The world of Finance and Accounting has had a paradigm shift in today’s digitised world. Digitisation is the mainstay now, and so more companies in this domain are willing to get take up tech processes in order to remain competitive and boost their profit margins. They are not only looking for cost arbitrage but also value creation which is possible with infusion of technology. Digitisation undoubtedly gives these companies a competitive advantage and helps them to increase their wallet share. Therefore, the FAO players of today are looking for consulting partners who can help them to:
- resolve a business problem related to cost
- access to information
- reporting and dashboards
- wisdom around data for a better customer experience
In today’s world, there are a few tech forces that promise to bring about a much-needed transformation in the financial and accounting operations industry in the years to come.
Let’s take a glance at those tech processes that can make or break the fortunes of the FAO world:
- FinTech driven business model – It had always been a difficult proposition to make an entry into the finance and accounting domain of any business. Not anymore if companies are ready to adopt a FinTech driven business model.
- Benefit of Blockchain – Blockchain is here to shake up redundant processes and revamp them completely.
- Digital taking up mainstream – Nearly 20 years ago many companies of the FAO domain had opted for certain units that they termed e-businesses. This was primarily to drive in the e-commerce winds. Now, it’s no longer just a wave or experiment. Digitisation has become the new normal today after witnessing the phenomenal efficiencies it can generate.
- RPA and AI will be crucial – Robotics Process Automation and Artificial Intelligence have earned the trust in every process involved and now here to stay. For example, people were initially averse to ATMS and later they became lifelines for most. Like this RPA and AI have earned that trust when needed and now they are here to make an impact.
- Cyber-security to become most relevant – The word security is always associated with the financial departments and with digitisation, cyber security will gain a relevance like never before. The executives in the financial services are already familiar with cyber-threats and spend hefty sums to get necessary protection.
Interesting times are ahead when we can just wait and watch as to see how the drama unfolds. Technology is out to change the face of the world and financial services domain is no exception. Pundits predict that Asia has the potential to emerge as the new tech hub and it might not be always that Silicon Valley would be calling the shots. All we must do is observe as technology acting transformational, as always.