MORE than half of the 11 finance roles picked for a study will be moderately to highly changed by technology in the next three to five years. Those in the two most junior roles will likely be taken over by machines, while the most senior roles will be least affected, a new study showed. Read more at The Business Times.
The next generation of accountancy and finance professionals should understand not just accounting and their industries but also AI, blockchain and advanced analytics/Big Data, as well as how these technologies work together.
The two most junior roles - accounts executive/accounts assistant in the financial accounting track, and accounting executive in the management accounting track - will likely be diminished as much of their work scope involves repetitive, time-consuming and labour-intensive tasks that can be taken over by machines. Junior-level finance tasks are also likely to shift towards providing insights from data analytics, and to provide input to train machines.
"While digital solutions provide useful outputs, human intervention remains essential, such as in the areas of problem-solving, exercising commercial acumen, identifying strategic insights and conveying them across the organisation. The chief financial officer , for example, will move away from being the custodian of financial reporting to focus on optimising resources for business growth.
In line with the impending shifts in job extents, businesses may want to look at outsourcing simple and manual-intensive work processes while retaining higher-value roles locally. This could be an alternative for SMEs who may find it difficult to justify the return-on-investment in technology. Right-shoring is based on establishing competitive advantage and enhancing value to the business by bringing operations closer or back to home base.
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