Technology and Automation will continue to evolve and disrupt the business landscape. However, the current gap between finance functions who have plans to implement advanced technologies (AI, Robotics etc) and the companies that have already undertaken this transformation is still quite large.
We expect the impact of "The Digital Workforce" to grow substantially in 2019. Now that there is a general understanding of the benefits and cost effectiveness, we predict that Robotics, AI, Blockchain and Automation will become more prevalent within finance functions in 2019.
In PWC's 2018 CFO Survey, over 75% of CFOs stated that their organisation were planning to implement AI or advanced technology in the next 3 years, yet only 16% of the respondents felt they were ready to do so. One of the largest growth areas in the talent market has been within finance transformation divisions in the top Consultancy firms, this clearly suggest that companies are beginning to undertake large technology focused transformation projects but also that current senior finance leaders do not have the appropriate skill set required to manage these projects themselves.
So what does this mean for you? Will your role become redundant and a job of the past?
Interestingly, over a third (37%) of CFO respondents are predicting a headcount reduction of over 10% in the next 3 years. We have already observed some areas across finance being displaced due to these advances. With the more mundane and repetitive duties now potentially being replaced by a digital worker, a big focus will be on what added value you can bring to the role. We've covered this quite a bit in previous blogs (check them out here).
For a more detailed insight into the market, download our Salary Guide and Market Overview below.