Google, the technology giant known for its innovative products and services, is once again pushing the boundaries of artificial intelligence (AI) with its latest feature for Google Slides. The company has unveiled ‘Help Me Visualize,’ an AI-powered image generation tool that allows users to create stunning visuals for their presentations with a simple prompt. This…
Decentralized finance (DeFi) emerged as a groundbreaking trend, revolutionizing how we think about traditional financial systems. With its potential to democratize access to financial services, DeFi captured the attention and imagination of the younger generation.
A Good Investment Solution for the Younger Generation
For the younger ones with varied financial needs, DeFi offers many benefits for young investors.
Financial inclusion for the unbanked
DeFi enables financial inclusion by providing financial access for the unbanked and underbanked populations. While many may think the younger generation is financially inclined, a considerable percentage remains without a bank account.
According to the World Bank, about 1.4 billion people remain unbanked, with limited or no access to traditional banking services. A study by the Global Findex Database showed that 30 percent of unbanked individuals are under 25.
This gap is addressed by DeFi protocols, which allow users to access financial services with a smartphone and the internet.
Earning passive income
Of those with investments, many are open to exploring opportunities beyond traditional investments as they want to supplement their current earnings. One study found that 36 percent of Gen Xers are doing side hustles. Gen Zers and Millennials also comprise 59 percent and 61 percent of the side-gig population.
This is where the concept of DeFi protocols comes in. It allows young individuals to earn passive income through liquidity provision, staking, and yield farming.
Pioneering investment opportunities
DeFi opens up novel investment opportunities for young investors, allowing them to participate in early-stage projects and decentralized applications (dApps). A report by ConsenSys highlighted that decentralized exchanges (DEXs) experienced significant growth in trading volume. It reached over $335 billion in Q2 of 2021, showcasing the younger generation’s interest in exploring these decentralized investment avenues.
Ownership of digital assets
DeFi enables individuals to have true ownership and control over their digital assets. Self-custody wallets and decentralized applications allow young individuals to securely store, manage, and transact their investments without third-party custodians. This ownership provides greater autonomy and reduces the risk of asset seizure or censorship.
Notably, non-fungible tokens (NFTs) have gained substantial popularity among young individuals. It offers a new paradigm for artists, content creators, and collectors to establish a direct relationship with their audience. Several teen artists have made a name for themselves in the NFT market with their art.
Through these digital assets, they successfully earned substantial amounts of money. One project can earn them as much as $4 million, enough to attract recognition from prestigious auction houses. They can harness the power of blockchain technology to generate impressive artistic creations and significant financial gains.
Community governance and participation
Community governance in DeFi refers to the collective decision-making process. Token holders can influence the development, decision-making, and management of a decentralized protocol or platform.
Traditional financial systems often have centralized decision-making processes, which can be exclusive to large account holders. DeFi protocols often implement decentralized governance models that allow token holders to participate in important decisions.
Through community governance, the younger generation can directly influence the development roadmap, propose and vote on protocol upgrades, suggest improvements, and voice concerns. Their active participation allows them to make a tangible impact on the projects they support and shape the future direction of the DeFi ecosystem. This setup gives them a sense of ownership and the ability to influence the projects they believe in, contributing to a more inclusive and transparent financial ecosystem.
Furthermore, community governance exposes the younger generation to real-world decision-making processes. They gain insights into the intricacies of protocol governance, consensus-building, voting mechanisms, and the challenges faced by decentralized communities. This hands-on experience fosters learning, skill development, and a deeper understanding of blockchain technology and decentralized systems.
Education and skill development
Speaking of skill development, several online courses, resources, and communities have emerged to empower young individuals to navigate the DeFi space safely. There’s a growing demand for DeFi certifications, mainly among the young. This demand is primarily due to the ever-increasing market size of this aspect of the financial industry.
Challenges and Risks of DeFi
While DeFi presents immense opportunities, it is essential to acknowledge the associated challenges and risks. Smart contract vulnerabilities, market volatility, and potential scams pose user risks. A report by CipherTrace highlighted that DeFi-related fraud and theft reached $474 million in the first half of 2021 alone. As such, young individuals must approach DeFi with caution and practice responsible participation.
Learn and Invest in DeFi
DeFi can empower the younger generation to achieve financial freedom and reshape the traditional economic landscape. It’s evident that DeFi enables financial inclusion, provides opportunities for passive income, and offers pioneering investment avenues for young investors. The ownership of digital assets through NFTs and active community governance further enhances the younger generation’s engagement in DeFi ecosystems.
However, one must acknowledge the risks and challenges associated with DeFi. Organizations like the Young and the Invested participate in educating young individuals to navigate the financial space responsibly. Through these organizations, the younger generation can harness the potential of DeFi to build a more inclusive and decentralized financial future.
One must embrace DeFi with knowledge and responsible participation to unlock the benefits of financial freedom. With it, they can actively contribute to the ongoing transformation of the global financial ecosystem.
Now AI is the main direction in the development of control systems, which can help you get the most out of your existing business and build new, most efficient ones. Such enterprises will be able to produce cheaper and better products, with the ability to quickly and automatically change technologies. Therefore, all companies are interested in the use of AI to one degree or another.
In today’s fast-paced world, staying organized and effectively managing one’s workload can be a daunting task. With the advent of artificial intelligence (AI), however, individuals and organizations are now empowered with advanced tools and techniques to streamline their work organization and planning processes. AI has proven to be a game-changer, revolutionizing how we approach tasks, prioritize responsibilities, and maximize productivity. This article explores how AI is utilized to transform work organization and planning, enhancing efficiency and enabling individuals to achieve their goals more effectively.
Drawing up schedules
AI tools will be useful for team leaders. They can automatically track and process personal data and then make intelligent scheduling decisions. Managers are freed from the routine, tedious collection of information, and they can productively plan the workload of subordinates. With structured information, managers can understand which workers should leave early and who are willing to take on extra hours. In this way, AI helps create schedules and shifts that increase staff engagement and productivity.
Staff performance evaluation
With the help of neural networks, the HR department can almost in real time receive up-to-date information on evaluating the effectiveness of an employee, his involvement, and loyalty.
Moreover, artificial intelligence algorithms are able to identify behavioral stereotypes that affect the decline in productivity and discern employee burnout before this fact becomes obvious. The HR specialist can only develop an action plan to support the specialist.
