The artificial intelligence hype is here, and there is no escaping its spotlight, good or bad. Many companies are promising that their products use AI when in reality they don’t. Take Builder.ai, for example, which used 700 humans overseas and claimed it was “AI.” Not surprisingly, the company shut down. Over the next few years, we will continue to see new AI solutions emerge and legacy businesses adopt AI to keep up.So why all the hype?When the internet was first released, it was promised to be transformative to the way we live and work. It was met with a lot of skepticism, distrust, and denial. However, it was correct. Across the globe, the internet has been transformative, for better or worse.Just like the internet, AI is here to stay and going to transform the way we live and work. Steve Jobs called the computer the bicycle for our mind because it could dramatically increase human productivity. If the computer is the bicycle. AI is the motorcycle of the mind, doing many tasks for us, especially when it comes to tasks that have been extremely manual and repetitive for years.One area that is ripe for transformation is how finance and accounting operate today. Many of the tasks are rule-based, manual, arduous, and siloed in spreadsheets that traditionally consumed countless hours. AI can be trained on vast datasets of financial transactions, enabling it to recognize patterns, flag anomalies, and even predict future trends. This capability is being deployed across the entire spectrum…
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