The Abu Dhabi Department of Finance wants you to look beyond human workforce and into one powered by digital services that use IoT, AI or Blockchain to increase transactional trust, reduce fraud and risk, lower transaction costs and accelerate processing times.
The hackathon has three challenges to tackle, but it’s up to you which challenge you will take on.
Are you ready to transfer business ideas into prototypes within 48 hours?
Develop IoT-enabled devices to automate and simply F&A processes.
Develop AI-based solutions for the DOF to address their pain points by applying natural language processing, content summarization, computer vision and other technologies that will allow them automatically process a range of documents.
Integrate blockchain technology into the F&A processes of the Abu Dhabi Department of Finance with smart applications or platforms to increase transactional trust, reduce fraud and risk, lower transaction costs and accelerate processing times.
IoT connects devices to each other devices, which leads to cost, time, and process optimization. Using IoT, the DOF could have better information about their workforce.
Stress-Free and Seamless Accounting
The process of auditing could be hassle-free if all the ledgers were connected; transactions and other entries like donations were recorded, sorted and verified in real-time; and the status of each transaction was trackable.
IoT can help automate payments through sensors, tracking devices, near-field communication (NFC) chips and payment apps.
Cost and Time Optimization
Use AI technology to detect errors immediately to ensure the DOF’s books are always accurate and machine learning to provide real-time financial insights, which often take accountants extra time and effort to discover.
Increase accuracy with AI and Machine learning
Improve compliance with AI-based audit technology
Use AI to detect inaccuracies and flag improper submissions for removal or human approval. Using machine learning, AI can learn the policies of companies and analyze data in bulk to ensure that there are no discrepancies.