There are many tools on the market: from chatbots to video and voice interview systems. Chatbots based on AI are able to conduct a dialogue with the candidate and, based on the results of the conversation, formulate a forecast of his potential within the company. Moreover, unlike programmed chatbots, AI is able to give an assessment, even if the interlocutor gives ambiguous, indirect answers.
Research can be conducted actively by interacting with the staff and passively when artificial intelligence can analyze correspondence in corporate mail and instant messengers and highlight the least engaged and satisfied employees.
Intelligent Task Management
Artificial intelligence has greatly improved task management systems, allowing people to easily perform their duties. Task Management Platforms are AI project coordination tools that provide a unique way to involve the entire organization in project planning. It takes into account each respective team and makes sure that they all perform their individual tasks without unnecessary duplication between teams. A tool focuses on minimizing confusion between people working on a project, as well as maximizing efficiency. That is due to rational tasks assignment between workers whom they ideally suit.
Such tools take care of routine tasks, freeing up your time for more important aspects of the project. You can set goals in the tool to strategize and track progress toward them. You’ll be able to use the calendar planner to keep track of who’s working on what and keep everyone up to date on project updates.
Intelligent Document and Information Management
Artificial intelligence streamlines document and information management by automating routine and time-consuming tasks. AI-powered tools, such as document classification systems, can automatically classify and tag files, making it easier to find and retrieve information when needed. Natural language processing algorithms provide advanced search capabilities, allowing people to find relevant documents or information based on keywords, context, or even concepts. These AI-powered document management systems save valuable time, increase efficiency, and reduce the frustration associated with manual organization and searching.
Smart prioritization and time management
It is necessary to develop algorithms for AI to make it a useful tool for the manager and the employee himself. They will allow the time management system to analyze the main tasks of the company or structural unit and the current and future workload of performers in real time. In addition, it will become easier to track the degree of completion of tasks that are already being worked on. At the same time, such algorithms should predict the upcoming time costs and give hints to employees on how many minutes or hours to allocate for new activities.
As a result, the AI system will automatically prioritize tasks for each individual employee and adjust his workday planning. For example, cancel non-essential appointments in the calendar to free up time for more important communications, issue recommendations for inviting certain colleagues to call, and give advice in accordance with the individual characteristics, work style, and performance of the employee.
Predictive analytics for workload distribution
The power of AI predictive analytics is invaluable when it comes to workload distribution. By analyzing historical data such as task completion times, workloads, and team capabilities, AI algorithms can accurately predict future resource requirements. This allows organizations to distribute workloads across teams and individuals, avoiding bottlenecks and ensuring no one is overwhelmed by an unmanageable amount of tasks. Predictive analytics also enable proactive resource allocation, allowing organizations to anticipate demand spikes and make the necessary adjustments ahead of time.
AI-Powered Virtual Assistants
An intelligent virtual assistant or virtual digital assistant is an AI-based digital program that understands voice commands and natural language and can interact with workers in a conversational manner. In essence, virtual digital user assistants are able to understand human speech and respond in the same way as a person does, especially when it comes to simple, repetitive requests.
Electronic assistants are actually much more complex than chatbots. Cognitive process automation uses technologies such as natural language processing, image processing, pattern recognition, and contextual analysis for more intuitive responses and better speech recognition.
Smart assistants can schedule appointments, set reminders, send notifications, and provide contextual information based on user preferences and behavior.
Conclusion
Machines are much faster than humans, and they can process huge amounts of information and predict decisions based on it. The use of artificial intelligence in business is not just a fashion trend but a necessity that helps you develop faster and get rid of routine tasks in favor of more important ones. Leave the tedious tasks of data processing, reporting, and forecasting to machines and get to grips with growing the company based on those forecasts.
The arrival of Google Bard has brought conversational AI to a wider audience. After two months of limited testing, Google has removed the waitlist for access to its AI-powered chatbot. This announcement was made during the Google I/O developer conference. Similarly, Microsoft recently eliminated the waitlist for its competing chatbot on Bing to show its cards to the competition finals. Google has expanded Bard’s availability to people in 180 English-speaking countries and territories.
And as part of its language expansion plan, it has introduced Japanese and Korean chat abilities to support 40 languages. With the increasing abilities of LLMs, more and more businesses are trying to amalgamate them into their operations to make the workings more efficient and self-sufficient.
This revolution in computing enables chatbots to provide a wealth of information through a natural interface which is another lucrative prospect for enterprises. They have demonstrated capabilities in diverse areas, including poetry writing, philosophy discussions, software development, exam preparation, and tax advice.
If they continue to grow at the current rate, there is a huge potential for them in different industries and spheres where they can replace a substantial amount of inefficient workforce. In this article, we will discuss Bard in great detail and cover all its necessary aspects to help you understand if it is the next big thing for Google or has already fallen behind OpenAI in AI development.
What is Google Bard?
Bard, developed by Google, is a generative AI and falls under large language models (LLMs). It is focused on creating text-based content and answering questions naturally and conversationally. Bard is powered by Google’s Language Model for Dialogue Applications (LaMDA), released in 2021. Google has been working on LLMs since 2017 when it made its Transformer deep learning model available to the public. Bard results from years of development and builds upon the foundation laid by Google’s previous language models.
Bard’s development is a top priority for Google, as evidenced by the company restructuring its Assistant team and allocating more AI specialists to work on Bard. Since its debut, Google has consistently added features and improvements to Bard, indicating its long-term commitment to the chatbot. While Bard may have similarities to OpenAI’s ChatGPT, Since its debut, ChatGPT has had unique features and capabilities, such as integrating up-to-date information and handling voice prompts.
With ongoing development and a dedicated team behind it, Bard is poised to continue evolving and expanding its capabilities in the future. With the advent of ChatGPT, Google was facing a serious threat to its position as a mammoth in the tech world, where it controlled a huge portion of data that got transferred over the internet. Still, with ChatGPT, the way people access information changed substantially, and with Bard, Google is trying to fix the loss caused by its lethargic position on LLMs and their development in the past.
How does Google Bard work?
