May 2023

The Competition that can Beat You!

Raman Jokhakar, Chartered Accountant

AI will not replace you. A person using AI will.
- @Svpino

Why an article about AI?

You are reading this article because it is overdue! BCAJ has carried articles on voice commands. We also have a feature called Tech Mantra, which carries short tech quarks. In February 2023, there was a webcast on Chat GPT, which you can view on the BCAS YouTube channel.

However, this article is different. It is from a non-expert stoked by what he is seeing. My sole reason to write is: AI is reaching us faster, and intermingling and integrating with what we do – in its pace and reach. AI has come out from ‘data and code rooms’ to ‘living rooms’ that even accountants are writing about AI. The entire experience for me, which involved looking at the AI landscape and trying different Apps and portals, was like sitting in a magic show. It was so fascinating, that I could not stop myself from writing an article leading to a call for action for fellow BCAJ readers.

Today, our best estimates suggest that at least 2.5 quintillion bytes of data are produced every day (that’s 2.5 followed by 18 zeros!).1  A more reliable report by Statista, said that data created, captured, and replicated on the internet was approximately 64.2 zettabytes2 in 2020. (one zettabyte = one trillion gigabytes).

1. Google Search,
2. equal to 2 to the 70th power or 1 billion terabyte or 1 trillion gigabytes

AI has the potential to transform the way we use such data (obviously parts of it). With that potential, AI can enable us to make better decisions, better analysis, improve performance, make models, automate, make predictions, and help provide better services to customers. Of course, the list is longer, but due to my own limitation and for the sake of focus, I am restricting it to one feature that is emerging today.


AI stands for Artificial Intelligence. A system that acts like humans (Alan Turing). It refers to the development of computer systems that can perform tasks that typically require human intelligence, such as visual perception, speech recognition, decision-making, and natural language understanding.

In its simplest form, artificial intelligence is a field, which combines computer science and robust datasets, to enable problem-solving. It also encompasses sub-fields of machine learning and deep learning, which are frequently mentioned in conjunction with artificial intelligence.

If, all this sounds too unfamiliar – then you are doing too much technical work. You need to catch up!

What can AI do for us?

Why spend time on AI? What can it do for me? Well, today the question is what can it not do for you? You have kno


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