What does the future hold for finance managers?
In this article we’re looking at the technologies making a major impact on the finance function, as well as some of the opportunities and threats posed by these new solutions. Specifically, we’re looking at:
- Artificial intelligence
- Hacking and phishing risks
Automation technologies get simpler, more intuitive, and faster to implement with each passing week. This accelerating accessibility means that more finance teams are adopting automation to reduce manual labour, prevent errors, ensure compliance, and bring crucial management information to the right people at the right time.
“Around 80% of finance leaders have implemented or are planning to implement RPA.” – Gartner
Technologies like robotic process automation (RPA) are easy to program and relatively simple to manage, providing you have colleagues who are willing to learn and interested in expanding their career.
“We found that currently demonstrated technologies can fully automate 42 percent of finance activities and mostly automate a further 19 percent” – McKinsey
As well as willing team members, you need finance leaders who are prepared to adapt. Rob Binns at The Access Group warns: “You’ve got to have clear and robust business processes before you think about how you want to automate them and look at leveraging some of that technology”.
At Tate, we specialise in finding high-value individuals who can make an impact within your business, whether that means supporting the implementation of automation, or simply being prepared to embrace new technologies and reconsider the role of the finance professional.