The year 2018 is on the horizon, and so are four new, exciting technologies. These innovations have and will continue to transform the way you work. From AP automation to cloud-based contract management software, life in financial accounting has never been so thrilling! Roles will shift, and organizations will have the opportunity to reimagine jobs in ways never thought possible.
Blockchain and the “Internet of Value”
Today, most of our financial transactions involve a third party, like a bank. Blockchain technology eliminates the middle entity, so people or organizations can directly share transactional information. The same Internet we use now will serve as the infrastructure for blockchain—consider this technology the “Internet of Value” or Web 3.0 (Web 2.0 is the Internet of Information). The first widespread use case for blockchain was bitcoin crypto-currency, which was implemented in 2009. While the technology itself is not new, its potential applications are limitless, extending far beyond crypto-currency or monetary transactions that replace checks and credit cards. The transactional value can be any type of asset transfer—physical, digital, or even intangible assets.
Blockchain will affect any party who sits in the middle of a value transaction. Banks and credit card companies, for example, are at risk for being disintermediated or even eliminated from the value chain. According to a report by PwC, 90 percent of payment companies plan to adopt blockchain as part of a production system by 2020. Leading financial institutions and other organizations are learning to adapt to and adopt the new technology, looking for ways to bring value to their customers and be successful, even as their roles change.
The rise of robotic process automation (RPA)
RPA involves virtual robots—software algorithms that are programmed to imitate the keystrokes humans make in completing a process. Many redundant financial and accounting tasks and processes could immediately benefit from automation, including accounts payable. Even though many people automate payments in their personal finances, that same discipline has largely been ignored on the business side. From opening the invoice to matching it to a P.O., to routing it for approval then cutting a check, the AP process uses a lot of paper and consumes a lot of work hours. AP automation software, such as AvidXchange, completes nine out of the 12 steps in the process for you, saving time, improving customer service levels, and freeing employees to perform more valuable tasks.
5G: A whole new generation of possible
5G is the next generation of wireless communication technology. With ultra-reliability, low latency, massive M2M connectivity, and enhanced mobile broadband, 5G will transform our personal and professional lives. Billions of devices will be able to connect and communicate in real time, generating massive waves of new data. Consider the following use-case data requirements:
- Autonomous driving: 1 GB/second
- “Smart” hospital: 4,000 GB/day
- Connected factory: 1 million GB/day
Only 5G has the scale and scope to enable new insights, drive business efficiencies, and create data monetization in this brave new world.
Cloud technology: Business at a higher level
The term “cloud” is a metaphor for the Internet, and cloud computing is the process of outsourcing IT services—such as servers, storage, and applications—to a shared platform maintained by a vendor and accessed via the Internet. End users access their cloud-based apps either through a web browser, lightweight desktop, or mobile app. The business software and data are stored on servers at a remote location.
Use best-in-class financial management solutions like Sage Intacct to get the job done faster, better, and at a lower overall cost.
Businesses use cloud solutions like best-in-class financial management solution Sage Intacct to get the job done faster, better, and at a lower overall cost. For example, to unify sales and finance and ensure consistency throughout the quote-to-cash process, Sage Intacct’s contract management software was developed around the customer contract. All of the elements that make up the financial relationship with a customer are captured in the contract to create a single source of truth that can drive billing, accounting, and reporting in an automated fashion. Deep integration with cloud-based Salesforce CRM also streamlines contract management.
Get your organization future-ready with RKL eSolutions
Technology will continue to change the way you work. All these innovations are a good thing, of course, but they can be overwhelming. That’s why you need a trusted technology partner like RKL eSolutions. Our professionals can help your business benefit from these advances to automate redundant business processes, offer new and innovative services to your clients, and most of all, re-imagine the workplace to fully embrace your organization’s and employees’ priorities.