Finance leaders need to be particularly sensitised to the fact that many of the job categories which are forecast to disappear — telemarketers, clerks, compensation and benefits personnel, receptionist, proofreaders and retail salespeople — are in the majority done by women. Please see. Cost-wise, growth companies were not able to enjoy the benefits. Good analytics are a vital component of that. Please see www.deloitte.com/about for a detailed description of DTTL and its member firms. Deloitte's original point of view, Crunch time: Finance in a digital world - based on extensive research with finance executives, including in-depth interviews with CFOs of global businesses - explores the various digital disruptors and may be the quickest way to understand what's in store for finance organisations as they hurtle toward the future. It is the addition of more cognitive capabilities in technologies that will allow companies to reconfigure their human capital requirements. It’s imperative that Accounting is able to extend to new ERPs and other financial systems, or adapt to new foreign acquisitions as smoothly and quickly as possible. Learn how this new reality is coming together and what it will mean for you and your industry. In the past, one of the main problems with AI and automation was that many of the systems were only available for the largest companies. Similarly in the 1980s, secretaries were one of the largest categories of employees with entire rooms of typewriters and filing cabinets. Consequently, the accounting department is one area of a business that could potentially see an increase in jobs. Yet, the big economies didn’t experience huge waves of unemployment, because new careers in professional services  that didn’t exist in 1910 were invented. Cost-wise, growth companies were not able to enjoy the benefits. by aligning strategy, reporting and operations. Human accounting and finance professionals should not fear the changes machines will … Inventions such as the washing machine, dishwasher, microwave and electric stove put an end to domestic service as a large employer. © 2019. One claim is that robots and other automation tools will help finance departments focus on the human and strategic aspects of their jobs, such as engaging with fellow employees on budgets, governance issues and risk. A Digital Foundation. Yet again, there was no collapse in employment when desktops replaced them — as new employment categories emerged. While there is no doubt that automation will destroy whole sectors of repetitive-type work, it will simultaneously enable us to perform tasks we haven’t even thought of yet. There are two threads to the “robots won’t take jobs” argument. The report looks at the evolution of finance leaders. MARKET WRAP: Rand hits best level since January on positive global momentum, MARKET WRAP: JSE leaps to best level since January 2018 on firmer global markets, LUNCH WITH THE FT: SIR MARTIN SORRELL: ‘What temper? Digitalization or Digital transformation is nothing but the restyling of financial services. The bulk of their time can now be spent analysing the data to discover ways for the business to improve operations and plan strategically. Digital – the buzzword used or over-used for quite some time now, brings in a huge impact on the financial & banking industry. Read more at the SA government's online coronavirus portal or use the 24-hour public hotline: 0800 029 999. A report from the World Economic Forum concluded that by 2025 machines will do more tasks than humans, but the robot revolution, or fourth industrial revolution, will still create 58-million new jobs in the next five years. The impact of digital technology, digital transformation, and automation has led people to opportunities for cost-effective operations, fast actions, meeting work deadlines, improved customer and employee experience and standing out among your rivals. DTTL and each of its member firms are legally separate and independent entities. The methodology for generating our predictions is straightforward. DigiLab Finance supports in developing a structured Customer Centric Digital Transformation through a unique hands on acceleration program. The World Bank indicates that technology may play a key role in making financial inclusion a viable reality for everyone, which is why digital transformation is part of BBVA Microfinance Foundation’s DNA. That’s not likely to happen without a clear vision and strategy for finance in a digital world. 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