By Jeff Thomson, CMA, CSCA, CAE, President and CEO, IMA
Technological advancements are disrupting industries and displacing jobs at an unprecedented rate. From cashier-less machines at grocery stores to automated touch-screen kiosks that allow fast-food customers to create their own meals, and the self-check-in machines at airports, an increasing reliance on automation appears to pose a threat to the workforce. This is true across industries with jobs that are highly repetitive or mechanical including clerical and professional services positions.
A report by FICCI, NASSCOM and Ernst & Young India titled, 'Future of jobs in India: A 2022 perspective' suggests that approximately 20% of jobs in banking and finance sector will be impacted by technology in 2022. Finance and accounting professionals performing routine and repetitive tasks and processes—starting with auditing, transaction processing, and financial accounting—may be replaced by AI, bots, and software which can do the job faster, more accurately, and more cost-efficient.
Considering these trends, what does the future hold for those just about to enter the profession or those who have spent years pursuing a career in finance and accounting?
As the leading resource for developing, certifying, connecting, and supporting the world’s best accountants and financial professionals in business, IMA® (Institute of Management Accountants) conducts independent research to identify trends and issues affecting the profession. For years, IMA has advocated that management accountants expand their skill sets to elevate the profession. Far from needing to be feared as a destroyer of the management accounting profession, technology has the potential to free the finance function or the CFO team to bring more value to their organization.
How?