Companies are still in the early stages of applying digital technologies to financial processes in ways that will create more efficiencies, insights, and value over the long term.
Digitization is now a realistic goal for the finance function because of a range of technological advances. These include the widespread availability of business data; ability to process large sets of data using now-accessible algorithms and analytic methods; and improvements in connectivity tools and platforms, such as sensors and cloud computing.
There are four areas of technology that, right now, show the most promise for use in finance:
- automation and robotics to improve processes in finance
- data visualization to give end users access to real-time financial information and improve organizational performance.
- advanced analytics for finance operations to accelerate decision support
- advanced analytics using emerging quantum computing power to uncover hidden growth opportunities