The field of finance has started using digital tools in a mega way. This includes a suite of functions such as machine learning, robotics, business analytics and natural language processing. A study anchored by Bain and Company has revealed that three-fourths of respondents expect to use robotics over the next two years. To cite an example, Fed Ex uses digital tools to process tax, payroll, treasury and credit card reconciliations. While few claim that digital tools are limited, the bigger question is about integrating a disparate and poorly integrated set of these tools. This leads to a poor user experience. Such problems abound across functional sub-areas such as tax, accounting and financial planning. Some suggestions have emerged out of this study to rectify the same. The first such learning is that tried-and-tested tools that have been successful must not be dumped. The cost must never be the deciding factor. The final goal must be clarified around which the company has to test, iterate and learn. A cloud-first strategy could work very well especially for data warehousing which will later have multiple business benefits. The entire system, process and data management has to be eased out.

Source:https://www.bain.com/insights/rethinking-how-finance-uses-digital-tools

Uploaded Date:04 September 2018