Finance professionals
aren’t immune to digital disruption. Whether they manage money in an
organization or help audit it as a consultancy, technology presents many
exciting opportunities to finance executives.
Technology can help
really streamline processes, bring in transparency, improve auditing functions,
and remove human errors almost entirely.
It can also make it
cheaper for organizations to run their finance divisions by automating tasks
that were more manual. Does this mean we’ll need fewer finance professionals in
the future? Not at all.
The reality is tomorrow’s
finance professionals will either be more experienced in the art of optimizing
financial automation or proficient in programming languages to audit the
accuracy of algorithms ruling the finance division.
Since technology is seen
as the force that is driving the 4th industrial revolution, the changes it
drives in finance are seen as part of the Finance 4.0 umbrella.
And although Finance 4.0
is great for professionals and businesses, organizations need to prepare
themselves before they can make the leap.
In order to evolve to
that future state where the finance division is run by technology and overseen
by professionals who can help optimize and govern algorithmic processes, they
need to prepare themselves and their infrastructure to climb the digital
maturity curve.
Getting started with
Finance 4.0
The first step to going
digital for finance executives is to start automating processes with robotic process automation (RPA).
Given how simple RPA is
to train and deploy, finance teams find that their workload lightens easily
when they start automating.
RPA-based software robots
can check emails for invoices, scan and pick up relevant data from it to add it
to the company’s accounting system, and track and follow up on payments.
It can flag items that
aren’t aligned with standard operating procedures so the team can look at it.
Over time, the action taken by the team is analyzed by the RPA solution to find
trends and learn from them.
The fact that RPA is so
simple to implement not only helps finance professionals get to grips with
technology quickly but it also gives them a good first look at what the future
could be for them if they embrace technology entirely.
The intelligent thing
about using RPA — and why it’s so important to get started with it in the first
place — is that when organizations first start working with the solution, they
audit all of their processes.
As a result,
inefficiencies get highlighted, roundabout processes get flagged, and there’s a
good chance to make the overall system more efficient and robust before even
delivering any technology-driven RoI from the project.
The future, after all, is
digital — and financial services professionals must pay heed to RPA when
exploring future technologies.
Businesses leaders
looking to provide support to the organization’s overall digital transformation
plan must look at RPA as a first step to the journey, at least in the financial
space.
About us
TMA Solutions was established in 1997 to provide quality
software outsourcing services to leading companies worldwide. We are one of the
largest software outsourcing companies in Vietnam with 2,400 engineers. Our
engineering team was selected from a large pool of Vietnam IT resources; they
are well-trained and have successfully completed many large and complex
projects. Visit us at: https://www.tmasolutions.com/
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