In Part 1 of this series, we reminisced back to early days of personal digital assistants and cell phones, before they were “smart,” and began looking ahead to five emerging technologies that are shaping the finance offices of the future. We explored Data and Analytics as the first step to becoming more accurate in estimating revenue and profitability, how AI tools will help you sleep better at night knowing that advanced data analysis has you covered for detecting fraud, and how RPA might just be your new favorite co-worker.
Cryptocurrencies continue to be a darling or a devil in the finance industry, depending on what day you’re listening to the news. But blockchain is emerging as a potential solution to supply chain payments and other financial transactions. One of the key pain points for accounting leaders is a lack of visibility into the payment process, from both the supplier and vendor side. Blockchain holds the promise of creating a payment ecosystem with valuable partners that provides a fast and secure way to process transactions. It can help finance leaders in a number of other ways as well, including:
- Saving time by streamlining everyday business transactions and eliminating inefficient processes
- Identifying and limiting risk
- Eliminating overhead and multiple intermediaries
- Creating a strong audit trail
Five: Cloud Applications
This day and age of being connected 24/7 and needing real-time information anywhere, any time has sparked an increase of cloud applications, otherwise known as “edge” computing. Business leaders are pushing for faster and more agile applications, and cloud applications perform data processing at the edge of the network, near the source of the data, to provide users with the fast, real-time analysis needed for smart decision-making.
The cloud will become the dominant platform for ERP and CRM applications, providing better visibility into spend. And AI, RPA, and machine learning will be the leading catalysts to drive greater cloud computing adoption in the next two years.
The Yooz cloud P2P (purchase-to-pay) automation platform is already leveraging all five of these key technologies discussed in parts one and two of this blog series. All providing accounting teams of the future the tools to escape mundane processing tasks, up-skill, prepare to scale gracefully and remain competitive, build a P2P automation ecosystem that is easy to manage, and increase collaboration between co-workers, vendors, partners, and customers.
We’ll see you in the future!