Financial reports and other real-time operational data are often lagging indicators of performance. These metrics, although perhaps lacking precision, may have been sufficiently effective in the past; however, they are less so now because they lag the current cadence of information dissemination and business volatility today. The challenge for many finance functions is to try to keep pace with all the modern sources of insight and analysis that internal and external stakeholders are receiving.
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The Internet of Things (IoT) connects machines and devices to one another. Today’s devices have between 6 to 9 sensors capturing and transmitting data to help all industries become more efficient, productive and safer. The 2020 annual global economic potential across all sectors is estimated up to $14.4 trillion—that is the current GDP of the European Union. For businesses to fully realize the great potential of the Internet of Things (IoT), they will need to be prepared for the privacy, cybersecurity and liability risks that lie ahead.
As the benefits and capabilities of the Internet of Things (IoT) accrue, so does the amount of data that must be collected, managed, and integrated with connected devices—and by enterprises everywhere. It’s a challenge that demands a new kind of digital trust and data sharing tradeoffs. For more insights from this IoT series, see:
The Internet of Things (IoT) has inspired unprecedented cooperation and coordination for the businesses and industries interested in ensuring a sustainable future for themselves. From the lens of eleven case studies, see how the IoT revolution is transforming the world in which we live in. For more insights from this IoT series, see:
The rise of the connected objects known as the Internet of Things (IoT) will rival past technological marvels, such as the printing press, the steam engine, and electricity. As IoT solves problems that have plagued businesses for decades, it will also create entirely new dilemmas across all sectors and for all industries. Concerns over privacy, cybersecurity, and property and products liability will quickly become just as robust as the opportunities IoT presents.
The cloud is one of the largest drivers of emerging technology solutions, and for many organizations, it has become one of their most valuable information technology (IT) tools. It enhances data storage capabilities, security and agility to both scale up as well as scale down, while also reducing costs, in part due to its inherent flexibility and the number of potential options. Forward-thinking organizations should be analyzing and making decisions about using the cloud by prioritizing capability, performance, total cost and availability against other solutions.
Fund groups face disruptive developments, as advances in financial technology, often called fintech, continue at an ever more rapid pace. Even as new efficiencies and opportunities blossom, regulators have pushed financial firms to recognize the dangers of technological failures. To prepare for the changes ushered in by fintech, it is important for fund boards, investment managers and separate account advisers to have a deep understanding of the issues and risks surrounding Fintech developments.
Ask a wealth management colleague to define “the cloud” and you are likely to get a vague response. Even among information technology experts, the term “cloud” may refer to different technologies that are only connected in a general sense. And despite the fact that cloud computing has quickly become the IT norm, the question remains: Is the cloud secure enough to support a wealth management firm’s critical company information and workflow? The truth is, not all clouds are equal, in infrastructure and in management.
The artificial intelligence (AI) predictions of 2019 are insightful as ChatGPT and other AI platforms are becoming mainstream. Most executives knew then that AI had the power to change almost everything about the way they do business—and could contribute up to $15.7 trillion to the global economy by 2030. But what many business leaders don’t know is how to deploy AI throughout the organization, where it can create maximum value that enhances decision-making, create better customer experiences, and grow the bottom line.
When guiding how your organization drives value through tax efficiencies and financial reporting, don't be surprised if the C-suite is looking for tax leaders to be technology experts. The key is to be proactive in discussions with business leadership.