Which specific Computer Technology can be used in under-mentioned scenarios to reduce burden and streamline the process? Give reasons in support of…

(i) In the given scenario, to streamline its financial reporting processes, Koyal Ltd. should leverage Robotic Process Automation (RPA) to automate the process of extracting financial data from the subsidiary systems and consolidating it into the parent company's financial system. The bots retrieve the relevant financial information, perform necessary currency conversions, and reconcile intercompany transactions, ensuring accurate and timely consolidation. RPA bots are programmed to identify intercompany transactions within the consolidated financial data. The bots automatically eliminate these transactions by adjusting the corresponding accounts and generating elimination entries, simplifying the process and reducing the potential for errors. The bots retrieve the consolidated financial data from the parent company's financial system and apply the necessary consolidation adjustments. They perform calculations for non-controlling interests, equity, and comprehensive income attributable to the parent and non-controlling interests. The bots generate the consolidated balance sheet, income statement, statement of changes in equity, and cash flow statement, ensuring accuracy and consistency in the financial reporting process. (ii) In the given scenario, to streamline its financial reporting processes and to handle sensitive customer data, an entity should utilize blockchain technology. Doham Ltd., being a financial institution, can implement a secure and encrypted blockchain network to store and share customer data. The finance professional can ensure the integrity and security of the data by leveraging blockchain's cryptographic algorithms and consensus mechanisms. This eliminates the risk of unauthorized access, data tampering, or data loss. With blockchain, the finance professional can confidently handle customer data, knowing that it is protected by a robust and transparent system, enhancing data privacy, and maintaining the trust of customers and regulatory bodies.