Artificial intelligence, and relatively with its permanent growth, continues to transform our daily life and impact its course. Its remarkable influence reaches all areas, from home automation, medicine, sports and even the financial field. Indeed, all business activities are concerned, such as accounting, wholesale and sale details. The use cases continue to multiply according to the needs expressed. These cases illustrate the complementarity between the expertise of the human being and the great power of cognitive systems endowed with the capacities of reasoning. Indeed, by means of robots and chatbots armed with intelligent heuristic algorithms or machine learning, several tasks can be executed. 

Thanks to machine learning algorithms, automated checkout is made possible and feasible, more specifically computer vision machine learning algorithms and those of pattern recognition. Within the computer vision domain, computers are teaching themselves to recognize patterns and products in images. In most cases, the retailer decides to implement an accompanying application (with personalized QR codes or barcodes) that consumers should use when entering a store. Consequently, the machine learning algorithms know which customer to be served afterwards, when he/she leaves the store. Thanks to camera footage and sophisticatedalgorithms, the technology is able to recognise when an item is picked up and identify the particular item. Even if a consumer eventually decides to forsakean item, on a random shelf, the machine learning algorithms will be able to discernthis action and remove the concerned item from the customer’s digital shopping cart.

Currently, there are invoice management systems based on AI. These systems can simplify invoice processing with deployed digital workflows. They can recognize, memorize and use the correct accounting codes for a given invoice. The step of checking amounts and content will be smoother and easier. On the other hand, the process of purchasing and tracking purchases for most firms is based on summary documents and uses systems and files of heterogeneous formats. Artificial intelligence offers the possibility of designing ergonomic user interfaces to structure the data. Thus, the supply system will eventually become paperless. In addition, robots are ideally suited to monitor significant price changes at a number of suppliers. Consequently, the deviation control becomes easier and more responsive.

By referring to project management methodologies, artificial intelligence will also be able to manage planned tasks. This is based on the analysis and administration of calendars. For example, through a notification, the financial specialist will be notified and advised that at such a date, such an amount must be reserved for such an operation. Indeed, the reasoning led by the appropriate algorithms guides the user during the post-processing of the invoices or the settlement of the subsequent remunerations.

The morality behind the digital transformation of accounting and finance is to match people and machines. This allows everyone to contribute in the areas where he is most competent. Machines can efficiently and accurately analyze a tremendous amount of data, they can locate models in the data and learn how to handle different types. With machines that take on tedious, monotonous tasks, accounting and finance professionals will have to focus on design and scheduling tasks.

Sources :

[1] (2018). AI Technology And The Future Of Retail | [online] Available at: [Accessed 29 Aug. 2018].

[2] (2018). How AI Is Changing the Retail Industry. [online] Available at: [Accessed 29 Aug. 2018].

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