What are advances in technology providing
Opportunity to automate many of the activities in the finance function. Technology has enabled automation of complex business processes. This can be entire processes or elements, aimed at improving consistency, quality and speed whilst delivering cost saving
repetitive tasks are most likely to be?
automated, but developments in technology are allowing more complex tasks to be automated also.
What would an organisation consider when investing in process automation technology?
The advantages and disadvantages
What are the advantages of investing in process automation technology within the finance function?
Cost saving, focus on value adding activities, improved accuracy, positive return on investment, adaptability
What are the disadvantages of investing in process automation technology within the finance function?
Job role uncertainty
Relationship management
IT staff competence required
Training
Change management
Should financial professionals view automation as a threat?
No, but is an opportunity instead
What is artificial intelligence?
AI is a systems ability to correctly interpret external data to learn from such data and to use those learnings to achieve specific goals and task through flexible adaptation
What are the advanced activities and skills AI can now master?
Voice recognition
Planning
Learning
Problem-solving
What are some examples of AI impacting the finance function?
Coding of accounting entries, improving the accuracy of rule based approaches, enabling greater automation of processes
Improved fraud detection
Using machine learning base predictive models to forecast revenues
Recommend suppliers specific discounts to optimise cash at hand
Extraction of insights from real time data without information overload
What Is a Blockchain
It is a decentralised distributed and public digital leader that is used to record transactions across many computers. This means the records cannot be altered retroactively without the alteration of all a subsequent blocks and the consensus of the network.
What are the key features of a block chain?
Transactions are recorded by a number of participants using a network which operates via the Internet
When a transaction takes place the details of that deal are recorded by everyone
The process of verifying the transaction is carried out by computers. This decentralised network of computer computers assures that a single system cannot add new blocks to the chain.
When a new block is added, it is linked to the previous block using a cryptographic hash generated from the contents of the previous block
Ultimately, what a block chains provide
An unalterable transparent record of all accountancy related data
What are examples of how Blockchain can benefit the accounting professional?
Reducing the cost of maintaining and reconciling ledgers
Providing absolute certainty over the ownership and history of assets, the existence of obligations and the measurement of amount owed to business and owed by a business
Freeing up time to allow staff to concentrate on other responsibilities rather than recordkeeping
What is an electronic file management system?
Is a good option for a variety of businesses across a number of different industries. Government agencies, medical practices, insurance companies legal firms finance functions and highly technical industries may all benefit from electronic file management system.
What are the benefits to electronic filing of documents?
Reliable backup assistance and disaster recovery methods
Accurate organise electronic databases
Instant 24 7 access no matter where the user is located
Increased workplace productivity
Enhance to customer services
What are the disadvantages to electronic filing?
A sizable initial set up cost for the system
They need to keep hardware and software up-to-date
Data security and the risk of data breaches
What does electronic signatures deliver?
A way to sign documents in the online world much like one signed a document with a pen in the off-line world
Electronic signatures come in many forms, including
Type written
Scanned
Electronic representation of a handwritten signature
A unique representation of characters
A digital representation of characters, e.g. fingerprint
A signature created by cryptographic
Better quality Electric signatures can offer
Authentication
Integrity
Non-repudiation
What is data analysis?
The process of collecting organising and analysing large sets of data to discover patterns and other information which an organisation can use to inform future decisions
What does collection of data mean?
Organisations have access to greater qualities of data available from a number of internal and external sources
What does organisation of data mean?
Once the data has been captured, it needs to be organised and stored for future use using data warehousing facilities
What does analysis of data mean?
Data mining software uses statistical algorithms to discuss the correlations and patterns to create useful information
What are the benefits of effective data analytics?
Fresh insight and understanding
Performance improvement
Market segmentation and customisation
Decision-making
Innovation
Risk management
