Innovative technologies such as blockchain, AI, natural language processing, and the cloud, and their convergence with algorithmic-driven data analytics, will radically alter the way industries function, and how business is conducted, writes Tony Klimas, a principal and leader of the Global Finance Practice at Ernst & Young. To harness this transformation, he argues, CFOs must resist a “wait-and-see” attitude, and take steps to move data to the cloud, use software that automates and standardises the account reconciliation process, and give serious thought to blockchain solutions. He offers the insurance industry as an example, where dozens of companies are experimenting with distributed ledgers shared with third-party entities, such as car repair garages. Following a car accident, a series of smart contracts would trigger among the participants, instantly putting the insurance claim process in motion.
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Providing insight into technology and innovation in the legal, accountancy property and consultancy sectors. Alternative Insights brings together news, commentary and thought leadership about digital transformation across the entire professional services industry. We collate industry stories on innovation, technology and transformation in the legal, accountancy, management and property consultancy sectors, giving you access to the latest thinking about tech and innovation in the professions.
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