Re-engineering the decisional process in management through fintech
- Vol.58(6), Jun
- Kolkata CMA Kaushik Banerjee 2023
- 27-31p.
Technologies like Artificial Intelligence, Big Data, Internet of Things (IoT), RFID, Distributed Ledger Technology, Cloud Computing, Robotic Process Automation and Smart Contracts are taking the world by storm. As technology leaps forward and takes forms which were unheard of and unthought of even a decade back, businesses are eager to harness these by all means they can to improve the way they function and thrive. The applications of such technology in businesses are countless right from simple logistics management to enhancing the trust level across the value chain, from simple integration with ERP in order to ensure better accounting at the grass-root level to establishing robust decision-making systems and risk management frameworks to ensure better decision-making at the governance level. The applications of technology in the areas of Banking, Financial Services and Insurance sector is also vast, which has lead to the development and launch of peer-to-peer lending platforms, trading in cryptocurrencies and non-fungible tokens, revolutionising cross-border payments, alternative insurance underwriting, and alternative credit scoring systems. Besides these, the potential applications of such innovations towards a sustainable future are also immense. However, each technological innovation brings with it, its own security concerns and challenges in regulating the participants to ensure fair play to everyone concerned. Moreover, with technology like using Artificial Intelligence for analysis and decision-making, it is important to ensure that the decisions still remain ethical. This is where the role of professionals like Cost Accountants become important and indispensable.