Automation may seem like a dehumanizing trend, but when used strategically it allows accounting and finance professionals to lean into deep, nuanced thinking in ways computers cannot.
By automating routine processes, management accountants can focus on the things humans do best, like insight generation, problem-solving, business partnering and team leadership.
Many believe we are in the midst of a Fourth Industrial Revolution that blends digital, physical and biological worlds using technologies such as artificial intelligence, robotics and the internet of things.
Around the globe, organisations and finance teams are adopting these and related technologies, and the revolution has already transformed the role of management accountants.
Say farewell to drudgery
Robots may be taking some jobs, but they’re the jobs most people didn’t want to do anyway.
Prior to automation, management accountants had to complete many repetitive tasks manually, like data entry and report generation. Process robotics automatically combines data across systems, signaling an end to so-called “swivel chair processes” that are both inefficient and prone to error.
Data collection and data processing are the two activities most likely to be automated, according to a report by McKinsey. Technology outperforms humans in these areas and can even complete tasks humans cannot do. Think about it: organisations have access to overwhelming amounts of data that a human being could never collect and process manually.
Management accountants are embracing automation and allowing technology to complete repetitive tasks such as data collection and the writing of monthly management information.
Spend more time on “human tasks”
When you leave the repetitive tasks to technology, you have much more time for higher-level tasks.
Activities such as applying expertise, communicating with stakeholders and managing teams are unlikely to be automated anytime soon, according to McKinsey.
Robots aren’t very good at these complex skills because they think in binary choices and offer abstractions. Humans understand nuance and can offer relevant insights by taking machine-provided information and placing it into context.
These human tasks are some of the most rewarding aspects of the job. Stepping away from the swivel chair and spending more time with colleagues and clients allows you to have more meaningful influence on people’s lives. Automation can also create space for more engaging tasks involving problem solving and critical thinking.
Harness technology to transform management accounting
Technology is not the enemy. On the contrary, these tools have the power to transform management accounting for the better.
Consider how you can use technology to create more value than ever before. Accounting and finance professionals who understand how to leverage emerging technology will be the ones leading transformations in finance around the world.
If you’re interested in using your high-level skills to make a positive impact for organisations and individuals, management accounting is the ideal career for you.
