When I started my career a few decades ago we were living the golden years of the first “Great IT Boom”. Practically every company was throwing big money at tech. It was going to boost productivity to untold levels and drive growth as we had never seen before.
Cloud tech, machine learning, chatbots, artificial intelligence and data analytics are having a huge impact on the way we make decisions, develop strategies and run our business daily. We’re also intrigued by the possibilities tech offers to open new possibilities and efficiencies for our companies, and to free up our people to do high-value tasks such as generating insights and making the right decisions to support the business strategy.
Another tech that is already making a difference in many finance departments is process automation, which is getting software to perform some of the basic tasks that comprise a huge amount of the daily work of traditional finance teams. The key is to take the opportunity to review the processes and rework them where necessary, instead of simply automating old, redundant processes.
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