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Modern Technologies Renovating the Financial Sector

Mark Steffler, CFO, Legend3D, Inc.
Mark Steffler, CFO, Legend3D, Inc.

Mark Steffler, CFO, Legend3D, Inc.

Focusing on Big Data

If we look at the contemporary business landscape, technology seems to have left a deep impact on almost every sphere including finance. Of late, finance has levitated to new heights, incorporating technological blends into its realm of actions. Speaking of disruptive technologies, organizations now implement big data for predicting their revenue and bringing it to a close range. From the finance perspective, an increasing number of companies tend to focus on the month-end sales wrap, which is gradually transforming into a daily process. In most cases, the closing details happen to be in the form of manual journal entries. To streamline month-end closing and generate real time data, companies are devoting more effort to leverage machine learning and automation solutions.

Evolving Role of the CFO

The role of the CFO has experienced a transition from being simply a C-level executive to become a dynamic change agent. Everything that is technology or data-driven induces growth, propels cost reductions and carries information that needs to be reported to all business-unit owners. In this manner, the role of CFOs has undergone a major change and is rapidly expanding.

Predictive Analytics & Machine Learning

Predictive analysis is typically used to outline revenue as well as identify areas that need to be addressed from a cost perspective. For talent-oriented companies like Legend3D, it is crucial to hire representatives who are tech-savvy and work quickly. By leveraging machine learning, one can track down key metrics on experienced workers as well as potential job seekers across various cities to forecast data ranging from estimated pay rates to specific work experience. This, in turn, affects decision making because, at the end of the day, it is the workforce that determines the progress of any business. Machine learning is increasingly employed by forward-looking organizations to analyze market trends across industries, empowering them to execute their strategic initiatives.

Thinking Out of the Box

Different vendors and customers might come forth with similar problems relating to finance, but it rests on the CFO as to how these challenges are to be tackled. There is no harm in experimenting, as long as the outcome is positive. At times, companies in unrelated industry sectors often find themselves facing similar issues that can be resolved through a single solution. However, instead of applying a lone formula, on occasion it might be best to improvise unique modes of approaching the issue to discover multiple solutions for that one problem.

Future Scenario

There is a breakthrough transformation impending in finance. With technology advancing at an expeditious rate, markets are being taken over by machines and humans are soon to be turned out of jobs. Up-and-coming technologies are showing certain signs of (possessions see earlier note) which might lead to the human workforce becoming obsolete. To be successful in the thick of a paradigm shift like this in the finance space, CFOs should engage workers in training programs to upgrade their skill set in line with the requirements of a 21st Century work force. By doing so, employees will be equipped with the knowledge and ability to take on new opportunities when their position or job goes the way of the rotary phone.

 ​Up-and-coming technologies are showing certain signs of possessions (attributes/ functionality/capabilities?) which might render the human workforce obsolete 

When it comes to “plug and play”, the realm of finance has a long way to traverse, remaining somewhat archaic compared to other fields of operation today. However, in terms of budding organizations, there is a modest chance that these processes have any chance of thriving. On a global scale, companies interacting with each other through “plug and play” are still figuring out how to integrate services and collaborate fully. There is still time for companies to devote development hours to ensure this mode of communication will produce optimal success for their enterprise.

A Word of Advice for Upcoming CFOs

It would be beneficial if finance executives, specifically CFOs in the making, advocate latest technologies with utmost enthusiasm rather than repudiating them on the pretext of being apprehensive. Any technology that can simplify the work of humans and mitigate inefficiencies should be embraced to procure improved results in future.

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