Artificial Intelligence (AI) and Accounting

The term artificial intelligence was first coined by John McCarthy, in 1956, during an interdisciplinary workshop of researchers at Dartmouth. This team of researchers developed the concept of “thinking machines”, which included automata theory, complex information processing and cybernetics.

In the mid-to late 50s, General Electric became the first company to purchase a computer to process its payroll system, the UNIVersal Automatic Computer(UNIVAC). UNIVAC ran payroll in all of GE’s factories and stored data on magnetic tape instead of punch cards. The UNIVAC took 40 hours to complete the entire payroll process. During the 60s the U.S. transportation industry developed an electronic data interchanges to standardize transactions between vendors and customers.… Read the rest

The Impact of Artificial Intelligence (AI) in the Workforce

The term “Artificial Intelligence” (AI) was first coined by American computer scientist, John McCarthy, in 1955 as a way to describe the science and engineering of making intelligent machines. This concept was based on the conjecture that every aspect of learning or any feature of intelligence in principle can be simulated by a machine as the ultimate effort to reach human-level intelligence. While, the more modern-day definition of this phenomenal change in technology focuses on Artificial Intelligence (AI) being a sub-field of computer science that has the ability to imitate human intelligence such as visual perception, decision-making, speech recognition and the translation between languages.… Read the rest

Internet of Things (IoT) – Meaning, Opportunities, Security Threats and Solutions

Today technology has gotten to a level where the Internet of Things (IoT) is an unavoidable reality. Now, an average person has at least three devices connected to the internet, including a smartphone and a personal computer. These already collect significant information about individuals which are used by different systems to make their lives better. As such, with more devices, it will be possible to improve the quality of life for different people, especially when these devices are interconnected. However, what is supposed to be beneficial has the challenges that make it a risky venture. Although the Internet of Things is expected to change things for the better, it is marred with many challenges which might eventually make it disadvantageous.… Read the rest

What Is Data Strategy?

Data Strategy defines a set of choices and actions that, together, define a high-level course of action to achieve high-level goals. It involves business plans to use knowledge to a competitive advantage to support business objectives. A Data Strategy requires an understanding of the data needs inherent in the Business Strategy.

Like many other terms, “data strategy” has several synonyms in data management. They include but are not limited to business data strategy, business data management strategy, information management strategy, business information management strategy, information strategic plan.  All these terms refer to the same concept of a single, enterprise plan for the use of organizational data as an essential asset for strategic and operational decision-making.… Read the rest

Email Security Best Practices to Keep Your Business Safe

The most pervasive means of communication today for businesses and private citizens, Electronic mail or Email, was not designed with security in mind. Today, Email application is built into almost all smart devices from phones to computers to gaming and sensor devices. however, the Email message that this device send and receive is transmitted in plain text format in almost all cases. with ever-increasing cybercrime, sending plain text message that can potentially contain sensitive data is a risky undertaking. This weakness in security in Email systems, has made Email the primary attack vector for criminals. Cybercriminals use Email as simplest and cheapest method to ship their malicious payload to targets.… Read the rest

Why is Big Data so Important in Today’s World?

In the ever-changing, globalized economy, companies have started depending on assessments advanced by their internal processes, business operations, and customers to explore new opportunities for advancement and growth. Such insights present a massive intricate set of data that are produced then managed, analyzed, as well as manipulated by experts. The collation of such a large amount of data is collectively referred to as big data. The numerous peta and terabytes are presently considered as the big data benchmark. The main characteristics which describe big data include; volume which refers to the amount of produced and stored data that determines the potential and the value of the insight and if it can truly be assumed as big data or not.… Read the rest