Robert Kugel's Analyst Perspectives

Workday Advances Technology Roadmap for Finance

Posted by Robert Kugel on May 21, 2018 6:38:29 AM

Workday recently presented a technology summit for industry analysts. The presentations focused on Workday’s ongoing product advancements as well as its approach to employing emerging technologies. These technologies include artificial intelligence (AI) and machine learning (ML), robotic process automation (RPA) and bots utilizing natural language processing. Ventana Research uses the term robotic finance to refer to these technologies when used in the office of finance. In our view, they will have a profound impact on the nature of white-collar work over the coming decade. Financial management and ERP software vendors are focusing on these technologies because they will disproportionately affect finance and accounting departments: I estimate that their adoption has the potential to eliminate one-third of the accounting department’s workload within a decade.

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Topics: Big Data, data science, Mobile, Machine Learning, Office of Finance, Continuous Planning, Cloud Computing, Collaboration, Financial Performance Management, ERP and Continuous Accounting

Oracle’s Modern Finance Experience is Robotic

Posted by Robert Kugel on May 2, 2018 7:39:48 AM

After more than a decade of steady development, ERP systems today are changing fundamentally, facilitated by the availability of advances such as cloud computing, advanced database architecture, collaboration, improved user-interface design, mobility, analytics and planning. This was evident when Oracle recently held its third analysts-only ERP Cloud Summit in New York to coincide with its Modern Finance Experience event. Oracle now has an increasingly robust set of business applications that reside in the cloud and a growing list of live customers – large and midsize – from a range of industries across the world, both of which were offered as part of the here-and-now technology theme at the event.

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Topics: Mobile, ERP, Machine Learning, Cloud Computing, Robotic Process Automation, Artificial intelligence, blockchain, AI

SAP Highlights Its Blockchain Efforts

Posted by Robert Kugel on Mar 26, 2018 12:07:03 PM

SAP recently held a teleconference to highlight its blockchain strategy. Lately, the major business software vendors have been calling attention to their blockchain initiatives. While the focus on this technology might seem premature to those who still equate it with cryptocurrencies, evidence is pointing to a future pace of adoption similar to the rapid take-up of the internet in the 1990s. That blockchain is useful for a wide range of business functions isn’t news – just google “blockchain use cases.” Payment, provenance, testament and efficiency are four main themes driving a multitude of applications of the technology. That said, blockchain isn’t technology in search of a mission but is something more like the internet, both in its broad utility and in value multiplication through network effects.

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Topics: Machine Learning, Office of Finance, finance transformation, Robotic Process Automation, Artificial intelligence, blockchain, AI, bots, robotic finance

The Modern Finance Organization is a Technology Fast Follower

Posted by Robert Kugel on Mar 15, 2018 10:08:14 AM

Robots of the physical sort are not about to take over finance and accounting but we have arrived at the age of “Robotic Finance”. I coined this term to focus on four key technologies with transformative capabilities: artificial intelligence and machine learning, robotic process automation, bots and natural language processing and blockchain distributed ledger technology. Embracing these technologies will enable any department to redefine itself as a forward-looking strategic partner to the rest of the company.

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Topics: Machine Learning, close, closing, Robotic Process Automation, Artificial intelligence, blockchain, AI, Accounting, bots, robotic finance

Self-Describing Data Powers B2B Blockchain Distributed Ledgers

Posted by Robert Kugel on Feb 15, 2018 7:23:11 AM

The use of blockchain distributed ledgers in business processes is now a common theme in many business software vendors’ presentations. The technology has a multitude of potential uses. However, presentations about the opportunities for digital transformation always leave me wondering: How is this magic going to happen? I wonder this because the details about how data flows from point A to point B via a blockchain are critically important to blockchain utility and therefore the pace of its adoption.

