The finance function is changing quickly – with the support of new technologies, particularly artificial intelligence and machine learning – into an environment where people and machines collaborate to transform finance and business capabilities, drive process efficiency, and automate data pipelines, according to Gartner.
“Thirdly, there are technologies, such as augmented data quality, that automate the collection, storage and retrieval of data and increases accuracy.” In this year’s Hype Cycle for Emerging Technologies in Finance, three technology innovations stand out as being on a path to mainstream adoption within five years and having transformational potential for the finance organisation.In a departure from the monolithic and inflexible technology applications commonly associated with enterprise technology, composable applications have arisen in response to greater demand for business adaptability in more volatile times.
The current hype around automated decision making and augmented intelligence, fueled by AI techniques in decision making has revealed the brittleness of legacy business processes in this new environment.