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November 12-14, 2017
Bellagio Resort & Casino, Las Vegas
Get Ready for Artificial Intelligence
About ULVAC Technologies, Inc.
• Japanese-owned, semiconductor & vacuum tech equipment distributor and manufacturer
• Sells equipment to build MEMS sensors for IoT
• Many of our customers are investing in AI
• Website: ULVAC.com
Follow the Money • Giant R&D spending amounts (hundreds of billions) are being
invested in Artificial Intelligence (AI)
• China is planning the equivalent of $150 Billion to invest in AI
November 12-14, 2017
Bellagio Resort & Casino, Las Vegas
Four Industrial Revolutions
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How big data will grow Components of the 4th Industrial
Revolution
Mobile computing Robotic Process Automation Artificial Intelligence Smart technology Social Media Internet of Things (IOT) Machine to machine communication Blockchain (Crypto currency) Bitcoin
Physical to Digital (Cyber) to Physical
Big Data for AI to analyze/learn
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Bellagio Resort & Casino, Las Vegas
Artificial Intelligence is productivity tool to be used
Accountants have used tools to centuries to support their roles Think of Artificial Intelligence as software automation like an Excel macro Leverage AI as you would a calculator
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How AI terms are related
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When will AI affect you? Bigger, public companies with many transactions have the
financial resources and the best case for ROI in regards to automating accounting tasks. There needs to be good documentation and standardization to base workflows that can translate well to automation. You may be pushed into it in the form of risk management Example: AI anti-virus will be used to defend against AI driven cyber attacks.
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Bellagio Resort & Casino, Las Vegas
Road Map to automation that that will include AI
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Why big data is important for AI
Machines learn by exposure to data and identifying similarities. The more data that can be analyzed, the better understanding a machine can have. For example, reading a large number of employee expense reports can create patterns that AI can identify as “normal.” Checking per diem rates, cross referencing other employees expense reports who travelled to the same location. Each new report helps to slightly refine what the machine interprets as “normal.”
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Common contributions to machine learning include: Updating your e-mail spam filter rules Telling newsfeeds (e.g. Flipboard) your preferred content Using Google maps and Google translate and recommendations based on picks
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Supervised machine learning vs. unsupervised
Supervised = Here are examples of expenses reports that can be approved and here are examples of expense reports that cannot be approved Unsupervised = Here are all the expense reports, what patterns can you find?
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Bellagio Resort & Casino, Las Vegas
Introduction to RPA
• Robotic process automation (RPA) is the use of a software robot or “bot” that replicates the actions of a human to execute tasks across multiple computer systems. According to reputable research firm (Deloitte), a minute of work for a robot is equal to about 15 minutes of work for a human.
• For example, a bot could scan an invoice as a PDF document, attach and
send to the customer as e-mail, save the data into an Excel spreadsheet, log into a web system, transfer the data to generate a report, then e-mail an employee to say the work is done.
• Robotics is predicted to automate or eliminate up to 40 percent of transactional accounting work by 2020, a 2015 Accenture report found.
November 12-14, 2017
Bellagio Resort & Casino, Las Vegas
What can automated with RPA?
• Document Capture
• Data Entry
• 3-Way Matching
• GL Coding
• Vendor Interactions
• Payments
• Document Review & Approvals
• Process Management & Controls
• Exception Processing
• And more…
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Robotic Assistants • Control processes
• Enforce rules
• Automate communications
• Provide reminders
• Manage resources and escalates
• Preform data entry
• Collect and present data and documentation
• Ask for your expert input for review or approval
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Bellagio Resort & Casino, Las Vegas
Automated Data Entry Invoices
Purchase Requests
Purchase Orders
WEB Docs/E-mail
Eliminate Double Entry
Key-Process Docs
• HCFA/EOB
• Orders
• Special Transactions
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Bellagio Resort & Casino, Las Vegas
You can start RPA anywhere
Purchasing Accounts Payable Accounts Receivables Order Entry
Customer Service
Operations
Compliance
Human Resources
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Benefits of Accounting Automation
More Efficient
Process Less Labor
Fewer Mistakes
Ensure
Accountability &
Compliance
Rapid
Implementation
Satisfied Users Do
More
With Less
BENEFITS
COST TO PROCESS
$22.75
TIME TO PROCESS
16.3DAYS
EARLY PAYMENT DISCOUNTS
16%
78%
REDUCTION
63%
REDUCTION
298%
INCREASE IN
PAYMENTS
BEFORE. RESULTS
COST TO PROCESS
$5.03
TIME TO PROCESS
6.1DAYS
EARLY PAYMENT DISCOUNTS
47%
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Bellagio Resort & Casino, Las Vegas
Myths and Reality of RPA
MYTH: Robotics will fix outdated or inefficient processes MYTH: All processes can be improved with RPA MYTH: Robots will replace the workforce REALITY: Process costs are reduced by 25%-40% REALITY: Significant increase in processing speed REALITY: RPA is a technology overlay, that ties together legacy fragmented systems through automation REALITY: Human workforce increases focus on results, analytics and relationships
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Bellagio Resort & Casino, Las Vegas
Why prepare for AI? • The benefits of AI are expected to outweigh the cons. AI
will continue to grow in nearly all aspects of our lives.
