June 1, 2018
By: Bernard Marr
It turns out that we might be at the perfect storm where how we store and access financial information combined with the maturation of tech capabilities are all in place to accelerate the digital transformation of accounting and finance. Just as others who faced the prospect of machines taking over jobs that used to be done by humans, accounting and finance professionals might anticipate the reality of 4th Industrial Revolution with fear. Actually, when machines take over repetitive, time-consuming and redundant tasks, it will free human finance professionals to do higher level and more lucrative analysis and counseling for their clients. Let’s take a look at just of the few opportunities that are now available thanks to the digital transformation of accounting and finance.
Machines Complement Human Brain Power
According to consulting firm Accenture, “automation, minibots, machine learning and adaptive intelligence are becoming part of the finance team at lightning speed.”
As machine learning and artificial intelligence (AI), applications continue to increase and impact accounting and finance responsibilities, the human professionals have an opportunity as well. Not only will they be more productive and proficient, but they will be able to handle more clients and deliver more value because they can determine actionable insight rather than just crunch numbers. Machines will be able to propel innovation in the industry.
Who wouldn’t want to leave bank reconciliations to a machine? Even though machines will become an accounting professional’s most valued colleague in the future, there’s nothing that can replace the emotional intelligence humans bring to the job.
Accounting Tasks Machines Can Do
Not only will machines free up humans to take on other tasks, automating accounting processes will help improve operations and reduce costs. And, since automation will ultimately infiltrate most divisions in a company, financial leaders who embrace the change are gaining expertise that will make them valuable in future business process transformations.