The rise of digital technologies is fundamentally altering business operations, disrupting organizations’ business models, and transforming the underlying competitive landscape. Business leaders navigating this dynamic environment expect real-time, data-driven decision-making support from their Finance & Accounting (F&A) functions to make effective strategic decisions. Blockchain is one of the breakthrough technologies that promises to dramatically change the way F&A functions define, track, share, own, and manage transactions.
However, while blockchain’s considerable potential is widely acknowledged, the ways in which it can deliver on its promise are still not clearly understood. In this paper, Everest Group demystifies blockchain, examines different ways in which F&A processes can be reimagined in the light this technology, considers current challenges hindering adoption, and suggests the future course and implications of blockchain-driven F&A transformation.
Our paper will assist CFOs, controllers, and enterprise F&A executives in understanding the following themes in detail:
Overview and advantages of blockchain in F&A
Blockchain adoptability in F&A, leveraging Everest Group’s prioritization framework
Interplay of different technologies with blockchain and how blockchain can amplify the value of other digital levers
Challenges to blockchain adoption in F&A
Considerations to expedite blockchain adoption in the F&A industry
Implications for entities involved in F&A blockchain adoption
The Accounts Payable (AP) process is one of the most important transactional F&A processes, as it directly affects cash outflow and vendor and employee satisfaction. However, the AP process is mired in challenges including payment delays, high proces…