Google Bard aims to complement the Knowledge Graph Cards in search results by answering NORA (No One Right Answer) questions. While Knowledge Graph Cards offer concise information, Bard is designed to understand and respond to nuanced questions by leveraging the LaMDA language models. LaMDA enables Bard to grasp the context and colloquialisms in dialogue-based datasets, enhancing its understanding of queries.
To generate its responses, Bard utilizes information from across the web and employs the conversational capabilities of LaMDA to deliver answers that resemble those of a human conversation. Google intends for Bard and other AI chatbots to provide high-quality responses, facilitating user understanding and decision-making processes.
During demonstrations, Bard has been shown to assist users in decision-making scenarios, such as choosing a car, and can engage in follow-up discussions to delve deeper into specific topics. This functionality could reduce the need for users to click on search results. However, Google remains committed to supporting content creators and maintaining a healthy, open web ecosystem, ensuring valuable traffic is directed to various sources.
Bard exists as a standalone utility rather than integrated directly into Google Search. Users can engage in a chat session with the AI, and the context of previous questions within a session is remembered, allowing for more refined and contextualized responses. Bard also can correct itself if it provides inaccurate information, showcasing a commitment to accuracy and quality.
What are some Ethical implications of its launch?
AI chatbots like Bard, ChatGPT-4, and others may indeed provide quick answers that are only sometimes correct. These platforms can be influenced by biases in training data, conflicting or outdated information, and even generate made-up facts in some cases, as highlighted by CNET’s Wordsmith. As an experienced company in information retrieval, Google has mechanisms to sort fact from fiction and prioritize accurate information.
Google’s Featured Snippets, for example, employ machine learning models to collect data from various online sources, quantify sentiment and other variables, and filter out answers that fall outside a midrange. This process helps provide responses considered safe opinions or accurate information based on the available data.
The biggest ethical challenge, apart from the ones that can be easily solved, is how much we need to develop these models. The current rate of development has spooked many experts who believe there need to be some regulations to monitor it and ensure that it doesn’t lead to something catastrophic for us in the future.
Dr. Geoffrey Hinton, a prominent AI researcher and former Google employee, recently resigned and expressed concerns about the rapid advancement of generative AI models. He believes that the pace of development may make it challenging to regulate these technologies and could be exploited by malicious actors. While Google maintains a commitment to responsible AI development, Hinton suggests that the industry’s push to win over users, exemplified by the rise of ChatGPT, has compelled the company to accelerate the development of Bard.
Over a thousand industry leaders, including Tesla CEO Elon Musk, have called for a six-month moratorium on developing AI models, expressing concerns about their risks to society and humanity. These leaders argue that companies like Google, Microsoft, and OpenAI are racing to create increasingly powerful AI systems that may become difficult to understand, predict, or control.
In an interview, Google CEO Sundar Pichai acknowledged that an aspect of AI development remains a “black box” and is not fully understood. The concerns raised by Dr. Geoffrey Hinton and the open letter from industry leaders highlight the need for responsible development and regulation of AI models to ensure their benefits are harnessed while mitigating potential risks to society.
To use Google Bard, visit Bard.google.com and log in with your Google account. After agreeing to the terms of service, you can start using Bard. The interface is similar to ChatGPT, with an empty text field to enter your prompt or question. Google provides random prompt ideas to get started, and Bard will respond with an answer. For example, if you ask for a fast, balanced, vegetarian meal high in protein and fiber, Bard may suggest options like tofu scramble, lentil soup, and vegetarian stir-fry.
You can continue the conversation in any direction, asking for more meal ideas or specific recipes. One notable feature of Bard is that it provides multiple drafts of each response. You can view other drafts for alternative answers or click “Regenerate drafsidebar’s sidebar’s ts” for another attempt. However, regenerating drafts often produces similar results, so editing the prompt or trying a new one may be more effective in getting a different answer.
All your chats with Bard are in a single scroll window, which will be deleted if you close the window. While you can’t directly access the past answers, you can see and delete all the prompts in the “Bard activity” section in the sidebar. You can also export Bard’s responses to Gmail, Google Docs, or Replit by clicking the share icon and selecting the desired destination. Google Bard also offers a Dark Mode, activated by clicking on the sidebar’s toggle in the bottom left corner.
Google Bard Vs ChatGPT
|
Aspect |
Google Bard |
ChatGPT |
|---|---|---|
|
Access to Web |
Yes |
No |
|
Mobile Accessibility |
Yes (Integrated) |
No dedicated app |
|
Image Responses |
Yes |
No |
|
Plugins |
Walmart, Spotify, Uber Eats, Adobe Firefly, Google Apps |
Limited availability for ChatGPT Plus subscribers |
|
Voice Prompts |
Yes |
No |
|
Export to Gmail and Docs |
Yes |
Yes (through extensions) |
|
Enhanced Search |
Yes |
No |
|
Integration with Gmail |
Yes |
No |
|
Support for Programming |
Yes (over 20 languages) |
Limited capabilities |
Bard has various potential applications across various domains, similar to ChatGPT. Businesses and users can leverage Bard to save time and resources by consistently generating content and creative writing. It can assist in code generation for developers, help create engaging marketing campaigns with conversational slogans and taglines, and serve as a learning tool for students.
Google acknowledges that the AI chatbot is still not working to its full potential. During Google’s I/O 2023 event, it was announced that Bard would focus on incorporating visual elements into its responses, indicating that future updates may include images alongside text more comprehensively.
Google also plans to integrate Bard more extensively with its search engine. The company also aims to enable users to include images in their prompts by integrating Google Lens with Bard. Integration with Google’s suite of products, including Drive, Gmail, and Docs, is also on the horizon.
The launch of Bard in India and other nations outside the USA comes after a tumultuous initial unveiling that experienced technical glitches and incorrect answers, causing Alphabet, Google’s parent company, to suffer a significant market value loss of $100 billion.
Despite the delayed rollout and competition from Microsoft-backed OpenAI, Google is leveraging its technology and data capabilities to ramp up the AI war as innovations emerge. When asked about the latter, Bard expressed confidence in its capabilities compared to ChatGPT. It described itself as a more powerful and versatile language model, highlighting its access to more data, a newer architecture, and greater task capabilities, positioning itself as the only conversational AI tool.
