IMPACT OF ARTIFICIAL INTELLIGENCE AND AUTOMATION TECHNOLOGIES ON FINANCIAL MANAGEMENT

Authors

  • Alim Al Ayub Ahmed, ABM Asadullah, Md. ShakawatHossain

Abstract

Is it possible that artificial intelligence, work place robots and automation could be a serious threat to work? Automation and artificial intelligence are beginning to enter many places of work and are getting involved in a number of financial task. With the understanding on the role that financial management has in the lives of many, becoming redundant consequent of application of machine in workplace may imply a threat to having a meaningful life. It becomes even more devastating when re-assigned roles no longer seem interesting or meaningful consequent on the emergence of robotics and artificial intelligence. The current therefore sought to provide direction on the subject. It investigated the variations that artificial intelligence and automation has on financial management. To do this, the study sampled about 120 respondents working in public and private firms and adopted the Paired Sample T-test to measure the influence of artificial intelligence and automation on financial management. It sought to answer the question; is there a significant increase in financial tasks output of AI and automation based financial task”. The evaluation was done with the scores of financial tasks output compared at two periods; “before automation” and “after automation”. There was a significant increase in the financial tasks output scores from (M = 7.793, SD = 1.2567) before automation to (M = 16.7, SD = 1.60) after automation; t (120) = -50.940, p< 0.05 (two –tailed). Conclusively, AI and automation has a positive influence on financial management. New technologies will complement rather than substitute humans. Therefore, as recommendation, there is the need for professionals in society to gain some form of information technology skills to maximize the benefits from the use of AI and automation.

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Published

2020-11-01

How to Cite

Alim Al Ayub Ahmed, ABM Asadullah, Md. ShakawatHossain. (2020). IMPACT OF ARTIFICIAL INTELLIGENCE AND AUTOMATION TECHNOLOGIES ON FINANCIAL MANAGEMENT. PalArch’s Journal of Archaeology of Egypt / Egyptology, 17(6), 10311-10329. Retrieved from http://mail.palarch.nl/index.php/jae/article/view/2655