ince it is based on “things”, its direct impact on the day-to-day work of senior management or finance departments may seem remote. But IoT can sustain AI (Artificial Intelligence) and machine learning (ML) applications handling multitudes of data flowing from many types of sensors and devices, even when mobile. It opens up huge opportunities for everyone, whether supplying or using services. For senior finance professionals, IoT provides dramatic new access to real-time data insights from every area of an enterprise. It delivers a level of transparency, immediacy and confidence unobtainable by any other means. This will transform asset utilisation and inventory management, no matter how large or dispersed the organisation is. Edge computing infrastructure ensures the old geographical barriers to the processing of data in remote locations no longer apply, democratising the use of advanced AI and ML tools. On a more mundane level, finance departments will find record-keeping and reporting to become far more automated and efficient. Able to monitor and analyse data from sensors in almost every nook and cranny of the business, treasurers will, gain a much firmer grip on cost and performance, able to access a huge wealth of data at any level of detail. With access to analytics solutions made possible by edge computing, organisations can react far more swiftly to events and opportunities. They can employ predictive and prescriptive analytics to extract critical insights from detailed information about inventory, specific financial flows, facilities, business units or assets. Wider applications across insurance In insurance and commercial banking, the ability of edge platforms to process and transmit Finance Monthly. F i nanc i a l Innov a t i on & F i nTech 45
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