Integrating Digitalization Role to Play in Financial Management

Abstract

Financial management, a crucial part of enterprises, is the corporate strategy, supervision & direction of financial activity. Industrial revolution 4.0 innovations should be employed in a number of crucial industries, including risk evaluation, fraud prevention, private equity, internet banking, personalized bond schemes, retaining customers, virtual agents, as well as other important industries. According to past study, there have only been a few studies on the integration of Industry 4.0 technologies, technology including robotic process automation (RPA) in finance, artificial intelligence (AI) under finance, use of blockchain in finance. This study reviewed the role of Industry 4.0 technologies in financial management in detail. Based upon analysis, the study findings concluded that technology such as assessment of risk, digitized finance, digital auditing, identity protection, or AI & blockchain may all help manage credit risk utilizing real-time information. In the future work, we will be studying the role of digitalization in financial management in real-time for concluding its impacts and advantages.