4 Minute Read

Sage, Automation & the Internet of Things (IoT)

Revolutionise your Financial Services Business

“The internet is no longer a web that we connect to. Instead, it’s a computerized, networked, and interconnected world that we live in.”

This quote from Bruce Schneier, an American computer security and privacy specialist, perfectly explains the Internet of Things.

The IoT – which we’ll generalise with Automation through this post – has completely transformed our society to the point where not a single part of our modern lives isn’t in some way touched by it.

What is the Internet of Things?

Learn more about this topic through our blog post.

In this series of posts, we will explore how Automation is used, contributes to, and revolutionises various sectors.

Here, we will be exploring its impact on the Financial Services sector.

Uses of IoT and Automation in Financial Services

For many people, it might not be obvious off the bat that the Financial Services sector is heavily influenced and innovated by automation.

Their uses in the sector are countless, so let’s just focus on banking, where automation is quite literally at our fingertips.

According to Verdict, as of January 2021, 14 million people in the UK had a digital-only bank account.

That means 27% of all UK adults access their bank accounts solely through their mobile phone, laptop, desktop computer or tablet.

These devices send and receive data to and from your bank’s systems and servers via the internet to allow you to manage your money without having to step foot outside of your home.

In-branch at your bank, you will likely find machines which now work in place or alongside your bank’s clerks, allowing you to withdraw, deposit and manage your money digitally.

Within retail and many other businesses, if you visit a shop or other premises, you will likely pay using contactless or using your PIN via a card reader, or POS (point of sale) terminal.

However, automation isn’t just used in the money management side of banking.

Consider those automated texts you get from your bank for two-factor authentication to logging into your account online.

Or the texts they send to check whether it is you trying to place that order for a new laptop or snazzy fridge-freezer when their system flags any unusual activity.

Even our bank statements are automated now, and for those of us who only receive these digitally, there is no human involvement whatsoever in these getting to us.

We’ve barely scratched the surface with how automation is used within the banking sector and finance industry as a whole. But, now we’ll move on to…

How can Automation within Sage help revolutionise your Financial Services business?

Glad you asked.

Here at Acuity, we support three Sage products:

Sage X3; a full ERP system which can be deployed on-premise or on the cloud
And Sage Intacct; a best-in-class, true cloud finance management solution

For the purpose of this post, we’ll focus on Sage Intacct.

Sage Intacct and automation

Sage Intacct boasts a wide range of incredible benefits and features for its users and is an incredibly intuitive and customisable finance solution with automation at its core.

As a cloud solution which can be accessed anytime, anywhere, Sage Intacct is firmly positioned within the IoT.

Its place within the IoT gives its users a huge advantage over those using on-premise solutions.

For example, automation and AI are used within Sage Intacct to provide you with real-time data and insights for a more informed decision-making process.

With powerful revenue management capabilities, you can also forecast accurately, speed up quote-to-cash and ensure the business strategy you have in place is sound yet adaptable.

For multi-entity businesses, many software solutions just don’t cut the mustard.

Sage Intacct provides automated Global Consolidation processes, which allow you to set up and incorporate new entities quickly and eliminate the need to re-enter information for inter-entity transactions.

Sage Intacct – a Financial Service software – is the only financial system which features seamless integration with Salesforce.

The integration is pre-built within Sage Intacct, making it so easy to implement and even easier to share data between these solutions and connect finance and sales for a harmonious team and processes.

You’ll be happy to see the back of manual, time consuming and error-prone processes and embrace automation and rapid business growth with Sage Intacct for Financial Services.

Revolutionise your business with Sage Intacct and Automation

If you would like more information on how to make the switch…

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Financial Services Software: IoT