Importance of Technology in Finance
Dr Ozgur Duymaz- 07 January 2021, Thursday
The duties of accounting and finance professionals are not limited to just reporting past performance. They should also add value to the company's operational and strategic decisions and act as a bridge between the company and its stakeholders. While fulfilling this responsibility, using technologies such as artificial intelligence, machine learning, blockchain, robotic process automation, and data analytics will be a great advantage.
A large number of data is produced every day in businesses, and making this data meaningful, obtaining valuable insights from it, and ensuring the use of these insights in strategic decisions are the main tasks of especially management accountants and CFOs. In order for them to fulfill these duties, in addition to basic accounting and finance knowledge, closely being involved in technological developments, taking the training they need in this regard, and having the ability to apply these developments to the business will help them add value to the organization in which they work.
A large number of data is produced every day in businesses, and making this data meaningful, obtaining valuable insights from it, and ensuring the use of these insights in strategic decisions are the main tasks of especially management accountants and CFOs. In order for them to fulfill these duties, in addition to basic accounting and finance knowledge, closely being involved in technological developments, taking the training they need in this regard, and having the ability to apply these developments to the business will help them add value to the organization in which they work.
A company faces multiple risks arising from financial markets, country policies, competitors, and customer trends. Before an investment decision, risks should be analyzed with every dimension. Failure to analyze the risks adequately can cause great losses to companies. In order to analyze these risks, a large number of data must be analyzed and certain results must be obtained. At this point, past data and current trends can be analyzed by means of artificial intelligence, and many scenarios can be brought in front of decision-makers with the possibility of realization, and thus healthy investment decisions can be made.
It has become a necessity to benefit from advanced technologies for institutions that provide personalized services as a business model. From the raw data obtained through big data, insights about customer needs are created and analyzed through various advanced software and the results obtained can be used in product development. Thus, it is based on data beyond the estimation of whether the product developed has a sufficient number of buyers in the market.
It has become a necessity to benefit from advanced technologies for institutions that provide personalized services as a business model. From the raw data obtained through big data, insights about customer needs are created and analyzed through various advanced software and the results obtained can be used in product development. Thus, it is based on data beyond the estimation of whether the product developed has a sufficient number of buyers in the market.
Accounting and finance professionals play an important role in increasing the value of their companies. In this profession, where continuous development is inevitable, every step taken without the support of technology will be like progressing in a tunnel without a flashlight.