PWC's recent Finance Effectiveness Benchmark Report 2017, highlighted among other things, the need for finance professionals to use technology to free up time for them to create and deliver value across the organisation.
Technology is now key to every business function. There are a wide range of technological tools available that can help to transform business, measure results, monitor performance etc.
The PWC report discusses "disruptive technologies", such as artificial intelligence and robotic process automation, which are now delivering cost reduction benefits to many businesses. And this means that within business, IT departments and finance departments need to be more closely linked than ever for transformation to take place and for results to be delivered. Deployed correctly, new technologies can significantly reduce the time spent on repetitive processes, releasing time for accountants to deliver value to their organisation.
By way of example, the report focuses on RPA (Robotic Process Automation), which if configured in the right way, can make mistakes a thing of the past: no rework, and streamlined processes. RPA can be delivered to an organisation both inexpensively, and time-efficiently, particularly when there is a combination of both robotics and artificial intelligence. It is early days yet for these new technologies to be commonplace, but it's important we all stay ahead of developments, and this PWC report is a great place to start.
www.pwc.co.uk/finance/finance-matters/insights/finance-effectiveness-benchmark-report-2017
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