When the options are abundant, businesses can choose whatever fits them the best. But, as a learner and professional, you must ensure you are not negligent. Suppose you want to learn more about Bard and the opportunities it can bear. In that case, Blockchain Council has courses curated by experts to help you in a structured manner and provide all the necessary information and skills to use these tools at their full potential.
Conclusion
Bard is in its testing phases, but once it completes these phases, it will likely be integrated into Google Search. The feature will become as simple as entering your query into the search bar. Instead of receiving a knowledge card and a list of links, you can expect a detailed answer in plain English. You can only explore the possibilities Bard holds for now, but if we learn anything from the recent trend, it’s poised to become one of the major tools in a few years.
Bard is Google’s answer to ChatGPT, but it must go through many updates to reach that level. But the recent focus and developments indicate that Google is taking every stone to tread in front of its competitors. It’s a great chance for individuals to learn and understand the underlying concept, as when the system starts becoming more complex, comprehending it will be much tougher and time-consuming.
Google Bard serves as a valuable tool for poetry enthusiasts and those seeking to engage uniquely with the world of poetry. It offers an interactive platform for users to explore and experience AI-generated poetic compositions, allowing for an immersive and creative engagement with language and literature. Google Bard is a large language model (LLM) that can be used for a variety of tasks, including:
Google Bard is not open source. It is a proprietary tool developed and maintained by Google, meaning the source code and underlying technology are not publicly available for modification or distribution.
Google named their tool “Bard” to pay homage to Bards’ historical significance and cultural heritage. Bards were revered figures in ancient traditions, known for their skill in composing and reciting poetry. By choosing the name “Bard,” Google aims to capture the essence of poetic expression and celebrate the rich legacy of oral tradition.
The availability and support for Google Bard may vary across different countries. While Google strives to make its tools and services accessible globally, factors such as regional restrictions, language support, and platform compatibility can influence the availability of Bard in specific countries. To determine the countries in which Bard is supported, it is advisable to refer to official announcements or consult Google’s documentation for the most up-to-date information.
In a groundbreaking commencement address at National Taiwan University in Taipei, Nvidia Corp. Co-founder and CEO Jensen Huang emphasized the importance of familiarizing oneself with artificial intelligence (AI) in order to stay competitive in the rapidly evolving corporate landscape. Huang highlighted that AI has the potential to transform every single job, creating new opportunities while…
The world of technology is constantly evolving, and artificial intelligence (AI) is at the forefront of this transformation. Microsoft, one of the leading tech companies, has been making significant strides in AI development and integration. At the recently concluded Microsoft Build 2023 event, the company announced several groundbreaking initiatives that will further strengthen its Azure…
Artificial intelligence (AI) is the ability of machines to perform tasks that normally require human intelligence, such as reasoning, learning, decision-making, and problem-solving. AI has transformed various industries, including accounting. According to a report by PwC, AI could contribute up to $15.7 trillion to the global economy by 2030, and $6.6 trillion could come from increased productivity. Accounting is one of the sectors that could benefit the most from AI, as it could automate routine tasks, enhance data analysis, improve communication, and provide a competitive advantage. This has been noticed; more businesses implement AI accounting practices.
But is this an issue for the professionals in the field? A lot more is going on behind the scenes that will benefit not only the companies but the professionals and individuals looking to join the industry if they keep upskilling themselves. In this blog post, we will explore how AI is changing the accounting profession, the benefits and challenges of using AI in accounting, and some of the best practices and tools for implementing AI in accounting.
What is AI in accounting?
AI’s integration into the accounting field revolutionizes practices by harnessing the power of data and automation. With AI-driven technologies such as machine learning, a new era of data analytics emerges, enhancing and redefining how we approach bookkeeping, finance, and accounting. The amalgamation between technology and accounting produces sharper and more expansive data sets. When combined with AI, this wealth of information grants the ability to access and comprehend it, bestowing a significant advantage swiftly. This reduces the overall cost of the operations and induces a sense of reliability as there is a minuscule chance of negligence with super-powerful AI systems at work.
The impact of AI extends beyond data management to elevate audit and financial processes. By employing technology-driven tools that meticulously organize information, substantial amounts of time are saved, and the risks associated with human error in these critical procedures are effectively mitigated. AI’s creative solutions thus transform the intricate and perplexing realm of accounting.
A study by the IMA revealed that many accounting firms spend a substantial amount of time on low-value, repetitive tasks. Recognizing this inefficiency, 56% of accounting professionals surveyed expressed the need for automation to keep up with increasing workloads. AI and ML are stepping in to address these challenges, streamlining processes, and accelerating work. For example, Robotic Process Automation (RPA) has significantly reduced the processing time for audits and contracts, slashing months of work to just weeks, as reported by the CPA Journal. Forbes also highlights that major firms embracing RPA AI integration have achieved higher efficiency and can offer higher-level services than non-AI competitors. Now you have a basic idea of what AI is in accounting. We will understand the impact of AI on the Accounting Profession in detail.
How AI is Changing the Accounting Profession
AI is a concept that has been introduced previously in accounting. For decades, accounting software has used AI techniques such as rule-based systems and natural language processing. However, the recent advances in AI technologies such as machine learning, deep learning, computer vision, and natural language generation have enabled new applications and possibilities for accounting. Some of the ways that AI is changing the accounting profession are:
Automating routine tasks
AI can automate tasks that are repetitive, tedious, or prone to human error, such as data entry, invoice processing, reconciliation, tax preparation, payroll, auditing, and compliance. This can save time and cost for accountants and allow them to focus on more value-added activities such as strategic planning, advisory services, and business insights. According to a survey by Sage, 58% of accountants believe that AI will automate most of their manual data entry tasks by 2023.
Enhancing data analysis
AI can enhance data analysis by processing large volumes of structured and unstructured data from various sources such as financial statements, reports, contracts, emails, social media, etc. AI can also apply advanced techniques such as predictive analytics, sentiment analysis, anomaly detection, fraud detection, risk assessment, etc., to provide deeper insights and recommendations for accountants and their clients. According to a report by Deloitte, 79% of CFOs expect that AI will improve their organization’s financial planning and analysis capabilities by 2023.
Improving communication
AI can improve communication by generating natural language summaries and reports from numerical data. AI can also use natural language understanding and generation to interact with users through voice or text-based chatbots. This can improve the accessibility and usability of accounting information and services for accountants and their clients. According to a report by EY, 65% of finance leaders believe that conversational AI will be widely used in finance functions by 2023.
