Innovation in the software industry continues unabated. No longer do we have to program computers directly in ones and zeroes, with cumbersome paper punch cards, or even to craft every line of code by hand. We have entered a new era of technology capability with modular software, code libraries, autonomous databases that maintain themselves, finance applications with artificial intelligence and machine learning that enhance experiences and outcomes, and even software that can write other software.
But it is not just technology that is advancing. At the same time, we have created advances in process optimization and how we manage people, while also creating new tools that help us be more efficient and effective in our work. This intersection of improvements in people, process, technology and tools, has allowed us to create a steady stream of innovation and make it possible for the nimblest organizations to continue to meet or exceed ever changing customer expectations.
A new research report, Agile Finance Unleashed: The Key Traits of Digital Finance Leaders, finds that the most advanced finance teams are moving toward a more agile operating model, powered by software-as-a-service (SaaS) applications and emerging technologies. AI, machine learning, digital assistants and chatbots, predictive analytics, and other innovations are automating routine tasks, freeing up finance talent to analyze new business opportunities and change course quickly.
“CFOs are driving cloud migration because it just makes sense,” said Oracle CEO Mark Hurd to an audience of finance executives during a 2018 event. “It reduces expenses, increases efficiency and creates more opportunity to truly innovate.”