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Technologies that Empower Chief Financial Officers
Chief Financial Officers (CFOs) understand that technology is the key driver for business performance. As technologies evolve, the importance of a CFO’s role will increase in adopting emerging technologies and identifying newer technological trends. Artificial intelligence (AI), the blockchain, and cloud integration are used as solutions to deliver operational efficiencies. However, CFOs need technologies that can solve real-world problems, assist in strategic decision making, and improve organizational performance.
AI, the blockchain, and cloud computing will have a significant impact on organizations. There are several technologies available today for businesses to explore, but there are a few technologies that will impact businesses in 2019. Here are those technologies:
AI will positively impact business performance. CFOs can rely on automated transactions processing bots known as transbots. These bots work on established rules and parameters to process the transaction with negligible human interference. AI algorithms and technology are already a part of augmented business analytics to improve performance. AI can’t replace human intelligence, but it can compliment analytical capabilities that advance into the mainstream. Software as a service (SaaS) vendors announced that AI solutions had been integrated with human capital management (HCM) to analyze core skills that make up a company’s workforce.
The blockchain is a distributed ledger which is not only used for handling transactions but also used as a reliable medium to exchange information. This technology is ideal for editing and synchronizing financial documents in real-time. This can improve transparency and prove to be cost-effective for businesses. The blockchain is already revolutionizing the food industry where the origin of food items can be actively tracked in the supply chain. This improves the traceability of food items, detect false transactions, and find out the perishability of food products.
Digital dashboards have been present for a few years, but they have not played an important role in executive decision-making. Blockchain and transbots could mean that executives can make well-informed decisions using real-time information. Real-time insights enable CFOs to respond to a crisis quickly and equip them with the right knowledge at the right time. This allows executives to spend more time on performance driven planning.