify patterns, errors, discrepancies, and potential fraud. At Vic.ai, we’ve created the perfect blend of AI and Machine Learning to create an autonomous accounting software to place your business’ accounting on autopilot. 

We aren’t going to tell you whether you should or shouldn’t adopt AI and Machine Learning into your business. But we will tell you that the rate of AI adoption is just going to continue to grow year over year. Are you going to adopt or be left in the rearview mirror of the past? 

Your top 5 priorities to scale and maximize growth 2022

Are you and your team bogged down by tedious processes with zero time to work strategically and take your company to the next level?  Business leaders face unique challenges as we enter 2022, from supply chain disruptions to labor shortages.

Digitizing workflows and operations should be regarded as one of the most crucial undertakings for the coming year. The digitization taking place, particularly in accounting and finance departments within U.S. companies, has accelerated rapidly over the past year, for a good reason.

Talent retention has become an acute issue for business leaders in today's environment. According to the Microsoft Work Trend Index, over 40% of the global workforce is considering leaving their current employer, and 46% are planning to make a significant career pivot. The majority share of employees has only stayed in their current roles out of security during the pandemic. One in four employees wants to quit their job because of bad business processes, which is why business leaders need to identify tedious processes that can be updated by technology.

When the going gets tough, the tough get going – this is the time to tackle the most critical issues. Start the year ahead of your peers by downloading the exclusive playbook outlining the top insights for finance leaders 2022.

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