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Topics: Planning, Predictive Analytics, Forecast, FP&A, Machine Learning, Reporting, budget, Budgeting, Continuous Planning, Analytics, Data Management, Cognitive Computing, Integrated Business Planning, AI, forecasting, consolidating

Predictive Finance Organizations Are More Valuable

Posted by Robert Kugel on Feb 12, 2018 4:32:47 AM

Ventana Research uses the term “predictive finance” to describe a forward-looking, action-oriented finance organization that places emphasis on advising its company rather than fulfilling the traditional roles of a transactions processor and reporter. Technology is driving the shift away from the traditional bean-counting role. The cumulative evolution of software advances will substantially reduce finance and accounting workloads by automating most of the mechanical, rote functions in accounting, data preparation and reporting. (I recently summarized these in a “Robotic Finance”)

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Topics: Planning, Predictive Analytics, Forecast, FP&A, Machine Learning, Reporting, budget, Budgeting, Continuous Planning, Analytics, Data Management, Cognitive Computing, Integrated Business Planning, AI, forecasting, consolidating

Welcome to the Age of Robotic Finance

Posted by Robert Kugel on Dec 29, 2017 5:24:49 AM

For several years, I’ve commented on a range of emerging technologies that will have a profound impact on white-collar work in the coming decade. I’ve now coined the term “Robotic finance” to describe this emerging focus, which includes four key areas of technology: Artificial intelligence (AI) and machine learning (ML), robotic process automation (RPA), bots utilizing natural language processing, and blockchain distributed ledger technology (DLT), each of which I describe below. Robotic finance will have a disproportionate impact on finance and accounting departments: I estimate that adoption of these technologies potentially will eliminate one-third of the accounting department’s workload within a decade.

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Topics: ERP, Machine Learning, close, Consolidation, Continuous Accounting, Reconciliation, CFO, Robotic Process Automation, blockchain, AI, natural language processing, Accounting

Artificial Intelligence and Machine Learning in Business Applications

Posted by Robert Kugel on Oct 26, 2017 7:18:56 AM

The application of artificial intelligence (AI) and machine learning (ML) to business computing will have a profound impact on white collar professions. This is especially true in heavily rules-based functions such as accounting. Companies recognize the transformational potential of AI and ML, but the progression and pace of the adoption of these technologies is unclear. Some applications of AI and ML are already in use but others are a decade or more away from replacing human tasks.

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Topics: Big Data, Machine Learning, Office of Finance, Analytics, CFO, finance, CEO, AI, AICPA, natural language processing, Accounting

SAP Leonardo for Finance: When AI Ain’t Enough

Posted by Robert Kugel on Oct 1, 2017 10:20:34 AM

Fra Luca Pacioli, a 15th-century Franciscan friar living in what’s now Italy, is credited with codifying double-entry bookkeeping, which is the foundation of accounting. Pacioli, a polymath, was well acquainted with his contemporary and fellow polymath Leonardo Da Vinci. So, given they were at times collaborators, it’s fitting that one of the most important applications of SAP’s Leonardo technology will be in helping to disrupt finance and accounting organizations in corporations.

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Topics: ERP, Machine Learning, Office of Finance, Internet of Things, CFO, Artificial intelligence, blockchain, AI

Oracle Growing ERP in Cloud

Posted by Robert Kugel on Apr 17, 2017 7:26:10 AM

Oracle recently held its second ERP Cloud Summit with industry analysts. The all-day event wasn’t just about ERP. The company covered a range of its business applications, including financial performance management as well as its Adaptive Intelligent Applications. And it wasn’t just about the cloud. After more than a decade of steady developments, ERP systems have begun to change fundamentally, facilitated by the growing availability of new technologies including cloud computing, advanced database architecture, collaboration, user interface design, mobility, analytics and planning. Here are my key takeaways from the event:

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Topics: Big Data, data science, Mobile, Customer Experience, Human Capital Management, Machine Learning, Office of Finance, Analytics, Data Integration, Internet of Things, Cognitive Computing, HRMS, Financial Performance Management, Mobile Marketing Digital Commerce, Digital Marketing, Digital Commerce, Operations & Supply Chain, Enterprise Resource Planning, ERP and Continuous Accounting