New technologies. We still find people who are unfamiliar with the term. For many, when they hear or read it, they still associate it with something from the future, like Star Wars. Artificial intelligence, process automation, online management... these are some of the terms that, for many, still sound like something from tomorrow. However, new technologies are a very real reality. They are here to stay. Not only that, but they are present in every area of our daily lives, both personally and professionally. It is precisely in the latter area where easyap has been immersed for many years, and we are going to share what we have discovered and learned with you in the following lines.
What do we mean by new technologies?
But first, what better way to begin the rest of this article than by defining what new technologies? According to the RAE, technology is the "set of theories and techniques that enable the practical application of scientific knowledge." But it also offers another very interesting definition: "the set of industrial instruments and procedures for a specific sector or product."
In other words, understanding the term within the world of work and finance, we could say that new technologies are those techniques and tools that have emerged in the wake of the online world and the development of information technology to facilitate and streamline everyday professional life. In this sense, all sectors and industries, globally, have seen how new technologies have revolutionized everything. The world of finance and invoicing have been no exception, and easyap is the best example.
Currently, immersed in the midst of digital transformation, those who have not yet adapted to the new digital society and its markets are doomed to disappear. Why? It is something we saw more than two decades ago. We realized at the time that finance also needed to be digitized and thus take advantage of the benefits offered by new technologies. Our solution for electronic invoicing, successfully implemented in various companies, sectors, and countries, is the best demonstration of this.
The impact of new technologies on the economy
Communication is undoubtedly one of the sectors where new technologies have had the greatest impact. In fact, many associate the term with ICT, which refers to information and communication technologies. However, we see that all fields have been directly or indirectly affected by the enormous development of the digital world: medicine, leisure and entertainment, sports, industries...
Finance has been no exception. In fact, thanks to technology in finance, processes that used to take much longer have been automated. Likewise, the lives of financial managers in SMEs and large companies much easier. Now, these professionals, who are responsible, for example, for financial controls of organizations, simplify tasks with the help of technological advances that many companies have implemented.
Thus, the emergence of these new technologies and their establishment in companies has mainly impacted these three aspects:
- Production. Companies have increased productivity thanks to highly developed machinery and technologies in their production processes.
- Employability. One of the fears that existed (and still exists) is that jobs will be lost to more productive machines. Nothing could be further from the truth, since, although this is something that can happen and has been happening, new jobs have also emerged as a result of new technologies (manufacturing, management, maintenance, and development). Keynes himself Keynes himself spoke 100 years ago ofthe "technological unemployment"that could be caused by emerging new technologies, but he also commented that new jobs would be created.
- Connections and networks: thanks to new technologies, everything is much more global and has a planetary reach. Now, a product or service can reach another part of the world in a matter of seconds. Therefore, there is much greater, more agile, and more convenient connectivity between companies and between businesses and consumers than in the past.
But the best thing about this new landscape is that it will continue to grow. Advances in technology are constant, and research and improvements continue every day. In this regard, it is worth noting that training in technology-related professions and technical positions continues to grow month by month.
The advantages and disadvantages they offer for the financial sector
At easyap, as we mentioned at the beginning of this article, we have long been aware of the power of the relationship between finance and technology. We saw that, as has also happened in other sectors, applying new technologies would offer many benefits to companies. And more than just companies, it would benefit those in charge of the finance departments of multiple organizations.
That was the beginning of easyap, a company formed by specialists in both the financial sector and the world of technology. Time and the many successful projects we have completed show us that we were not mistaken when we launched our electronic invoicing software electronic invoicing for companies.
Key benefits for an accounting manager
Thanks to the easyap solution, numerous financial executives have discovered many of the advantages offered by new technologies in the financial sector. Here are some of them:
- Greater efficiency, as processes are carried out much faster and time is greatly optimized.
- Cost savings, since with a billing system such as the easyap solution, you avoid costs for paper, materials, and even personnel.
- Better communication, because information is much more readily available within software and is accessible to different departments, customers, suppliers, etc.
- Immediacy, since with a system like ours, all processes are digitized, making them much more agile and faster.
What's more, this last benefit we listed has an impact on cost savings and increased productivity. The reason is that accountants previously spent much more time on billing-related tasks. Therefore, with a solution such as easyap, if you are a financial manager, you will know that you can now devote your working time to other matters. And time is one of the greatest resources any business can have.
Disadvantages of new technologies in general
Even so, it is also true that there are aspects of new technologies that we need to manage in the best possible way. The truth is that if we do not use what they have to offer correctly, these technological advances can also end up creating bad habits.
Likewise, and broadly speaking, we could point out a few other aspects that we must control to avoid problems in the use of technology:
- Social isolation and reduced human interaction ,, since managing everything through software can reduce relationships. And this aspect is more applicable to the personal sphere than to the workplace.
- Possible limitations to creativity.
Even so, and especially in relation to the second point, it will be essential to have people and teams who know how to apply that creativity in work processes. As long as we continue to combine the best of technology and what it offers us with the more human side and talent, the world of work will grow and improve.
Is it expensive to implement technological advances in companies?
However, many companies and finance departments are reluctant to embrace new technologies because they believe they may involve high costs. The fact that most technological advances have taken years of research to develop may lead financial managers to believe that implementing them in their businesses will be very expensive.
However, this does not have to be the case. On the one hand, it is important to know who to implement technological solutions reliably. Turning to companies with experience in the market is essential. Not only because of their track record, but also because they will know more about how to develop technical solutions for the business. In this regard, from the perspective that comes from having been in the market for more than 20 years, we advise against resorting to patches and constantly fixing errors. In the long run, it will always be better to implement reliable solutions with trustworthy companies to automate processes related to electronic invoicing or employee expenses.
And best of all, when asked if it is expensive, our answer is clear and straightforward: no. In fact, the cost savings from implementing advanced technological solutions will not only optimize your finances. You will also gain time for other matters. What's more, at easyap, we work by adapting to our clients' volumes. In other words, the price is per invoice processed.
So, financial managers and accountants, be sure to visit our blog. At easyap, we are not only committed to digital transformation and continuing to implement it. We are also committed to informing, helping, and supporting all those leaders and finance specialists who, like us, are keen to digitize their processes and their business. Our articles and work carried out over more than 20 years are the best example of this.
