Cost savings associated with payroll and other personnel costs
Artificial Intelligence (AI) is not a new phenomenon, but it is still a growing concern for many industries. While the human element remains the most important factor in most businesses, the accounting industry is not exempt from the threat of new technologies. If you were the owner of a medium to large company, how could you use new technologies such as AI to support your daily operations? Select and discuss one of the options below.
Option A: Cost savings associated with payroll and other personnel costs (i.e. training and development, employee hiring)
Option B: More accurate and efficient financial reporting (i.e. reduction in human errors, increased productivity)
Part 2: Respond to a Peer
Read a post by one of your peers and respond, making sure to extend the conversation by asking questions, offering rich ideas, or sharing personal connections.
Good afternoon class and Professor Henryhand!
It is no secret that new technologies are making their way into the employment world, reducing the need for actual human employment is some fields.There have been toll booths replaced with electronic machines that let you simply swipe and go, fast food chains have begun replacing cashiers with computerized systems that take your order and accept payment, bill can all be paid via an automated messaging systems, so on and so forth. Of the two options in this week’s discussion post, option B, More accurate and efficient financial reporting, would be the more tactical way to go when it comes to implementing AI operations. While computer systems are also capable of making mistakes, statistically they are far less likely to make billing or financial mistakes then humans, however in my office we utilize both, AI and human efforts and cross check the two at the end of each day to ensure minimal to no mistakes. Additionally, option A could be considered a more personal operation needing the human thought process. There are often special circumstances when it comes to things such human resources, pay roll, cost savings, so on and so forth, computer systems could easily overlook these things.
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