Robotic Process Automation (RPA) is the use of a software robot or “bot” that replicates the actions of a human to execute tasks across multiple computer systems. According to a 2015 Accenture report, robotics is predicted to automate or eliminate up to 40% of transactional accounting work by 2020. Read this 2017 newspaper article from the StarTribune in Minneapolis to learn more about how robotic software is sweeping large accounting firms and their clients.
So what does the rise of intelligent machines mean for the future of accountants?
Accounting Today recently endeavored to answer that question with help from two executives from Genpact, a global leader in digitally-powered business process management and services with experience in serving one-fifth of the Fortune Global 500.
- A large number of positions now handled by people, including accounting jobs, will be supplemented or replaced in some way by intelligent machines
- The accounting industry is already seeing a displacement of jobs through outsourcing and robotic process automation
- By diving into LinkedIn analytics, it is evident that numerous, expanded career paths may exist for accountants in roles traditionally unrelated to finance and accounting
- One-third of 1,120 randomly selected people with “accountant” roles in their LinkedIn profile have held a role unrelated to finance and accounting
- Customer service, operations, and sales and marketing were all well-represented in the LinkedIn research
- Additionally, positions in research, program management, consulting and business analysis stood out
The bottom line?
The Genpact executives believe that accountants offer skill sets that can help address a wide array of business challenges and the future offers expanded opportunities for these professionals in non-traditional finance and accounting roles.
Read the full article here.