CFOs Have to Embrace Cloud Computing, RPA, AI, Blockchain and Other Emerging Technologies to Be Better Equipped for Transformation in the Finance Function: Frost & Sullivan

Mumbai, Maharashtra, India: In his keynote address at the 2nd edition of CFO Engage Summit, Frost & Sullivan's V.Balasundaram, CFO-India, Middle East and Africa, exhorted CFOs to embrace emerging technologies to face the transformation in finance successfully. He also talked about new technologies such as Cloud Computing, Robotic Process Automation, Blockchain Technology and Data Analytics, that are creating waves in the business and finance world.

V.Balasundaram, CFO-India, Middle East and Africa, Frost & Sullivan, exhorted CFOs to embrace emerging technologies to face the transformation in finance successfully. In his keynote address at the 2nd edition of CFO Engage Summit in Mumbai, Balasundaram stressed the need to be aware and to adopt new technologies to endure in the dynamic world of finance.

“Major factors of transformation in the finance function in the next few years would not be from legislation but from technology. New business models are emerging from upcoming technology developments,” said Balasundaram, elaborating on new business models such as aggregator and disintermediation models. In the aggregator business model, the company collects information about providers and seekers of a particular service and provides a technology platform to connect them. For example, the largest taxi company Uber owns no vehicles. They basically connect the taxi owners with service seekers through their technology platform. In the disintermediation business model, a technology platform is used to eliminate intermediaries. For example, peer-to-peer lending has become popular which has reduced the involvement of traditional banks in the basic deposits and lending activities.

(Business Wire India)