Financial managers play an important role in keeping the economy in check. Financial managers are responsible for analyzing all the finances and making financial decisions.
They create strategies, analyze the market, manage risks for the organization, take care of the accounting, and are responsible for cash flow management.
What is the automation of a job?
Will finance managers be automated
First of all, to answer whether finance managers will be automated or not, we need to understand what automation of a job is. Automation of a job means mechanization or the use of technology where a human would be working. There are so many alternatives to human labor, it can be new software, new machines, or AI.
Will finance managers be automated?
Will finance managers be automated
If you are a finance manager or aspire to be one, you can rest easy knowing that it is highly unlikely that your job will be automated. So keep hustling and working hard for what you aim to accomplish.
What is more likely to happen and is happening is that technology will aid in enhancing the productivity of financial managers. Mundane and monotonous jobs are more likely to be automated.
The scope of finance is way too vast to worry about jobs being taken away because the invoices and payrolls are automated. It will help the organization focus the human resources on more strategic decision-making.
It is also not very wise to shun means of automation in the workplace because that is what will help increase productivity and reduce errors. AI can help us analyze data faster and assess risk more effectively. But it is us who need to make decisions considering various variables.
We need to learn how to make the most out of the resources we are provided. After all, it is we who get to reap the benefit of their ‘labor’.
What jobs are likely to be automated?
Some jobs are better left alone for the technology to tackle so we can focus on other things. Some of the jobs that are likely to be automated are:
- Tramps and small area driving.
- Retail checkout.
- Manual stock management.
- Inventory management and organization.
- Software update and maintenance.
Why is there job automation?
No one likes the uncertainty of their job. This is what automation has done. People do not know when they get the email about their termination because they have been replaced by software or artificial intelligence. However, it is part of advancement and evolution.
Automation is important for financial and economic growth:
- Technology is more efficient.
- Technology can work for hours with the same consistency.
- Technology can produce more output than an average person.
- It is cheaper for the organization to invest in technology for the amount of output.
- They need it to keep up with the others.
- To sustain in the market for the long run.
FAQs
Can financial managers be replaced by AI?
Will finance be taken over by robots?
Is finance at risk of automation?
Will the CFO be replaced by AI?
Will AI take over financial advisors?
Will financial advisors become obsolete?
Conclusion
Job automation can be cruel sometimes but, it would be backward if people did not keep up with the change. If a company decides to not incorporate it, it becomes difficult to grow and sustain itself. But there are jobs where automation is not an option.
Some jobs where require precision and accountability. Machines are powerful, but it is the human brain that regulates it. Humans are complex and we understand complex which is an important skill that is required in the financial field.
