"Information technology is at the core of how you do your business and how your business model itself evolves" -Satya Nadella, CEO of Microsoft
Finance, say hello to the digital revolution. While the necessity of finance functions should stand the test of time, the same can’t be said for its format. The industry won’t fade away, but it sure will witness some major changes.
A key change catalyst, unsurprisingly, is technology. Many industries are already feeling the impact of the transformative power of digitalization, and finance is no exception. There are plentiful digital companies, software, and systems shaking up how things are done in the field. While some executives may resist integrating technology, the matter of fact is that this approach won’t get you far. And despite hesitations, the integration of financial technologies in the workplace can be done quite successfully today.
Ever-present and only growing stronger, the rise of Fintech is proving that no industry or role in the working world is immune to the infiltration of digitalization. Since at FP&A Weekly our aim is to keep you up to speed, below we cover the top financial technologies available today and explain how they can already be integrated in your workplace effective immediately.
Natural Language Processing Natural Language Processing (NLP) is a form of AI that is currently playing a significant role in present day developments for accounting and auditing. In a nutshell, NLP involves programming computers to analyze large amounts of natural language data. A combination of computing power and linguistics, NLP uses deep learning to learn from examples and in turn automatically obtain information for the end-user. Now, instead of having an employee spend time going through hundreds of thousands of documents, NLP does the task better and faster, and humans must only validate the results.
One such NLP platform is Kai, a conversational AI platform by Kasisto which powers human-like conversations with customers. Fluent in the language of finance, Kai is able to converse with potential and present customers in an engaging and intelligent way. Kai has a great reputation as it has already been trusted by top financial institutions including J.P. Morgan, Wells Fargo, and Mastercard.
You can integrate NLP platforms in your business by identifying which tasks involve lots of paperwork and information verification. By assigning these tasks to machines rather than humans, you’ll find your employees engaging in tasks that require human capabilities that machines can’t currently execute such as those that require creativity or emotional intelligence.
Predictive analytics Predictive analytics analyze present data in order to make predictions about unknown future events. They do this by looking at patterns found in historical data in order to identify future trends and behaviors. Using predictive analytics allows organizations to be proactive and base decision-making on data rather than human instinct or assumptions. In the world of finance, predictive analytics can go a long way. According to Oracle, predictive analytics can be beneficial in many areas such as predicting revenue, detecting fraud, and analyzing loss drivers.
Endor, one such predictive analytics platform, allows businesses to generate AI-powered predictions that make the most of organizational data. The company prides itself on three core capabilities: unprecedented speed and accuracy, seamless usage that doesn’t require the expertise of a data scientist, and the platform’s ability to analyze encrypted data.
Robotic Process Automation (RPA)
RPA involves automating structured and rule-based tasks. RPA is not considered a form of intelligence since it cannot make complex decisions or change its typical course of action. However, integrating RPA can increase productivity and be immensely time-saving since it frees up time for greater value-added activities. RPA technologies allow your business to reach a whole new level of efficiency since they eliminate time-wasters such as consolidation processes.
One such platform that automates consolidation processes is DataRails. An enterprise-class software intended for FP&A teams, their technology allows you to keep working the way you’re accustomed to with Excel while eliminating the pesky task of merging all the different Excels you receive and work with. Moreso, all your data is then stored on a structured database that you can access, and you can use DataRails’ platform to create reports and extract insights.
Visualization Platforms Data visualization is a key step on the road to uncovering value from data. With data visualization platforms, businesses can learn more about the day-to-day status of the organization and uncover the stories behind their numbers. Visualizing different statistics as well as slicing and dicing the information gives businesses perspective and insight. By seamlessly combining information from multiple sources, visualization platforms give you a comprehensive picture of what is going on by accessing real-time finance and operations data. Choose between dynamic graphs and visuals, leverage trend tracking capabilities, and engage with a straightforward interface. Make more intelligent decisions by considering all the information at your disposal from across different business functions.
When it comes to finance visualization tools, Sisense is a leading platform. Sisense lets you connect and analyze data that previously may have been disconnected, so you can connect the dots with simplicity and ease. Cleanse, transform, manage and secure your data, all in one place.