Superfinance

Superfinance[edit]

Superfinance is a modern procurement and finance function that is based on a Mind-Machine Partnership. Superfinance consolidates and analyses all information in the finance department, and offers data-driven insights for the new generation finance and procurement professionals for better insights. Together Machine and Mind can expose, streamline and automate current financial operations from purchasing to payment. Superfinance is the new competitive advantage.

The term Superfinance is based on a vision introduded by Andrew McAfee and Erik Brynjolfsson in their book Machine, Platform, Crowd, where mind and machine collaborates more productively than without each other, or separately. Said otherwise, Fight with the machines, not against the machines.

Machine or a man?[edit]

Digitalization influences in all jobs and changes it. For example, in Finland, organizations are advanced in electronic invoicing and invoice receiving. This has resulted in finance department being one of the quickest transforming functions. Also, as a result, much of the manual processes have been automated.

Due to the advancements in the machine domain, the future of professionals in all domains is challenged by artificial intelligence, machine learning and predictive analytics. Finance and procurement are in their turning point too. Will we see a future where automation displaces human mind and the professionals? Or will the artificial intelligence enable a new partnership between Mind and Machine? The partnership that liberates humans’ natural skills: superior intuition and decision-making.

Mind-Machine Partnership is Superfinance[edit]

As part of Superfinance, organizations move to cloud. They increase their automation rate, collect information from their processes comprehensively, and analyzes the data for better decisions. Superfinance leverages modern technologies such as artificial intelligence and robotics. The staff in procurement and finance have been been trained to develop and take advantage of the automated processes. The automation covers both procurement and finance, all the way to the payments.

Finnish company Basware began using the term Superfinance in the beginning of year 2018.

References[edit]

[1] Harvard Business Review, hbr.org, June 2015, Spotlight on Man and Machine The Great Decoupling, Interview with Erik Brynjolfsson and Andrew McAfee

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