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How technology will determine future role of business

What are some of the key technology trends likely to disrupt business over the next three years? Research conducted by Accenture shows that four out of five business and IT executives agree that technology is crucial to how companies are making themselves important in society. Its annual report – Accenture Technology Vision 2018 – asked more than 6,300 business and IT executives worldwide how their companies are integrating themselves into the lives of customers and in the business environment. Some of the important uses of technology it noted include companies using secure authentication to gain trust, deploying innovative customer interactions to gain feedback and deepen relationships, as well as sharing expertise and development with governments or other organisations to make key products or infrastructures.

Accenture's report identifies five emerging technology trends that companies must address if they are to build the partnerships needed to succeed in today’s digital economy:

  1. Citizen AI: Raising AI to Benefit Business and Society. As artificial intelligence (AI) grows in its capabilities, so does its impact on people’s lives. Businesses looking to capitalize on AI’s potential must acknowledge this impact, “raising” AI to act as responsible representatives of their business.
  2. Extended Reality: The End of Distance. Virtual and augmented reality technologies are transforming the ways people live and work by removing the distance to people, information and experiences.
  3. Data Veracity: The Importance of Trust. By transforming themselves to run on data, businesses now face a new kind of vulnerability: inaccurate, manipulated and biased data that leads to corrupted business insights and skewed decisions. To address this challenge, companies must follow a dual mandate to maximize veracity and minimize incentives for data manipulation.
  4. Frictionless Business: Built to Partner at Scale. Businesses depend on technology-based partnerships for growth, but their own legacy systems aren’t designed to support partnerships at scale. To fully power the connected Intelligent Enterprise, companies must first re-design themselves.
  5. Internet of Thinking: Creating Intelligent Distributed Systems. Businesses are making big bets on intelligent environments via robotics, AI and immersive experiences, but bringing these intelligent environments to life will require not only adding key skills and workforce capabilities, but also modernizing current enterprise technology infrastructures.

CTMfile take: Many of these technologies could potentially change the way treasury works and interacts with the rest of the business. Data veracity, for example, is important in all areas of business but in treasury it has particular weight and policies should be in place to minimise incentives for data manipulation.

This item appears in the following sections:
Fraud Prevention
ID Systems & Services in Fraud Prevention
Best Practices & Benchmarking in Operations
Operational Risk Management

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