Tech it further: The role of digitisation in the future of Asia’s finance sector

Tech it further: The role of digitisation in the future of Asia’s finance sector
13.12.2019 10:27 am

Tech it further: The role of digitisation in the future of Asia’s finance sector

IT Innovations , Infrastructure

Like most other industries, finance has seen significant transformation thanks to technological advancements, and will no doubt continue to evolve along the same path in the future.

And according to Indo Rama Group CFO Jayanta Chatterjee, predictive technology is the future for finance.

Here and now

Speaking to IQPC Asia from Malaysia where he is based, he said that recruitment in finance was no longer just about qualifications, experience and skill set, but also how a new hire would be able to carry out his duties within a technology-driven professional environment.

“For instance, accountants used to work on handwritten ledgers that later became enterprise resource planning (ERP). But ERP is more like post-mortem data — month-end and year-end audits.

“But now, we have online data — we are no longer dependent on Excel sheets or emails as we can access this information 24 hours a day. Whether you are in Switzerland, China or Ethiopia, you can get to this data on a real-time basis.”

He added that as a result, the concept of financial dashboards — basic reporting of production, sales, working capital, stock levels and non-moving stock, as well as treasury and banking reporting —  had become prevalent in the last seven to eight years, with analytics now a part of such dashboards.

“In case raw material price increases by 10%, what is the impact on EBITDA? In case minimum wages increases by 5%, what is the impact on fixed cost?

“People don’t want to wait for one week to find out — they want the information today, so that’s how the analytics has become a part of the dashboard.”

To read the full report, download it here.

Related News

Abacus Group Announces Record Revenue and Client Growth in 2019

 Abacus Group, a leading provider of hosted IT solutions and services for alternative investment firms, today announced record accomplishments in 2019, as the company reached... Read more »

Reshaping the Financial Sector of the Middle East with Finnovex Middle East 2020

Advanced technology and innovation have forever disrupted business operations of the past. With changing trends and customer expectation, product offerings, service and... Read more »

Market Logic and Visa Win 2020 BIG Innovation Award

Market Logic announced that Visa & Market Logic have been named a winner in the 2020 BIG Innovation Awards presented by the Business Intelligence Group.

Read more »

Kickstart the decade with Asia’s biggest disruptors at Money20/20 in Singapore

Money20/20No, not the year 2020 but perfect, 20/20... Read more »

ICA Inaugural MENA Regulatory and Financial Crime Compliance Conference arrives in Dubai this March

With over 15 years’ experience in hosting relevant, practical and inspiring events, the International Compliance Association (ICA), the leading professional body for the global... Read more »

Allevo exhibits at Startup Grind Global Conference 2020 in Silicon Valley

Allevo, a Romanian financial software companyhas been selected by Startup Grind, powered by... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel