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What are the impacts and implications of machine learning in finance automation?
- Machine learning principles are being implemented by technology companies as means of executing repetitive and predictable tasks to reduce time spent by accounting professionals.
- “Work activities with about 70% of time spent processing data are highly susceptible to automation.”
- Work activities less susceptible to automation include tasks that involve:
- Human connection
- Emotional intelligence
- Complex analysis
- Stakeholder interaction
- To better transition to modern day technology, you and your team should:
- Identify the areas in your firm that can be replaced by technology. This will equate to more advisory time with your clients.
- Stay current on the the latest technology developments. This information is not only helpful to you, but your customers as well.
- Identify inefficiencies by systemizing your product or service delivery. Where can you preemptively address these inefficiencies?
- Build and develop relationships with your clients by developing soft skills, as opposed to only technical expertise.
Read the full article “The Robots are not Just Coming…They are Already Here – Journal of Accountancy” here.