JAWAHARLAL NEHRU TECHNOLOGIAL UNIVERSITY ANANTAPUR

ANANTHAPURAMU, AP, 515002

DEPARTMENT OF MANAGEMENT
SEMINAR ON
“ KEY TECHONOLOGY TRENDS IN THE
FINANCIAL FIELD”
UNDER THE GUIDANCE OF
SUBMITTED BY
Prof. M.L.S.DEVA KUMAR
S.SAQLAIN
B.TECH., M.B.A., M.TECH,
180A1E0304
P.H.D.
 INTRODUCTION

Digital technology is transforming businesses and disrupting

various industries, including financial professions. This disruption
presents great opportunities for the profession to deliver more value
to business world through new and enhanced services. By making the
most of new technologies professionals can free up their time from
lower value tasks to focus more on complex and advisory works,
provide greater insights to improve business decision making and
better manage organizational risks.
 There are many areas of technology that are impacting the
financial professions. For example, the automation of accounting tasks
can be enabled through a variety of technologies, including robotic
process automation or through apps like ZOHO etc. cloud computing
has a significant influence offering a wide capabilities
KEY TECHONOLOGY TRENDS
• Artificial intelligence
• Block chain
• Cyber security
• Data
ARTIFICIAL INTELLIGENCE
AI covers a range of technologies that aim to replicate human capabilities such
as learning, sensing, reasoning, creating, generating and understanding
language. Machine learning algorithms are rapidly overtaking human decision
making capabilities in many areas.
The three key features are
1. Large data volumes
2. Complex and changing patterns
3. Consistency
For example, Auditors are starting to use machine learning tools to analyze large
volume of transactions and identify anomalies which need further analysis
BLOCK CHAIN
Blockchain is the most successful and common implementation
of a distributed ledger system. It represents a fundamental change in
how financial records are created, kept, and updated. For example, there
are many copies of a blockchain ledgers and no master copy. All
participants have access to a full copy of the ledger and all the copies
are identical and equivalent. No party has control over the ledger, truth
is determined by consensus. Past transactions cannot be edited without
the consent of the majority.
Blockchain thus has the potential to increase the efficiency of
accounting for transactions and assets.
CYBER SECURITY
Cyber security issues affect business of all sizes and across all
sectors. The impact of security failures is growing, with consequences
including business disruption and reputational damage, security
weakness can be found throughout supply chain, not just with in a
business. Data breaches should be seen as inevitable, and businesses
need to focus more on the detection of breaches. In this sense a good
cyber security is need as it is a series of effective controls.
DATA
Financial tasks are grounded in data. Therefore improvements in
the ability to capture, process, store, analyze, visualize and share data
will have particular relevance to how works are undertaken. Recent
advances in this area are driven by two key trends Big data and
Data analytics. This helps in improving decision making across
organizations, providing hard evidence for decisions and relying less on
guess work and assumptions.
IMPACT ON PROFESSIONALS IN
BUSINESS WORLD
The business environment is changing quickly, with more
business moving of its operations online. The explosion of social media
amplifies reputational risks, putting greater pressure on organizational
resilience and response .It requires greater business flexibility and
agility. Business want more insight from data and accountants can help
with that, but are competing with other departments like marketing who
are advanced in using analytics. This creates a need for finance
functions to embrace digital transformation.
IMPLICATIONS ON SKILLS
While financial tasks are likely to remain central to organizational
success, it is still not needed that accountants will still needed to do
them. Automation and AI threaten to take over many basic tasks. As
data becomes increasingly important to business success deep skills
around financial data is needed. The three set of skills are
1. Technical data skills
2. Statistical skills
3. Domain knowledge skills
 While digital transformation is clearly the future, it can have
negative impact in short term.
Productivity- upgrade or introducing new technology will not show
increase in productivity immediately
Compliance with laws and technology laws- This can be time
consuming in day to day work
Cost-software licenses and team training can be expensive particularly
effecting small organizations
CONCLUSION
The professionals need to rise to these challenges. Innovation by
individual and organizations is at the heart of a successful future. But
the professionals also need to work together to support these ambitions.
This could be in raising awareness it build new skills and confidence in
technologies. It also could be in developing deeper understanding of
how change is happening and its implications on future.
THANK YOU