Believe it or not somebody has actually sat down, put in some thought, and written this blog. But in a few short years, it’s far from unlikely that you’ll be reading words produced by a machine – rather than simply on one.
Look at the driverless car. Outside sci-fi, who’d have thought that one day you’d be able to go for drive… without the hassle of actually having to drive? Or that a self-learning system could actually beat one of the world’s top players of the very human game Go? But are things moving just as quickly in the world of business software?
Well, not so long ago business software involved entering lots of data by hand. Even now your fingers may start to ache at the thought of typing receipts, purchase invoices or bank statements into your accounting system. But with the advent of cloud accounting, we’ve seen a real shift as all kinds of manual tasks and processes are performed automatically. Think of bank links or electronic invoicing. Combine that with the potential of machine learning and we can aim much higher.
So what exactly is Machine Learning?
To cut a long story short, it’s about giving computers the ability to learn – mainly by recognizing patterns and relationships in data. (But beware: anyone who’s seen Terminator knows how that can end up.)
Significant time savings
In the context of business software, this could allow systems to automatically enter data based on historical figures. Take the time-consuming task of matching imported bank statements. Instead of spending hours finding the right G/L account for each and every line, machine learning could allow your system to select the correct G/L account automatically.
The future is here
Other examples include the ability to enter multiple lines of a purchase invoice. Or accurately calculating the costs of a project based on budget estimates and final figures from previous jobs. Machine learning is here. The possibilities are endless. And they will transform your business. So get ready.
Got an idea how machine learning can make Exact even smarter? Get in touch with
Judith van Wissen and let’s try and make it happen.