The explosive digital transformation technology in general and the 4.0 technology revolution have had a strong impact on businesses around the world in general and the accounting & finance industry in particular. Manual operating methods are no longer suitable for the needs of many businesses. Instead, automation, from data entry, data connection, processing, reporting, and report analysis, accelerates the digital transformation of the accounting industry.
1. Digital transformation of the accounting industry – Automating the accounting process with robots
Automation is a technology trend that is transforming businesses around the world. Many businesses are now investing in RPA (Robot Process Automation) to digitally transform the accounting industry to improve business performance. The global RPA market is expected to grow to $13 billion by 2030, an increase of ~1200% compared to 2020.
2. Bizzi – automatic invoice processing software using RPA . technology
Previously, RPA helped automate repetitive operations when processing accounting data according to pre-programmed commands. Currently, this technology has RPA 4.0 version, integrated with technology Machine Learning (ML - machine learning), Artificial Intelligence (AI - artificial intelligence), which makes processing faster and more accurate
Bizzi invoice processing software, applying modern RPA technology, accelerates invoice processing, converts accounting numbers with only 10s/each bill and Accuracy up to 99.9%. With Bizzi's invoice storage service, businesses can register in a few minutes and can immediately use, store and synchronize invoices from any computer, factory, or store.
In a time when it is difficult to increase revenue, especially during the time of living with the pandemic, the digital transformation of the accounting industry, the application of digitization solutions in general, helps businesses reduce many costs such as: operating costs, storage costs… and help accountants have time to deal with other tasks that create more value.
In addition to technology trends applied in the process of business transformation, Bizzi's RPA technology there is still the possibility check and validate the necessary criteria (electronic signature, comparison with the tax authority's database, etc.) to ensure the validity of the invoice.
3. Some other notable digital transformation activities
3.1 Enterprises shift the argument to focus on cybersecurity
The pandemic has companies rushing into digital transformation, increasing cybersecurity risks. According to a forbes.co article in 2021 there is a near-record high level of security breaches, which is why organizations are now paying more attention to improving their cybersecurity.
Digital accounting businesses are leveraging AI (artificial intelligence), ML (Machine Learning) and RPA (Robot Process Automation) to improve their cybersecurity to reduce threats threaten the security of this information.
3.2 5G technology trend of digital transformation of enterprises
5G technology can accelerate the line for companies through 10-20 times higher speeds, significantly greater device connectivity and 10 times lower benefits. Argumentators can leverage 5G to accelerate digital solutions deployment and dramatically improve internet-based software.
3.3 Customer Data Platform (CDP) Storm
CDP software is a unified customer database managed by marketers that can be accessed by other systems easily. The pandemic has given rise to the CDP market, which is expected to reach more than $3 billion by 2025.
3.4 The explosion of artificial intelligence (AI) on the journey to transform arguments
AI has had a significant impact on businesses and industries around the world. The AI market is predicted to reach $126 billion by 2025 as companies of all sizes invest in this technology. AI-based tools enable businesses to make optimal decisions, predict accurately, and improve business operations.
With Bizzi, accountants don't have to worry. automate 90% invoice processing for business and financial accounting department, reduce 80% costs, Save time and speed up the digital transformation of the accounting industry.
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