How successful FDs are using technology to improve business processes
Technology has crept into almost every aspect of our lives, so it’s not surprising that top Finance Directors are using it to overcome the challenges they face.
Here, we look at some of the ways successful FDs are using technology to improve business processes.
Cloud-based software allows users to access applications that run on shared computing resources via the Internet. This allows finance teams to work remotely but maintain secure access to financial systems and accounting software. At a time when workers are increasingly opting for hybrid working, this is important for ease of access and security.
Digitalisation of systems
Finance teams have increasingly moved away from reliance on paper-based systems thanks to digitalisation. By digitalising manual processes, finance teams can improve accuracy, adapt more easily and even prevent fraud.
Automation involves replacing manual processes, such as accounts reconciliation and preparing financial statements and reports, with computer-controlled devices. This can relieve your team of menial and tedious tasks, which will save time, improve efficiency and allow you to direct resources to other areas of the business.
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Data science allows finance directors to easily extract knowledge from a huge amount of data. This information allows you to gain insight you can use to predict the future, make evidence-based decisions and suggest improvements. Data science can be used for fraud prevention, risk management, credit allocation and customer analytics.
Artificial intelligence (AI) is technology that can mimic human intelligence. Through machine learning (a type of AI), computers can learn automatically without human intervention through complex algorithms so you can easily analyse massive amounts of data. Top finance directors are using this technology to streamline and optimise processes ranging from credit decisions to financial risk management.
Continuous accounting is a new-age method of accounting where finance teams are empowered to work on real-time intelligence. Automation is used to tackle regular tasks whilst integrated systems provide an accurate real-time view of financials across the business. Plus, Robotic Process Automation (RPA) can be used for tasks such as monitoring an inbox and then automatically processing invoices.
How are you using technology to improve your business processes? We’d love to know what you think has worked well and what hasn’t. Let us know in the comments below.