Overview
Discussion #1 - Emerging Technologies
For your initial post, comment on one of the following prompts:
Considering the emerging technologies (AI, Bitcoin, Blockchain, High-Frequency Trading, etc.) that impact financial decision-making, how would you go about recommending any or all of these tools to your company/division/agency?
Many of the technologies listed above are all still emerging and with the exception of high-frequency trading, What are the constraints? What are the major concerns? For example, what would prevent you from dumping your bank account and working entirely with Bitcoin? Would you be comfortable banking at an institution that replaced human tellers with Alexa?
W8: Discussion #2 - Final Reflection
Think about where we started – building financial statements, ethics, time value of money, government bailouts to where we ended, AI in Accounting. Consider all of the cases you have studied. What would be different if artificial intelligence had been involved? Think about how different outcomes would be for the organizations we have studied as they face a technology-driven future and the risks that arise as a result.
Reflection enhances your critical thinking as well as your learning. Be honest...there is no right or wrong answer here.
Assignment - Artificial Intelligence in Accounting
This final assignment for the course will bring the growing field of artificial intelligence into the conversation. As you noticed in the article, “The Robots are Coming for Phil in AccountingLinks to an external site.”, artificial intelligence and robotics are no longer confined to the manufacturing floor or the warehouse, but are now a fact of everyday life.
As artificial intelligence (AI) evolved, it started to be applied in a wide range of industries and functions. Its use allowed for the automation of data processing and handling. Many AI functions involve the use of robotic process automation (RPA) as a tool and machine learning skills to imitate human thinking. It could lead to increased productivity, improved accuracy in data input and processing, optimized revenue, and reduced cost. When AI was used in the accounting function, it could be applied in the areas of accounts payable, accounts receivable, procurement, expense management, consolidation, and trading management, among others. The results also assisted with internal control, compliance, and auditing as well as in making more informed management decisions.
Please review the Case Study, "Artificial Intelligence in Accounting" (available through your course pack). This case study discusses the development of a proposed workflow using a variety of IT tools to improve speed and efficiency in the accounting process. Your assignment is to examine the costs and benefits and make a final recommendation to management. Please include at least three options, including your recommendation, and using information from the case, the readings and lessons this week and any outside research in formulating your justification for your recommendation. How you justify your recommendation is more important than the options you choose or the recommendation you make.
Your submission should be in the form of a 3-5 page memo to the Executive Vice President and CFO, Jimena Abantos.