The pandemic has brought forth many changes in the way finance teams gather and act on business intelligence. Moving forward, the more successful of these teams will find themselves focusing on technology, workforce, and regulatory policy enhancements as part of a wider developmental strategy.
Technology
Recent improvements in areas such as e-tax invoicing, data analytics, automation, and cloud computing have enabled the faster and more accurate completion of traditional processes, while also adding value in new ways.
Today’s expanded space for automated transactions makes the most of AI, machine learning, and Robotic Process Automation to speed up manual processes and minimise mistakes. Moreover, the integration of real-time enhanced analytics through ERP software lets digital assistants deliver clear calls to action at the right times, so that businesses can put their focus exactly where it needs to be.
Another important advance has been made possible through AI and cloud technology, which now enable increased self-service among end-users without the need of a stand-alone finance team. This arrangement reduces time by streamlining tasks, but also requires teams in place to carefully review real-time data as it comes in.
All the while, financial leaders need to guarantee that their data is not only accurate and seamless, but also secure. Development in blockchain technology greatly facilitates secure data transactions, while smart contracts increase transparency and efficiency, allowing for business to be conducted more quickly and cheaply than ever before.
Each of the above improvements requires an ability to adapt successfully to technological change. Finance leaders need to spearhead this change, weighing the pros and cons of each new potential mode of operation – and taking decisive action where appropriate.
Workforce
Taking advantage of technology requires skilled team members who can maximise its full potential, but also work independently and assertively to achieve company goals. Technological and cultural training may be required to bring these business objectives within reach.
Bear in mind that tech transformation is by no means easy, and many companies invest heavily in modern approaches only to find themselves stuck in transition. Integrating new technology may seem like an ideal solution in many cases, but will prove counterproductive if not supported by knowledgeable and tech-savvy operators who are clear on how to use the technology to further company objectives.
Regulatory policies
Financial teams should adhere to worldwide and domestic regulations, maintaining awareness and vigilance toward new updates as they appear. Tax reports should be in line within their respective domains, whether locally or internationally.
Among other regulations, international organisations with branches in Thailand need to follow Thai Financial Reporting Standards. Additionally, the PDPA, the Thai Revenue Code, and all other relevant official policies should be taken as authoritative, shaping company administration and operations.
Guiding through transformation
Corporations that successfully integrate technology, policies and workforce will benefit over their competitors through successful change management and careful planning. The financial applications for AI and data analytics are diverse, and can help substantially with many decision-making processes. Auditing and other tasks likewise become smoother with AI helping to identify risks and anomalies, while revenue departments can use similar tools to calculate taxes more efficiently and optimise future tax policies.
Grant Thornton in Thailand is standing by to help your team make the most of its future potential. Contact us today to get started.
Grant Thornton is a leading business advisory firm in Thailand, offering Audit and Assurance, Talent Acquisition Management and Executive Recruitment, Advisory, Business Consulting, Tax and Legal Consulting, Japanese Business Practice Consulting, Business Process Outsourcing, and Business Risk Services.