Many AI solutions and tools are available for accounting, ranging from off-the-shelf products to customized applications. Some of the most popular ones are:
QuickBooks
This cloud-based accounting software uses machine learning to automate bookkeeping, invoicing, tax preparation, and other tasks. It can also integrate with apps and services like PayPal, Shopify, and Square. QuickBooks can help accountants and clients manage their finances more efficiently and accurately.
Xero
This is another cloud-based accounting software that uses machine learning to automate data entry, reconciliation, reporting, and other tasks. It can connect with over 800 apps and services like Stripe, HubSpot, Gusto, etc. Xero can help accountants and clients streamline their workflows and collaborate more easily.
Sage
This cloud-based accounting software uses natural language processing to generate financial reports from numerical data. It can also provide insights and advice based on the data analysis. Sage can help accountants and clients communicate better and make smarter decisions.
KPMG Clara
This audit platform uses machine learning, natural language processing, computer vision, and other technologies to automate audit processes, analyze data, detect anomalies, and provide recommendations. It can also use blockchain and smart contracts to enhance audit quality and security. KPMG Clara can help accountants and clients conduct audits more effectively and efficiently.
Deloitte TrueVoice
This natural language generation tool converts financial data into narrative reports. It can also use natural language understanding to answer questions and provide explanations. Deloitte TrueVoice can help accountants and clients better understand and communicate their financial performance.
These are major examples of how AI solutions and tools can help accountants and clients improve their accounting processes and outcomes. However, many more types of AI solutions and tools are available for accounting, and new ones are being developed constantly. Therefore, accountants need to keep themselves updated on the latest trends and innovations in AI for accounting.
Benefits of Using AI in Accounting
Using AI in accounting can provide various benefits for accountants and their clients. Some of the benefits are:
Increased efficiency
AI can increase efficiency by automating time-consuming or labor-intensive tasks. This can reduce errors, delays, and manual interventions. According to a report by Accenture, AI could improve productivity for accountants by 40% by 2023. This is a significant push that can help immensely to the growth of the enterprises. The best part is that a lack of productivity does not overshadow this growth.
Improved accuracy
AI can improve accuracy by reducing human errors and biases. AI can also detect errors and inconsistencies in data and flag them for correction or verification. This can improve the quality and reliability of accounting information and services.
Enhanced decision-making
AI can enhance decision-making by providing data-driven insights and recommendations. AI can also help accountants and their clients to explore different scenarios and outcomes based on various factors and assumptions. This can help them to make informed and optimal decisions.
Competitive advantage
AI can provide a competitive advantage by enabling accountants to offer more value-added services to their clients. AI can also help accountants to differentiate themselves from their competitors by leveraging their domain expertise and human skills such as creativity, empathy, judgment, etc.
Challenges of Using AI in Accounting
Despite the benefits of using AI in accounting, some challenges need to be addressed. Some of the challenges are:
Data quality
Data quality is a key factor for the success of any AI application. Data quality can lead to accurate results or recommendations. Therefore, ensuring that the data used for training and testing AI models are complete, consistent, relevant, accurate, and up-to-date is important.
Ethics and trust
Ethics and trust are essential for building a positive relationship between accountants and clients. However, using AI in accounting may raise ethical and trust issues such as transparency, accountability, privacy, security, bias, and fairness. Therefore, it is important to ensure that the AI systems used in accounting are designed and deployed with ethical principles and standards and that they are auditable and explainable to the users and stakeholders.
Skills gap
The skills gap is a challenge that affects many industries and professions that adopt AI technologies. Accountants must acquire new skills and competencies to work effectively with AI systems and tools. These skills include data literacy, analytical thinking, critical thinking, problem-solving, communication, and collaboration. Accountants also need to update their domain knowledge and regulations to keep up with the changes and opportunities brought by AI.
Best Practices and Tools for Implementing AI in Accounting
Implementing AI in accounting requires a strategic approach that involves planning, execution, evaluation, and improvement. Some of the best practices and tools for implementing AI in accounting are:
Define the problem and goal
The first step is to define the problem or opportunity you want to address with AI and the goal or outcome you want to achieve. This will help you to scope and prioritize your project and align it with your business objectives and customer needs.
Choose the right solution and tool
The next step is to choose the right solution or tool that suits your problem and goal. Many types of AI solutions and tools are available for accounting, ranging from off-the-shelf products to customized applications. Some examples of popular AI solutions and tools for accounting are:
QuickBooks: A cloud-based accounting software that uses machine learning to automate bookkeeping, invoicing, tax preparation, etc.
Xero: A cloud-based accounting software that uses machine learning to automate data entry, reconciliation, reporting, etc.
Sage: Sage is a cloud-based accounting software that uses natural language processing to generate financial reports from numerical data.
KPMG Clara: An audit platform that uses machine learning, natural language processing, computer vision, etc., to automate audit processes, analyze data, detect anomalies, etc.
Deloitte TrueVoice: Deloitte TrueVoice is a natural language generation tool that converts financial data into narrative reports.
Prepare the data
The third step is to prepare the data you will use to train and test your AI model or tool. This involves collecting, cleaning, labeling, splitting, and validating your data. You may also need to augment or enrich your data with additional sources or features to improve its quality or relevance.
Train and test the model or tool
The fourth step is to train and test your AI model or tool using your prepared data. This involves choosing an appropriate algorithm or technique, setting the parameters or hyperparameters, monitoring the performance or accuracy, and tuning or optimizing your model or tool. You may also need to compare different models or instruments to select the best one for your problem or goal.
Deploy and monitor the model or tool
The final step is to deploy and monitor your AI model or tool in your production environment. This involves integrating your model or tool with your existing systems or processes, testing its functionality or usability, evaluating its impact or value, and collecting feedback or metrics. You may also need to update or improve your model or tool based on new data or requirements.
How will this practice Affect Accountants?
Technology’s Threat to Accountants
In the realm of accounting, whispers of uncertainty abound as emerging technologies loom ominously on the horizon. Pundits and naysayers predict a dire fate for accountants, their roles seemingly destined for obsolescence in the face of automation and digitalization. But is this truly the end of the road for the accounting profession?
