Advanced Analytics & Forecasting
Many reports say hiring professionals with skills in predictive and prescriptive analytics is important. This includes data analysis expertise, which promises to bring greater control to the Finance function. There are huge amounts of information that can expose significant insight and improvements when harnessed suitably. Simultaneously, technical expertise in cybersecurity is necessary to cope with the risks that big data can fetch.
Robotic Process Automation
Estimated to greatly enhance productivity, automation threatens to make many Finance and Accounting roles outdated. As technology streamlines processes and eliminates inefficiencies, the focus shifts to building a highly planned Finance team that acts as an exact business partner to both internal and external stakeholders.
Cloud & SaaS
Cloud & SaaS technologies allow for the reformation of processes as several parties can easily access the same information, also increasing flexibility and agility across the organization. As well, costs can be significantly reduced as on-premise infrastructure is no longer as essential, and companies can rapidly increase or decrease the number of applications they use according to their workflow and demand.
Artificial intelligence holds great potential in building on data analytics and RPA in Accounting and Finance. The ability to identify patterns, learn from them, and adapt could make addressing regulatory and tax changes and what they represent for each unique business severely easier. The insights and recommendations that AI produces will also transform many other areas, such as improving risk management.
A promising technology making a big effect in Accounting and Finance is blockchain. Numerous organizations are beginning to implement this technology that reinvents the digital ledger while increasing simplicity and security at the same time. A massive number of payments and transactions can be conducted quicker and more perfectly than ever before, and this promises foundation-changing improvements across the industry.