Traditional finance cycles make way for the real thing: real-time and non-stop
IDC predicts that by 2025, the collective sum of the world’s data will grow to 175 zettabytes, up from 33 zettabytes in 2018. As a result, the amount of data businesses will have to process will increase. Fortunately, real-time information provision is fast becoming the norm and we are starting to see the benefits all around us. For example, consider your smartphone’s ‘Maps’ app. Without real-time information, the app might report a traffic jam or roadblock half an hour too late or not at all, with all the consequences that would entail. Spotify and Netflix also provide real-time information. Based on your viewing habits, these services make suggestions as to which music or films are most likely to interest to you at any given time. The TravelBird app also displays algorithm based real-time travel information, to make travellers’ lives as easy as possible.
(click on the image to see the full infographic “Finance Cycles”)
The latest example comes from Walmart, the major American supermarket chain. This organisation has recently installed sensors, cameras and processors in shops with the aim of collecting information about the activities within the shop itself. This way, employees receive real-time information, giving them a continuously up-to-date overview of which products have been purchased or when an expiry date is approaching. In short, real-time data processing is becoming increasingly important in our daily lives.
Real-time information in today’s financial world
Information is paramount in order for things to function. In the world we live in, we simply do not have to worry about a shortage of information. And, as shown in the examples above, ever more information is being delivered in real-time. Beyond the fact that consumers are interested in always viewing the most current information, real-time information is also very relevant for organisations. It allows organisations to work with the most up-to-date data available and make decisions based on it. Furthermore, it provides the customer with the best possible advice.
But, what do we mean by real-time information? Why is it relevant and what does this mean for the future of the finance professional? Onguard researched trends and developments within finance among more than 1000 UK finance professionals: the FinTech Barometer. The 2019 barometer researched, among other things, the extent to which finance professionals use (real-time) data and what their expectations are for the future.
In this whitepaper, Onguard answers the aforementioned questions and explores opportunities for real-time data processing within finance and the order-to-cash process.