In 2020 our private and qualified relationships and perceptions have undergone a sea transform and this contains our connection with our dollars as effectively. According to a survey that Oracle did with private finance professional Farnoosh Torabi, 83% of Indians (like company leaders) trust robots more than humans when it comes to managing their finances.
Some of the important India information that suggests this consequential shift reveals that – 85% of Indian customers think that robots can support them with managing their finances. Responding to this transform in customer mindset, Indian company leaders, that is, 93% have shared that they have invested in digital payment capabilities and 81% have designed new types of client engagement or changed their company models by embracing newer technologies. “I am not surprised with the study as AI and ML are seeing unprecedented adoption, with the pandemic playing catalyst, says Kannan Sugantharaman, CFO, Omega Healthcare.
Around 90% of business leaders believe robots will replace finance professionals, and more than a third (67%) of them believe that it’ll happen by 2025. Guruprasad Gaonkar, Global SaaS Go-to-Market Leader, Cloud Business Group, Oracle, observes that “many forward looking companies have already started the process by adopting AI powered ERP, with more radical transformation coming from the possibility of bringing it together with Blockchain”. McDonalds and Wipro are some of businesses that have currently moved on from previously “people dependent approach” to get rid of manual guesswork particularly with enterprise efficiency management. Echoing the sentiment, Dinesh Modi, CFO, Cactus Communications, says that “ERP cloud has given us the opportunity to work with technologies like robotic process automation (RPA) and streamline the process whereby the same team can deliver higher output.”
Businesses will want to re-align themselves with the energy of the trinity – AI, IoT and Blockchain. Almost every single activity that goes inside the finance function across sectors can be planned and agreed upon inside ERP cloud applications and then encrypted into an immutable ledger capable of executing distinctive transactions autonomously and at a defined moment in time.
It’s time to rethink the dollars management. Businesses want to provide new company models and payment approaches that eliminate friction for clients. Sugantharaman foresees finance as a function undergoing transformation. Elements like Cost, Control and Compliance can be more effectively managed by AI based tools today leaving company leaders and CFOs to have a tendency to more strategic roles facilitating development, investments, enablement and worth creation by means of digital technologies.
In a nutshell, AI will transform the function of the CFO, introducing the touchless finance factory and the creation of a next generation workplace. As Gaonkar puts it, “being technology enabled is a passé, being technology led is in vogue.”