How will technology transform business over the next three years?

The world seems like a fast-changing place these days, and this is especially true when it comes to technology and how we use it.

Technology: Future of business Technology

Moving at the speed of technology

Way back in 1965 (okay, so it wasn’t that long ago, but in terms of technology, it was completely different era), Gordon Moore, one of the founders of Intel, described a pattern that he had noticed. The number of components that could be included in an integrated circuit doubled every year. From this, he extrapolated what became known as Moore’s Law: that computing would dramatically increase in power, and decrease in relative cost, at an exponential pace.

A simplified version of Moore’s law is that over every 18 months, computing power doubles in capacity and halves in price.

Think of it this way: if you were to buy a 1GB memory card today, the cost of the same memory card in 18 months will be about half. Alternatively, if you want to spend the same amount of money on a memory card in 18 months’ time, you should be able to get a 2GB card for a similar price.

An inflection point

So what does all this mean for the rest of us? It means that in three years (two periods of Moore’s Law), the world will be moving even more quickly and our technology will be able to do even more for us – and at a lower cost.

According to the latest Global CEO Outlook from Forbes Insights, the next three years will be more critical for business survival than the last 50.

“The force and speed with which technological innovation are moving through the economy is creating an inflection point for the business sector,” the report explains. However, only around five per cent of organizations are making the most of their tech – and this means that competitors with strong digital strategies are more likely to thrive in the quickly changing world.

What does all this mean for credit management?

Faster, more powerful computing might seem beyond the scope of your day-to-day credit management activities. After all, O2C is really about building customer relationships and chasing down that cash, right?

Well, yes – but the tools you use to carry out your normal work can play a big part in how well you do your job, and insights derived from big data can also help you improve performance. Faster computers with increased capacity for crunching numbers, analyzing data and carrying out automated tasks will help you to do your job even better.

What’s more, this additional computing capacity will also pave the way for improving embedded technologies like artificial intelligence, machine learning and the internet of things.

Businesses – and credit management teams – that make the most of digital transformation and system-enabled intelligence are building a foundation that will make possible to use data to its full potential. This will facilitate the improvement of everything from business processes, supply chain and logistics, customer experience, workforce experience and cash flow.

Of course, you can have the fastest computers in the world, but without the right tools, all that tech could be wasted. Here at OnGuard, we are constantly innovating and improving our credit management software to ensure that it remains not only relevant but at the top of the market for usability, functionality and data-driven insight.

Credit management crash course

Find out more

To find out how OnGuard’s credit management software can help your organization keep up with how technology transforms over the next three years – and beyond – please contact us today on +31 (0)294 25 6666 or contact@onguard.com.

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