By Tim Sandle
3 min read
3 min read
As Artificial Intelligence transforms business, here are five ways AI is expected to disrupt the field of finance. Which could mean a reduction in jobs devoted to these manual tasks and heightened demand for accountants whose strategic thinking is devoted to larger projects.
The technological forces to which traditional models of accountancy are being subjected are outlined in an article in Forbes. Most of these technologies are centered on reducing the over-repetitive, time-consuming and redundant tasks that come with many financial analyses. This will probably mean a reduction in tasks undertaken by financial assistants (and potential job losses); but there will also be more time for accountants to engage in more strategic thinking and to focus on bigger accountancy-based projects.
This change in job roles is also drawn out in a new survey from consulting firm Accenture, which has issued a report titled, “From reporting the past to architecting the future: Meet the Finance 2020 workforce.” Here a clear message is delivered to the finance industry: “As digital technologies transform finance into an analytics powerhouse that derives insight from data, finance talent will need very different skills. Are your people ready to trade spreadsheets for scenarios and reports for recommendations? For finance to expand the business value it delivers and stay relevant — they better be.”
In terms of how digital transformation is altering the landscape, the report notes the following:
These examples demonstrate how technologies like automation, minibots, machine learning and adaptive intelligence are becoming part of the finance team at a rapid pace.
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