An industrial revolution is a process of change mainly influenced by discoveries of new technology. This change affects all aspects of our lives including and not limited to technological, socioeconomic, and cultural. The technological evolution changes aspects of our lives positively. In the past, technological advancement has been embraced and to that effect, people have shifted from doing manual labour to automated production. In the past, people used pen and papers to write and secure important information and this was kept in big cupboards. As technology evolved, computers were introduced to the workplace and they have for the most part replaced the pen and paper system due to their better advantages. With computers, a lot of information can be stored in small portable drives and it is far easier to find information from a computer than cupboards. Sharing and controlling access to confidential information became possible and simpler. One of the biggest advantage is the fact that important information can be backed-up. This is possible because of online storage services.
Financial Management is a vital activity in any organization. It is the process of planning, organizing, controlling and monitoring financial resources with a view to achieving organizational goals and objectives. It is an ideal practice for controlling the financial activities of an organization such as procurement of funds, utilization of funds, accounting, payments, risk assessment and every other thing related to money. All these important tasks are currently being done manually. Most organizations are going through this tedious tasks to manage their finances. Financial management is an important aspect of the overall management of any organization, every cent spent or received must be accounted for. Organizations often do services with more stakeholders unlike any other time in the past. This has significantly increased the responsibilities of financial officers especially if this is being done manually.
Through civilization, people have gone through three industrial revolutions with each one changing how we relate to each other as well as the kind of work we did. The forth-industrial revolution is upon us and like its predecessors, it comes with positive attributes that will improve how we work. Technologies are emerging and affecting our lives in ways that indicate we are at the beginning of a Fourth Industrial Revolution, a new era that builds and extends the impact of digitization in new and unanticipated ways. It is therefore worthwhile taking some time to consider exactly what kinds of shifts we are experiencing and how we should ensure that it benefits everyone.
SmartFin99 Team has developed a financial management system aimed at alleviating the weight and responsibilities rested upon the shoulders of the financial officers at different organizations. The system is designed ensuring that it is aligned with the forth-industrial revolution which is where the technology is headed. The system is tailor-made for schools with the sole objective of assisting financial officers to manage the financial aspect of the organization. The system is based online for security reasons and has an added advantage of the ability to back up the information instantly. The internet is the future, having a financial management system online allows users to access the system remotely from anywhere. This makes it convenient for different system users to use the system.