New technology, fueled by the explosion of data, is transforming business as well as accounting and finance functions and firms. As we get deeper into the Fourth Industrial Revolution, these six biggest technology trends must be embraced by accounting and finance professionals to save time, money, and improve results.

1. The 6 Biggest
Trends In
Accounting and Finance
Technology

2. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved
Title
Text
IntroductionIntroduction
New technology, fuelled by the explosion of data, is transforming business as well as
accounting and finance functions and firms. As we get deeper into the Fourth Industrial
Revolution, these six biggest technology trends must be embraced by accounting and
finance professionals to save time, money, and improve results.
The 6 Biggest Technology Trends In Accounting
and Finance

3. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved
Title
Text
IntroductionIntroduction
The explosion in data that has launched the Fourth Industrial Revolution, an era when
business will be transformed by cyber-physical systems, has enabled several technology
trends to develop. Every business can leverage these important trends and should pay
attention to how best to use them, but accountants should really evaluate how these six
technologies can be used strategically to achieve the company’s business strategy.
The 6 Biggest Technology Trends In Accounting
and Finance

4. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved
1. Big Data
Data is crucial to make business financial decisions. Today, data isn't just numbers and
spreadsheets that accountants have been familiar with for years; it also includes
unstructured data that can be analyzed through natural language processing. This can
allow for real-time status monitoring of financial matters. Data is the fuel that powers
other technology trends that are transforming finance and accounting in the Fourth
Industrial Revolution.
Even the audit process has been digitalized. In the financial realm, data produces valuable
insights, drives results and creates a better experience for clients. Since everything leaves a
digital footprint, the unprecedented digitalization of our world is creating opportunities to
glean new insights from data that wasn’t possible before. These insights help improve
internal operations and build revenue.

5. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved
2. Increased Computing Power
Just as it is for other companies, all the data created by our digitalized world would be
useless or at least less powerful if it weren't for the advances in computing power. These
changes allow accounting and finance departments and firms to store and use the data
effectively. First, there are the cloud services from providers such as Amazon, Google, and
Microsoft that provide scalable systems and software to leverage that can be accessed
wherever and whenever it's needed. Edge computing has also grown.
This is where the computing happens not in the cloud, but right where the data is
collected. The adoption of 5G (fifth generation) cellular network technology will be the
backbone of a smarter world. When quantum computing is fully adopted, it will be
transformative in a way that cannot even be predicted at this point since it will catapult
our computing power exponentially. Quantum computers will be able to provide services
and solve problems that weren’t possible with traditional computers. There will be
tremendous value in the financial world for this capability.

6. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved
Artificial intelligence can help accounting and finance professionals be more productive. AI
algorithms allow machines to take over time-consuming, repetitive, and redundant tasks.
Rather than just crunch numbers, with the support of AI, financial professionals will be
able to spend more time delivering actionable insight.
Machines can help reduce costs and errors by streamlining operations. The more finance
professionals rely on AI to do what it does best—analyze and process a tremendous
amount of data and take care of monotonous tasks—the more time humans will recover
to do what they do best. New technology has changed the expectations clients have when
working with companies, and it's the same for accounting. AI helps accountants be more
efficient.
3. Artificial Intelligence (AI)

7. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved
4. Intelligence of Things
When the internet of things, the system of interconnected devices and machines,
combines with artificial intelligence, the result is the intelligence of things. These items can
communicate and operate without human intervention and offer many advantages for
accounting systems and finance professionals.
The intelligence of things helps finance professionals track ledgers, transactions, and other
records in real-time. With the support of artificial intelligence, patterns can be identified,
or issues can be resolved quickly. This continuous monitoring makes accounting activities
such as audits much more streamlined and stress-free. In addition, the intelligence of
things improves inventory tracking and management.

8. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved
5. Autonomous Robots
Robots don't have to be physical entities. In accounting and finance, robotic process
automation (RPA) can handle repetitive and time-consuming tasks such as document
analysis and processing, which is abundant in any accounting department. Freed up from
these mundane tasks, accountants are able to spend time on strategy and advisory work.
Intelligent automation (IA) is capable of mimicking human interaction and can even
understand inferred meaning in client communication and adapt to an activity based on
historical data. In addition, drones and unmanned aerial vehicles can even be deployed on
appraisals and the like.

9. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved
6. Blockchain
The final tech trend that has significant implications for accounting and finance
professionals that I wish to cover is blockchain. A distributed ledger or blockchain is a
highly secure database. It's a way to securely store and accurately record data, which has
broad applications in accounting and financial records. Blockchain enables smart
contracts, protecting and transferring ownership of assets, verifying people's identities and
credentials, and more.
Once blockchain is widely adopted, and challenges around industry regulation are
overcome, it will benefit businesses by reducing costs, increasing traceability, and
enhancing security.

10. © 2020 Bernard Marr, Bernard Marr & Co. All rights reserved
The 6 Biggest Technology Trends In Accounting
and Finance
To learn more about these technology trends as well as other key trends that are shaping
the 4th industrial revolution, you can take a look at my new book, Tech Trends in Practice:
The 25 Technologies That Are Driving The 4th Industrial Revolution

11. Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a
strategic business & technology advisor to governments and companies. He helps
organisations improve their business performance, use data more intelligently, and
understand the implications of new technologies such as artificial intelligence, big data,
blockchains, and the Internet of Things.
LinkedIn has ranked Bernard as one of the world’s top 5 business influencers. He is a frequent
contributor to the World Economic Forum and writes a regular column for Forbes. Every day
Bernard actively engages his 1.5 million social media followers and shares content that
reaches millions of readers.
Visit The
Website
© 2020 Bernard Marr , Bernard Marr & Co. All rights reserved© 2017 Bernard Marr , Bernard Marr & Co. All rights reserved
© 2020 Bernard Marr, Bernard Marr & Co. All rights reserved
Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a
strategic business & technology advisor to governments and companies. He helps
organisations improve their business performance, use data more intelligently, and
understand the implications of new technologies such as artificial intelligence, big data,
blockchains, and the Internet of Things.
LinkedIn has ranked Bernard as one of the world’s top 5 business influencers. He is a frequent
contributor to the World Economic Forum and writes a regular column for Forbes. Every day
Bernard actively engages his 1.5 million social media followers and shares content that
reaches millions of readers.
Visit The
Website

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