The tasks of financial departments have increased over time, find out how technology helps them deal with them.
We explain how blockchain , artificial intelligence and big data are used in the day-to-day accounting department of a company.
COVID -19 has accelerated the modernization of thousands of companies . Whether small or large, most have had to adapt to the new scenario. The use of technology has been french email list and will continue to be essential in this process. One of the departments that has had to adapt the most to digitalization has been the financial department of companies.
Until a few years ago, the tasks of financial departments focused on managing the company's liquidity, payments, debts and investments, budget control ... However, these tasks have increased in recent years due to the introduction of technology into companies.
Technology that transforms financial departments
In an increasingly globalised environment, companies have realised the need to adapt their business models to technological developments. The same is true for financial departments , where Big Data , Artificial Intelligence, the cloud and Blockchain are playing a key role in making work processes more efficient and increasing productivity.
Big Data , AI, cloud computing and Blockchain help financial departments to be more efficient
1. Blockchain in the financial area
Blockchain is one of the buzzwords of the moment. It is usually associated with the world of cryptocurrencies , but it has also proven its usefulness in financial departments.
Blockchain , also known as a block chain, prevents information entered into the system from being altered.
One of its most common uses in the financial area of a company is to automatically execute payments, both to suppliers and employees.
In the case of suppliers, payment is made at the time when the conditions stipulated for the delivery of the goods or service are validated.
2. Big Data to anticipate risks
The digitalization of financial departments also involves the use of Big Data . This will enable companies to improve the use of all data and do so in an advanced manner.
Through the use of Big Data and its analysis, the financial department will be able to improve the execution of more complex processes related to predictive information such as Planning, as well as the analysis and interpretation of variables that affect risk management.
Not to mention the analysis of client portfolios to anticipate non-payment problems or the selection of products based on financing or investment needs.
3. Artificial Intelligence will organize information
Linked to the use of Big Data in the financial department to improve information on processes related to company accounting is Artificial Intelligence (AI).
In this case, AI will bring more order to the management of data that has already been collected . Artificial intelligence will help classify all the information obtained. When you have a large volume of data, it is essential that it is structured properly to obtain certain patterns of behavior with which you can reach conclusions.