Artificial Intelligence or AI is defined as the capacity of machines and software to exhibit or imitate a sense of cognitive intelligence. The idea behind AI holds great potential and yet also raises many concerns. In fictions, scientific and otherwise, developing AI tools and applications, capable of thinking, learning and, reacting like living beings doesn’t end very well. But in the real world, the concerns it generates are not that grave but does, however, pose the threat of a revolutionary disruption trend similar to that of cloud accounting.
There is no need to deny the fact that AI can become an invaluable business enhancement tool in professions where significant training is a necessary prerequisite. Professions where technical precision and right-minded judgments are necessary such as accounting also has great scope for AI applications. In fact, a report from Deloitte states that in the very near future, AI could help develop a whole new paradigm of services, and product, creating a whole new market with huge investor profits.
Niche business areas like customer service, research and development, logistics, sales, and marketing also have great potential for AI applications. Although AI as a technology is still in its infancy, a report from the European Commission states that the global market for AI and AI applications grew from €700 million in 2013 to €27 billion by the end of 2015.
Similar to the cloud accounting disruption in the industry a few years earlier, accountants and the accounting industry in general, will ...
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Data security on the cloud is an issue which usually gets lost in the discussion. Understanding the many critical avenues of securing data on the cloud is an absolute must for proper cloud data security. Businesses implementing cloud hosted services believe that all data security procedures are covered by their service providers. But this not completely true! Digital data is generally very volatile and requires safe practices from the client's end as well.
With that being said, here are a few mistakes that are common among businesses, that may turn ugly and result in data security screw-ups on the cloud.
Failing to understand the data you need to protect
The data security measures put in place should always harmonize with the type of data meant to be secured on the cloud. Different service providers take different approaches to their data security strategy, which greatly depends on the type of data to be stored and secured on the cloud. Businesses which blindly implement a single type of data security protocol for all the different types of their data are at risk of spending more than they need to on data security, under-protect certain data types, or even creating legal or compliance related issues.
Failing to consider data in flight
Most service providers and businesses alike only consider data encryption when it is stored somewhere and is at rest. They fail ...
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