The modern finance function has undergone a number of changes since the implementation of technology into everyday business. From offshoring to automation, innovations in tech have allowed businesses to realize costs savings in a constantly evolving world.
Now, with the emphasis on big data and analysis – and the introduction of robotics and AI – finance and accountancy is again taking on a different form. So, just how will this function look in five years’ time?
As markets diversify and globalisation moves into focus, finance functions must adapt to reflect a more connected commercial sphere. Perhaps indicating a burgeoning presence of AI, automation software has become key over the last few years, with smart platforms supplanting the need to offshore basic activities and manual processing. Where this could lead the market in terms of lower-level personnel is unclear. For now, it is safe to presume automated processes will continue to facilitate, rather than threaten, administrative roles.
The move to a technology-fronted finance remit may reveal some interesting hiring priorities at accountant level. We project that analytic skills will be in higher demand, as the function evolves to take on a more complex role within overall business strategy. The next five years could also see an influx of talent that combines financial knowledge with the aptitude to build out and extract valuable information from AI systems. Instead of simply crunching the numbers, these individuals will have competencies in big data analysis, transformation and stakeholder management, enabling the delivery of insights that can effect change at a strategic level.
When it comes to recruitment, you need a partner that isn’t fazed by the complexities of an environment in flux. While our approach will, as ever, be tailored to the project at hand, we will also map the market for talent that reflects prospective requirements. Our stance for candidates will center on providing exposure to AI-optimized finance environments, and reiterating the importance of being able to influence broader commercial decisions.
Whatever freedom a finance division gives AI in the coming years, it’s clear that roles will need to adapt. The finance function of tomorrow will move away from being considered a reporting line, and eventually become an essential partner to the business.
To discuss the ever-shifting financial landscape – and your part within it – contact Jake Spiteri, Manager, Finance and Accountancy, on +16468332686 or firstname.lastname@example.org.