Altus Dynamics Blog

Robots? Financial Automation Taken to the Next Level

Posted by Davis Campbell on Oct 2, 2015 9:00:00 AM

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Over the last decade, financial technology has become increasingly automated through various innovations in software and solutions. But in a recent report, the Association of Chartered Certified Accountants (ACCA) discovered that some financial leaders are considering making the move towards fully automating the financial activities of their organizations with robotics.

Some of you may be joking about the fact that accountants could potentially be replaced by robots, but the report’s co-author and ACCA’s head of corporate sector, Jamie Lyon, says that this seems like the natural step in the evolution of business process delivery. The ACCA’s report uncovered that the use of these financial robots can potentially reduce costs by up to 50%, but according to Lyon, “there needs to be far more clarity around the proposition for finance beyond headcount reduction,” before CFOs start employing machines.

So will you be seeing robots handling your organization’s reporting and procurement anytime soon? Probably not. Why? Lyon believes it’s an issue of the robot producers’ value propositions. The problem is that producers forget that they are not just selling a product, but rather a whole new way of working and need to account for this in their sales and marketing efforts. To actually make ground in the crusade for robotic financiers, Lyon says that robotics companies must not “price the software as a lower cost alternative to employees. [They must] serve up a cost proposition that demonstrates the cost-benefit against the total cost of ownership.” With so much tweaking necessary on both the production and sales & marketing fronts of the organizational robotic revolution, it seems that accountants and other finance employees have nothing to fear, yet.

For the full article, please visit http://www.accaglobal.com/uk/en/discover/news/2015/09/cfo-robot.html

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This Post Was Written By Davis Campbell
Davis Campbell is our awesome marketing intern from Wilfrid Laurier University.