Business process automation can free up highly-skilled personnel from mundane, repetitious accounting tasks so they can focus on interpreting data and running their businesses.
Singapore (PRWEB) April 14, 2018
Fortacast, a technology firm specializing in business process automation, has designed a private blockchain network for large companies. It allows companies to securely store and transmit business data between different Enterprise Resource Planning (ERP) systems. Decentralized applications will operate on the Fortacast blockchain to automate accounting and other labor-intensive business processes. The technology is explained in this video (https://www.youtube.com/watch?v=wCo0BQzF_NY) and on the website at http://www.fortacast.com. Information is also available on Twitter (https://twitter.com/Fortacast).
Accounting, tax, and payroll services are estimated to cost companies in the United States more than US $160 billion in 2018. These overhead costs make companies less competitive because they do not contribute to the overall value of products and services. Instead, these costs decrease profitability and result in higher prices for customers.
Accounting is expensive because it is labor-intensive. Even though companies utilize accounting software, many processes are still manual. Companies use a patchwork of different information systems that were implemented at various times, and these systems are often incompatible with each other. Workers must retype information to transfer data between systems and perform analyses manually using spreadsheets.
Dr. Andrew Tang, Fortacast's CEO and Financial Information Systems researcher said “Business process automation can free up highly-skilled personnel from mundane, repetitious accounting tasks so they can focus on interpreting data and running their businesses.”
Fortacast has designed hybrid technology that combines the encryption features of blockchain with the speed of relational databases. This hybrid system is protected with banking grade network and data transmission security features. The platform works by translating data from one system to another. This allows information to move freely and securely between different systems within the same company, or between different companies with minimal human intervention. For example, a vendor could use the system to automatically generate an invoice when shipping a product. Upon approval by the customer, the invoice would be automatically recorded in the customer's accounting system. This process would occur without requiring an accountant to manually record transactions.
Fortacast Pte Ltd, a Singapore-based software company, has designed a private blockchain network which provides a global protocol to facilitate the secure flow of data between enterprise information systems of large companies, their suppliers, and customers. Its business process automation technology fulfills the need of companies to improve operational efficiency and increase decision-support capabilities. The Fortacast platform utilizes automated algorithms to replace expensive and time-consuming manual processes.
Fortacast was founded by Dr Andrew Tang, Peter Tang, and Felina Khong, and supported by a leadership team with experience in software, banking, and education. Engineering is led by CTO Tom Hughes. Fortacast's Advisory Board is comprised of senior executives from Global Fortune 500 firms. Fortacast’s strategic relationships include Microsoft (USA), Georgia State University (USA), and BeyondEdge (Singapore).