Adapting to the Digital Age
Amidst the storm of change, the accounting profession finds itself at a crossroads. Traditional bookkeeping and payroll have become relics of the past, and the need for accountants to embrace new operational paradigms is more pressing than ever. The digital transformation era demands adaptability, innovation, and a forward-thinking mindset.
Technology as a Supportive Ally, Not a Replacement
Contrary to the bleak prophecies, emerging technologies are not here to replace accountants but to empower them. Cloud-based data management, process automation, and advanced analytics offer a helping hand, enabling accountants to rise above mundane tasks and assume more strategic roles within organizations.
Unleashing the Power of Cloud, Automation, and AI
Within the enigmatic realm of accounting, the potential of cloud technology, automation, and artificial intelligence (AI) remains untapped. By centralizing data management through the cloud, communication and collaboration flourish, waste is minimized, and costs plummet. Automation frees accountants from mundane manual labor, reducing errors and enhancing efficiency. AI lends its analytical prowess, rendering raw data more digestible and connecting disparate sources, setting the stage for transformative insights.
Humans and AI in Accounting
The interplay between humans and AI in accounting presents an enigmatic dance, a symbiotic relationship where each entity complements the other. While AI excels at data analysis, the human touch refines the extracted insights into actionable strategies and solutions. Together, they navigate the labyrinthine complexities of financial planning and reporting, fostering innovation, resilience, and continuity.
Virtual and Blockchain Technologies
Beyond the realms of imagination, virtual and blockchain technologies emerge as cryptic enigmas, ready to revolutionize the accounting landscape. Virtual, augmented, and mixed reality transcend gaming origins, providing novel data exploration and strategic planning avenues. Meanwhile, blockchain, often celebrated for its supply chain optimization potential, holds powerful accounting applications, enticing those with the knowledge and mastery of distributed ledger technologies.
The Rise of Relevance and Creativity
As the mists of change begin to clear, a new breed of accountant emerges, armed with expanded skill sets and a heightened sense of purpose. Tomorrow’s accountant transcends mere number-crunching, assuming advisory roles and becoming strategic partners to business intelligence and procurement professionals. Harnessing the power of technology, these accountants breathe life into financial data, humanizing it for the C-suite and fostering a culture of informed decision-making.
Bridging the Gap Across Business Units
Breaking down the barriers that once confined them, accountants traverse the boundaries of their profession, collaborating with colleagues from various business units. Armed with diverse skill sets and technical acumen, they provide crucial financial intelligence, refine budgets, ensure compliance, and strengthen the economic backbone of organizations. Strategic outsourcing becomes a key enigma to fill technological gaps and enhance teams’ capabilities.
Future of AI Practices in Accounting and How You Should Approach It
We already know that AI is here and will be important in all accounting operations in a few years. But what does it mean? We have already discussed all the important aspects and that it will not replace the skilled workforce. This means only one thing: you can no longer approach the field with old ideas and roadmaps. You have learned about AI and its associated practices to be an important asset for your firm. If you are unsure how to do this, the blockchain council has courses on the relevant concepts that will help you become an AI wiz and secure your dream position while AI becomes a part of the accounting process.
One of the key areas where AI is making waves is bookkeeping. Leading software vendors such as Intuit, Sage, OneUp, and Xero are harnessing AI and Machine Learning (ML) technologies to automate data entry and reconciliation tasks. This shift in approach is revolutionizing the workforce, with Chartered Professional Accountants leveraging these technologies to stay ahead in the ever-evolving industry. You can do it, too; you just have to be at the forefront and learn about all the updates happening in the industry, which can impact you in the future.
Conclusion
AI is a powerful technology that has the potential to transform the accounting profession by automating routine tasks, enhancing data analysis, improving communication, increasing efficiency, improving accuracy, enhancing decision-making, and providing a competitive advantage. However, using AI in accounting also poses challenges, such as data quality, ethics, trust, skills gap, etc.
Therefore, it is important to follow some best practices and tools for implementing AI in accounting, such as defining the problem and goal, choosing the right solution and tool, preparing the data, training and testing the model or tool, deploying and monitoring it, etc. By doing so, accountants can leverage the benefits of AI in accounting while overcoming challenges and thriving in the digital age.
But while Implementing AI in operations becomes more widespread, you can be relevant by upskilling yourself with the help of the right online certification like blockchain council, which will help you be prepared for jobs that will make their debut in the future.
enhancing data analysis capabilities, and improving decision-making processes. AI enables intelligent automation, freeing accountants from time-consuming manual tasks and allowing them to focus on higher-value activities.
With AI, accounting systems can process large volumes of financial data accurately and quickly, leading to more efficient financial reporting and auditing processes. AI-powered technologies, such as machine learning algorithms, can identify patterns, anomalies, and fraud in economic data, enhancing risk management and fraud detection in accounting, enhancing data analysis capabilities, and improving decision-making processes. AI enables intelligent automation, freeing accountants from time-consuming manual tasks and allowing them to focus on higher-value activities.
With AI, accounting systems can process large volumes of financial data accurately and quickly, leading to more efficient financial reporting and auditing processes. AI-powered technologies, such as machine learning algorithms, can identify patterns, anomalies, and fraud in economic data, enhancing risk management and fraud detection in accounting.
Implementing artificial intelligence in accounting faces challenges such as data quality and integrity. Accurate and reliable data are crucial for AI systems to generate meaningful insights. The lack of interpretability in some AI algorithms poses challenges in understanding and explaining the reasoning behind AI-generated outcomes, which is essential in accounting.
Privacy and security concerns arise as AI systems handle sensitive financial information, requiring robust cybersecurity measures to protect data from breaches and unauthorized access. Ensuring the ethical use of AI in accounting, including addressing bias and fairness issues, remains challenging to maintain trust and accountability in decision-making processes.
Artificial intelligence impacts accounting and finance by streamlining processes, improving accuracy, and enabling data-driven insights. AI automates data entry, reconciliations, and reporting in accounting, reducing errors and saving time. It enhances financial analysis, allowing for more informed decision-making and forecasting.
AI algorithms analyze market trends, optimize investment portfolios, and improve risk management in finance. AI-powered chatbots assist customers with financial inquiries, providing personalized recommendations and support. Integrating AI in accounting and finance enhances efficiency, accuracy, and strategic decision-making, improving financial performance and competitive advantage.
