As new technology flourish in today's global business scene, there is an observed growing concern among traditional accounting and finance roles that finance leaders must address.
It is observed that technology adoption may impact many traditional accounting and finance roles, including auditing and bookkeeping, potentially causing them to be phased out, as the automated processing capabilities offered by artificial intelligence, machine learning, and robotic process automation (RPA) gather pace.
Finance leaders are expected to support employees and enable continued staff development through this period of change to retain valuable workers and attract new employees in the face of fierce manpower competition.
As doors to vast digital transformation are being opened, it is also leaving certain roles and careers exposed.
With understandable concerns that automation may take employees' jobs away. Additionally, this can cause them to feel disengaged and show signs of presenteeism – where employees are physically at work, but not mentally invested in their development – which could result in a fall in productivity levels.
Accountancy and finance firms can look to protect their teams and still access the productivity and commercial advantages AI and automation through raising investment into new technologies and future-proofing recruitment strategies.
Many accountancy and finance professionals want to take advantage of the benefits innovative tools, such as AI and automation, offer and grasp the chance to evolve their day-to-day capabilities, develop their skillsets, and focus on more fulfilling, data-led consultative and strategic approaches in their work responsibilities.
While artificial intelligence is replacing necessary human input for some routine tasks, it is also creating new, more in-demand roles for those in the industry.
Prospective employers should note that rather than risking their job security and taking on a new role just for the higher salary, new job seekers must look for clear career progression opportunities that grow their salaries naturally. Firms must clearly demonstrate that they can provide such development pathways if they are to remain competitive when it comes to attracting talent.