As Sutherland's Finance Transformation Practice leader, I am often asked what impact I anticipate automation will have on the finance organization - and how I foresee it impacting the current workforce? These are important questions. Here's my answer:
We truly are at an inflection point, the innovative potential of automation is creating a fundamental change in the way we conduct business. At its core, it is a transformation of occupations.
Automation will have a very profound impact on the workforce. Human labor will increasingly be replaced with digital labor. Over the next 2-3 years most industry analysts predict that 50% of a finance organization’s transactional work will be automated. We will increasingly see a loss of low-level, highly transactional roles.
On, the opposite side, we will see the emergence of the knowledge worker. There will be new higher-level careers created in areas such as data analytics and exception handling.
This combination of human and digital labor will create an intelligent workforce. It will be more agile, responsive and effective. Finance organizations will allocate work to achieve best in class utilizing their human and digital talent.
Share your thoughts on the impact of automation in the finance sector with me in the comments below!