The influence of automation on the finance industry
Often when discussing automation of processes, a 2020 version of R2D2 pops up in my head working alongside our finance manager. Of course, as much as it would be fun for the future to look like that, at the moment the robots can be discarded from that scenario. But as we are facing challenges and viruses of biblical proportions with ‘’remote work’’ as our ‘’saviour’, we must admit that times they are a-changing. In a recent article by Deloitte, ‘’The Robots are Coming’’ a suggestion is made that automation can have immense strategic value to the financial services.
When it comes to shared services and finance, us being the pros at it, can conclude that even up to 56 % of roles could have a high possibility for automation.
As technology becomes increasingly sophisticated, accountants and finance professionals can expect a shift towards more strategic and analytical roles. But at the same time, it must be said that automation would produce new skilled jobs, in the long run, resulting in accountants and finance professionals become more knowledgeable and smarter.
What finance professionals will have to aim towards is adapting to the advancement of technology and automated processes and use that time to be more strategic and appeal to more cognitive business plans creation and deploying well through methodologies of new business models and how they can save companies money by automating more processes.
Flexible is the way forward
With Flexibility being the necessary watchword for 2020, it is important to have a staff of finance professionals like ours adapted to the new waves of technology and eager to improve them by lending their knowledge to the likes of the ‘’r2d2s’’.
With most automation predicted to strike between payroll managers, credit controllers, and accounting technicians, CEOs will be looking for the people in their finance teams who can help them reshape how finance gets done. And if you don’t have them in your team, we can lend ours to you…for a lower price than you were probably expecting. To find out more about who we are, as we like to brag, you can always get your hands on some of our other blogs.