Digitalisation is beginning to transform the traditional organisation of businesses at incredible speed. Robotic automation in particular is being implemented as a tool to perform many mundane tasks, allowing staff to adopt newer, more rewarding roles. But how will automation affect finance departments in the coming years?
Automation is already making an impact in finance, prompting many professionals to consider retraining. As the latest research reveals, digitalisation in finance is placing more emphasis on areas such as, communications, data analytics, IT skills and problem solving. Technology is also affecting the recruitment of CEOs. For example, in a space of three years, there are now three times as many CEOs being appointed in business that possess accredited skills in technology than in 2014. It is largely viewed as their responsibility to drive companies towards successfully implementing digitalisation and automation.
It is imperative for companies to fully understand how technology and automation is about to transform their existing structures. Automation in finance should be welcomed as a progressive strategy that releases professionals to undertake more fulfilling roles. Employees can look forward to automation complementing their work rather than it being a rival. An enlightened, creative workforce will be able to devote more time to steering business beyond its regular confines with imaginative marketing and decision making. The use of increased data analytics will also contribute to more effective marketing strategies. Professionals who can retrain and develop soft skills such as innovation, communication and effective leadership to fully engage employees, will be much in demand. With 56% of existing CFOs believing that automation will increase efficiency and profit, professionals in finance should seriously contemplate retraining as a progressive step in creating new, fulfilling roles.