Whether you're a start-up or experienced business person, you have your call to decide which one is better for your business: a finance staff or an artificial intelligence system.
As we all know, data is everything today. It is why big institutions are paying big amount of investment to collect data in all sorts and forms. For example, Big Data is now the topic going right from local start-ups to multinational corporations.
Being an CFO, who had over 12 years of experience working in financial and accounting industry, I think we are lucky enough to witness the shift from data collection to data analysis.
While many firms out there are still focusing on compliance, I am already gearing my staff toward the future of Big Data.
The future is here!
It is hard to believe that I will not have to conduct bank reconciliation, data verification by checking receipts or even filing a simple Business Activity. I could realise that future is here already!
Financial and business software are transforming toward digital data analysis. The software functions could communicate to the tax office and banks. There is no extra need for manual data checking and reconciliation to get your data in the right format.
So what finance majored students are going to do after their graduation and years of professional development? It is scary to think about the young generation of finance people who are still being trained about the skills that were already replaced by innovative business software.
Would accounting jobs be no longer relevant? The answer is No! Finance jobs can still survive. Business clients want services that no software could possibly offer.
Here is a good example, your sales team is about to seal a new contract that requires extra resources. The team requests you to provide extra resources and a quick update on the financial viability of the new job. You can straightaway contact your analyst and request a quick insight on how much the company could earn and spend to make a certain profit. With the information, your sales team and you can go on to tender with a peace of mind!
There is another good example of using Big Data in finance & accounting. One of our clients is doing software development. They are in the process of preparing for the launch of a brand new product to the market. They come back to us and request a set of sales data in the past 5 years to show them sales activities could answer the following queries:
- What is the new recurring sale per month?
- What is the churn rate?
- What is the cost of acquiring new sales?
I can provide you the answers to within 45 minutes with suggestions to benefits your product launch.
In both of the examples here, we can see the finance role has changed yet it still stays relevant to a client’s need. The only that changed is the role have to move from a data collection into data analysis to produce business intelligence and help clients making important business decision instantly!
We think the future of data mining, business intelligence and business solution will give accountants a future career, growing side by side with technology. At Tailored Accounts, we don’t know the future, we create them!