• AI is a designed to be a problem solving technology that will be a disruptive innovation
• The world economy is expected to gain billions in GDP thorough utilizing AI
• Your career will be impacted by this coming change
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Bellagio Resort & Casino, Las Vegas
How to prepare for AI? • Learn the difference between what AI can do
easily and what will be difficult for AI to do
• Develop new skills that will benefit from AI driven data
• Be vigilant to keep your data accurate
• Expect routine, rule-based manual tasks to be the first activities to be automated.
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Bellagio Resort & Casino, Las Vegas
Specifics To Prepare for AI
• Capture a real-time flow of more and more data from a cloud-based server (feed AI with lots of data)
• Utilize API software to link multiple data sources (feed AI with lots of data)
• Improve the quality of your data with rules and standardization (link data sources with a common field and support the output of analytical data)
• Prepare to take on action based on the analytical data (make decisions with supporting information from AI)
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Examples of AI related to Accounting
•Risk management
•Audits
•Compliance and reporting
•Forecasting and analytics
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Today’s Automation with an ERP System
Automation through rules-based work flows by user-defined fields Automatic sub-ledger reconciliations , like AP Trade Automatic job-costing Automatic reporting FIFO inventory by purchase order for automatic proper COGS posting Application Programming Interface (API) ready for RPA integration API ready to connect to other databases to push and pull information
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Modern ERP with software automation
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Short Term Trends A faster month-end close through automation allows accounting and finance people more time to analyze results and offer strategic input for action to be taken. Expect continued reductions in staff dedicated to a single purposes like AP, AR, Cost and Financial Analysis. More finance and accounting people will hold a variety of different responsibilities. The world of IT gets closer everyday to accounting and finance people. Vendors are starting to introduce software solutions to our industry that include components of AI.
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Which new skills will be important
• Troubleshooting ERP system problems • Interpreting data and offering advice to increase positive
results • Finding variances in data assembled by Bots • Understanding how algorithms are defined al·go·rithm ˈalɡəˌriTH͟əm/ Noun a process or set of rules to be followed in calculations or other problem-solving operations, especially by a computer. "a basic algorithm for division"
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Bellagio Resort & Casino, Las Vegas
Preventing Your Own Obsolescence to Automation
Use your authority as the owner of your business data to insure accuracy of what automation posts Stay valuable to your company as automation takes over more functionality by taking on related functions Anticipate changes and adapt your role to the new work that will be available to do Learn new skills and find gaps in your reporting process
November 12-14, 2017
Bellagio Resort & Casino, Las Vegas
Problems with forecasting AI advancement impacts
Some AI initiatives will succeed, others will fail Science fiction, through popular culture, has influenced opinions on the dangerous potential of AI The further you look into the future, the less accurate forecasts will be AI is happening in many different industries simultaneously at a fast pace
November 12-14, 2017
Bellagio Resort & Casino, Las Vegas
This presentation cannot answer all your questions about AI
November 12-14, 2017
Bellagio Resort & Casino, Las Vegas
Financial Executives International (FEI) is the leading advocate for the views of
corporate financial management. Its more than 10,000 members hold policy-
making positions as chief financial officers, treasurers and controllers at
companies from every major industry.
FEI enhances member professional development through peer networking,
career management services, conferences, research and publications.
Members participate in the activities of 68 chapters in the U.S. and a chapter in
Japan. FEI is located in Morristown, NJ.
What is Financial Executives International?
November 12-14, 2017
Bellagio Resort & Casino, Las Vegas
We are a professional association whose mission is to empower senior financial executives realize success in their careers, as well as for the people
and companies they lead.
Our members realize this success through the collaborative and energetic community we foster, which helps them build a professional network of their peers, as well as involves them in engaging
discussions, both in-person and online, that deliver pragmatic and tangible insights on
business and leadership issues. www.cfolc.com
November 12-14, 2017
Bellagio Resort & Casino, Las Vegas
Unique peer-to-peer forum specifically for Finance executives Focused on resources and best practices for the office of a CFO Improve stakeholder relationships with your CEO, Board-level leadership roles Accelerate your path to other C-suite and Board-level leadership roles Get your personal life back in balance while also increasing your leadership effectiveness
November 12-14, 2017
Bellagio Resort & Casino, Las Vegas
For more information about AI, ERP, RPA other technologies, networking groups
please contact me
E-mail: [email protected]
My LinkedIn: www.linkedin.com/in/davesackett/
November 12-14, 2017
Bellagio Resort & Casino, Las Vegas
Sources of Information DocuPhase RPA https://www.docuphase.com/ Visibility ERP http://www.visibility.com/ The 4 Industrial Revolutions (by Christoph Roser ) at http://AllAboutLean.com https://www.linkedin.com/pulse/artificial-intelligence-deep-learning-trends-insights-anuj-saxena https://www.uipath.com/automate/robotic-process-automation http://www.startribune.com/robotic-software-sweeping-large-accounting-firms-and-clients Financial Executives International https://www.financialexecutives.org/ CFO Leadership Council http://www.cfoleadershipcouncil.com/ Vistage https://www.vistage.com/ http://www.ey.com/ Presentation by EY ULVAC Technologies, Inc. http://www.ulvac.com