Future of Business Finance. Profession’s Survival Rate
Learn more about the future of business finance. Aspects and digital influence to consider if you want to stay afloat as a business finance expert.
Is There a Future for Business Finance?
Digitization disrupted many spheres of business that were valid and in demand back in the 90s. In the era of digitization, there’s a single aspect that Artificial Intelligence has yet to develop — it is financial analysis and forecast. The human workforce is still valid at this point. Analytical skills of human mind currently allow winning over digital technologies.
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In the Attempt to Keep Business Finance Alive
It is hard to ignore the onset of digital technologies conquest over the business finance. The main idea is to make business easier and convenient in so many ways. The most sensitive features of business finance sphere are privacy and security. Currently, technology finds them hard to sustain.
Developing technology that supports the privacy of its users and is secure and abides local and international laws is the main task as Matthew Dixon, an Assistance Professor in Finance and Statistics in the Stuart School of Business, pinpoints in his TEDx talk on Deepmind and the Future of the Finance Industry.
Global Financial Workforce — the Freelance Trend
With the onset of the technologies in the business world, freelance has become a more common way of the business relationship between employer and employee. Why should business finance fall behind? The sphere of business finance has to keep up in order to satisfy current best practice in terms of working conditions.
The drawback here is to overcome the issue of security. Most business financial information is sensitive. There is a face-off between transparency and security of finance operations. Facing the pressing reality of workforce around the world moving towards freelance, the incentive to share ideas to create a transparent financial system is strong like never before.
Currently, among the technologies that are able to provide security is confirming ID through fingerprints. Trust aspect is addressed through the face-to-face video calls that connect businessmen globally. There’s much more to be done.
Legal Aspects of Future Digital Finance Reality
Struggling to support the innovative technologies within the finance sphere are local and international laws. Privacy and security of operations strongly depend on legal regulations of business finance. It is a large piece of work to be done before any innovative technologies can be applied to the financial sphere.
Even when the technology is approved and successfully tested in business financial operations, it will not be implemented until the lawyers do their job and necessary regulations take place.
So, What Does Technology Have to Offer Today?
There’s no need to prefer old ways instead of using new technologies introduced to the business finance. For example, who doesn’t dread having to keep all the receipts of even minor financial operations? Moreover, the constant stress of losing the receipts especially when traveling (as if traveling itself is never stressful)?
Currently, financial experts and businessmen have a great opportunity to take full advantage of what’s on their table at the moment. There are applications to keep the receipts in one place, among other useful functions — QuickBooks Mobile, Oracle Business Approvals and many more.
In the Face of Future Financial Technology
Digitization like Artificial Intelligence, blockchain and others, overcome milestones every minute of the day. In 15 to 20 years the need for a business finance expert might become zero due to losing to the digitization. However, there’s a remedy and it’s common to any occupation.
Always keep up with the new technologies introduced to your sphere. The times when you stop learning when you graduate from the educational establishment and then just practice, are long gone. Now we can only prove our expertise if we follow the digitization precisely and stay in the constant pursuit of learning new information. That is the future of any profession.