AI can solve accounting problems by automating routine tasks, enhancing data analysis capabilities, and improving decision-making processes. AI-powered systems can accurately process large volumes of financial data, identify patterns and anomalies, and generate insights for financial reporting, auditing, and risk management.
However, AI is a tool that complements human expertise rather than replacing accountants. Complex accounting issues require professional judgment and human intervention to ensure accuracy, compliance, and ethical considerations. AI can enhance the efficiency and effectiveness of accounting processes, but the expertise and judgment of accountants remain essential in solving intricate accounting problems.AI can solve accounting problems by automating routine tasks, enhancing data analysis capabilities, and improving decision-making processes. AI-powered systems can accurately process large volumes of financial data, identify patterns and anomalies, and generate insights for financial reporting, auditing, and risk management.
However, AI is a tool that complements human expertise rather than replacing accountants. Complex accounting issues require professional judgment and human intervention to ensure accuracy, compliance, and ethical considerations. AI can enhance the efficiency and effectiveness of accounting processes, but the expertise and judgment of accountants remain essential in solving intricate accounting problems.
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Blockchain technology has emerged as a revolutionary force in today’s digital landscape, transforming industries and redefining how we perceive trust, security, and transparency. Its rapid growth and global recognition can be attributed to many reasons. Firstly, Blockchain provides a decentralized and immutable ledger system, eliminating the need for intermediaries and enhancing the security of transactions. This inherent trust and tamper-proof nature have garnered immense interest across finance, supply chain, healthcare, and more sectors. Secondly, Blockchain enables efficient and seamless peer-to-peer transactions, reducing costs and eliminating complexities associated with traditional systems.
Moreover, its potential extends beyond financial applications, encompassing the realms of decentralized finance (DeFi), non-fungible tokens (NFTs), metaverse development, and other exciting possibilities in the Web3 domain. As industries increasingly embrace Blockchain technology, the demand for skilled developers and professionals is skyrocketing. For students and working professionals seeking to embark on a rewarding career journey, exploring the world of Blockchain and Web3 technologies opens up a realm of possibilities, with vast opportunities for growth, innovation, and contributing to the future of decentralized ecosystems.
Understanding Blockchain Technology
In digital technology, Blockchain emerges as a groundbreaking concept that revolutionizes conventional systems of data storage and transactional processes. At its core, Blockchain can be defined as a decentralized and distributed ledger technology that records transactions securely, transparently, and immutable. Unlike traditional architectures that rely on central authorities or intermediaries to validate and authorize transactions, Blockchain operates on a peer-to-peer network where multiple participants collectively maintain and update the ledger.
Consider a typical database architecture employed in various industries to comprehend Blockchain’s structure better. In a centralized database, data is stored in a single location or server controlled by a central authority. When a transaction occurs, it goes through intermediaries or mediators who validate and authorize it. This centralized approach is vulnerable to single points of failure and data manipulation and lacks transparency.
On the other hand, Blockchain employs a decentralized network where multiple participants, known as nodes, maintain identical copies of the ledger. Each transaction is bundled into a block containing a unique cryptographic signature and a reference to the previous block. This chain-like structure ensures the immutability and integrity of the recorded data. Transactions are verified through consensus mechanisms, such as Proof-of-Work or Proof-of-Stake, where participants validate and agree on the accuracy of the transactions.
By utilizing cryptographic techniques, Blockchain ensures the security and privacy of data. Each participant possesses a unique cryptographic key that provides secure access and transparent transaction verification. Moreover, once a block is added to the Blockchain, it becomes nearly impossible to alter or manipulate previous records due to the decentralized and distributed nature of the network.
Blockchain applications have garnered immense attention and interest worldwide due to their unique characteristics and potential benefits. Unlike traditional web and mobile applications, Blockchain applications leverage decentralized networks and distributed ledgers to provide transparency, security, and trust without relying on intermediaries or central authorities. The decentralized nature of Blockchain ensures that no single entity controls the entire system, making it resistant to censorship and manipulation. The immutability and transparency of Blockchain records provide a reliable and tamper-proof source of truth.
These applications offer enhanced security, reduced costs, improved efficiency, and increased transparency in various industries, including finance, supply chain management, healthcare, and more. Moreover, Blockchain applications enable peer-to-peer transactions, eliminating the need for intermediaries and reducing associated fees. The growing fascination with Blockchain applications stems from their potential to revolutionize industries, empower individuals, and drive innovation by reimagining traditional systems and opening up new possibilities in the digital realm.
Business & Enterprise Use-Cases of Blockchain Technology
Blockchain technology has proven to be a transformative force, offering many applications beyond its association with cryptocurrencies. Its decentralized, transparent, and secure nature has paved the way for innovative solutions across various industries. Let’s delve into the diverse realms where Blockchain applications have gained prominence and showcased their potential.
Blockchain has revolutionized the financial sector by enabling secure and efficient transactions without intermediaries. It provides a decentralized and transparent ledger that ensures trust and immutability. Applications include cross-border payments, remittances, smart contracts, decentralized exchanges, and the emergence of decentralized finance (DeFi) platforms.
Supply Chain Management
The traceability and transparency Blockchain offers make it an ideal solution for supply chain management. It enables stakeholders to track and verify every step of a product’s journey, from raw materials to final delivery. Blockchain applications in supply chain management enhance transparency, mitigate fraud, reduce counterfeiting, and streamline processes in food, pharmaceuticals, and luxury goods processes.
Healthcare
In healthcare, Blockchain addresses data security, interoperability, and patient privacy challenges. It provides a secure and immutable platform for storing and sharing medical records, ensuring data integrity and confidentiality. Blockchain applications in healthcare also facilitate clinical trials, drug traceability, identity verification, and efficient management of health information exchanges.
Voting Systems
Blockchain-based voting systems hold the promise of secure and transparent elections. By leveraging cryptographic techniques and decentralized consensus, these applications ensure the integrity of voting data, prevent tampering and enhance trust in the democratic process. Blockchain-based voting systems offer transparency, verifiability, and resistance to manipulation.
Intellectual Property
Blockchain introduces innovative solutions for protecting intellectual property rights. Through timestamping and digital signatures, Blockchain applications establish proof of creation, ownership, and authenticity of creative works. This empowers artists, authors, and inventors by safeguarding their intellectual property and enabling transparent licensing, royalty distribution, and rights management.
Internet of Things (IoT)
Blockchain enhances the security, scalability, and interoperability of IoT networks. It enables secure peer-to-peer communication, data integrity, and autonomous machine-to-machine transactions. Blockchain-based IoT applications promote secure data exchange, efficient supply chain management, decentralized energy grids, and independent vehicle networks.
Identity Management
Blockchain-based identity management systems offer individuals control over their digital identities. Users can store their personal information securely and decentralized, reducing the risk of identity theft and data breaches. Blockchain applications provide self-sovereign identity, enabling users to manage and share information securely and selectively.
Energy Sector
Blockchain applications in the energy sector revolutionize energy trading, grid management, and renewable energy integration. Peer-to-peer energy trading platforms allow direct transactions between energy producers and consumers, promoting energy efficiency and sustainability. Blockchain-based solutions facilitate transparent and auditable energy transactions, incentivizing renewable energy generation and grid optimization.
These examples represent only a fraction of the vast potential of Blockchain technology. Its underlying principles of decentralization, transparency, and security offer new opportunities for innovation across industries, transforming traditional systems and fostering trust in the digital era. As Blockchain continues evolving, it is poised to reshape how we interact, transact, and trust in the digital world.
Average Salary of Blockchain Application Developer
In today’s digital landscape, Blockchain application developers are in high demand owing to the rapid growth and adoption of Blockchain technology across industries. The scarcity of skilled professionals in this specialized field has led to competitive salaries for Blockchain application developers. Several factors contribute to the variation in average wages, including skill set, proficiency level, location, and experience. The complexity of Blockchain technology demands a comprehensive skill set encompassing programming languages, innovative contract development, cryptography, and decentralized application (dApp) development. Proficiency level, ranging from entry-level to senior positions, also influences salary discrepancies.
Additionally, the geographical location of professionals plays a significant role, with regions such as the United States, Singapore, and Switzerland offering higher salaries due to their robust Blockchain ecosystems and high cost of living. Finally, experience in Blockchain development significantly impacts earning potential. With these factors in mind, let’s explore the average salaries of Blockchain application developers in different regions worldwide:
(Source: Ambition Box, PayScale and Glassdoor)
These figures highlight the diverse salary ranges across various locations, reflecting the demand and value placed on Blockchain application developers worldwide. Also, please note that Blockchain Council has used these figures based on the research of leading research and analysis firms; we do not have any personal inputs.
How to Become a Blockchain Application Developer?
To pursue a successful career as a Blockchain application engineer in 2023, there are several paths you can take to gain the necessary skills and knowledge in this evolving field. Let’s explore some of the key avenues to becoming a proficient Blockchain developer:
1. College Degree
Earning a college degree in computer science, software engineering, or a related field provides a solid foundation for a career in Blockchain development. The comprehensive curriculum covers programming languages, algorithms, data structures, and other fundamental concepts. While Blockchain-specific courses may be limited, the knowledge gained through a degree program forms the basis for understanding Blockchain technology.
2. Courses and Certifications
Numerous online platforms and educational institutions offer Blockchain-specific courses and certifications. These programs delve into Blockchain architecture, innovative contract development, decentralized application (dApp) development, and security considerations. Reputable certifications like those offered by Blockchain organizations and consortiums validate your expertise and enhance employability.
For instance, the Blockchain Council offers a wide range of certifications for anyone who wants to learn everything about Blockchain. Whether you are a beginner or a seasoned pro, the Blockchain Council has something for everyone!
3. Online Learning Resources
Online learning resources like tutorials, documentation, and open-source projects can accelerate your understanding of Blockchain technology. Platforms like Ethereum, Hyperledger, and Polkadot provide comprehensive documentation and resources to guide developers through the intricacies of Blockchain development.
4. Hands-on Projects
Engaging in hands-on projects is crucial for gaining practical experience in Blockchain development. Build simple decentralized applications and gradually expand your skills to more complex tasks. Joining Blockchain hackathons, participating in developer communities, and contributing to open-source projects can provide valuable exposure and networking opportunities.
5. Industry Collaborations and Internships
Collaborating with industry professionals or interning at Blockchain-focused companies allows you to work on real-world projects and learn from experienced developers. These opportunities provide firsthand insights into Blockchain development challenges and best practices while expanding your professional network.
6. Continuous Learning and Networking
As Blockchain technology evolves rapidly, staying updated with the latest trends, advancements, and industry standards is essential. Attend conferences, meetups, and webinars to connect with experts and fellow developers. Engage in online forums, join Blockchain developer communities, and actively participate in discussions to broaden your knowledge and stay abreast of the dynamic Blockchain landscape.
Conclusion
You can build a strong foundation as a Blockchain application developer by pursuing a combination of formal education, specialized courses, practical projects, and continuous learning. Remember to stay curious, explore new technologies, and embrace the collaborative nature of the Blockchain community as you forge your path in this exciting domain. Checkout out what Blockchain Council offers for aspiring Blockchain developers, engineers, and architects to help you learn Blockchain from the global leader in education and Blockchain certifications. Earn a valid lifetime certification recognized by top employers around the globe and make your mark in the world of Blockchain and other Web3 technologies.
Several technologies are commonly used when developing a Blockchain app, each with its advantages and considerations. The choice of technology depends on factors such as the application’s specific requirements, scalability needs, consensus mechanisms, and development resources available. Some popular technologies for Blockchain app development include:
Applications built on Blockchain leverage the underlying technology’s decentralized and distributed nature to achieve various goals. The process of building a Blockchain application typically involves the following steps:
By following these steps, developers can build applications that leverage the unique features of Blockchain technology to create innovative, secure, and decentralized solutions.
Blockchain applications typically consist of three tiers, each serving a specific purpose within the overall system:
These three tiers provide a decentralized and transparent infrastructure, enabling the secure exchange of digital assets, execution of smart contracts, and facilitation of various decentralized applications.
Yes, Blockchain technology can be used for app development. Blockchain offers several unique features and benefits that can enhance applications’ functionality, security, and trustworthiness. Some key benefits of using Blockchain for app development include the following:
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