The Robotic Software in Finance Function
ACCA in its latest report is now looking at the impending robot software in its finance function. The CFO’s responsibilities in most cases seem to be justifiably risk adverse. However, the new ACCA report states that most financial leaders who hire robots seem to be the next step for delivering a more efficient and effective business. According to the report’s co-author, Jamie Lyon who is also the head of corporate section of ACCA; ‘Robotics is suggestive, high tech and notably, it resembles what many deem as the next best evolution step in the delivery of business processes. This means less people will prefer learning technologies that are machine based and also people who are in favor of intuitive.
During the research while holding talks with financial leaders, they are clearly unsure of the advantages of this type in wholesale automation. Most of them cannot understand what that means for finance. Advocates claim captivating numbers in terms of supporting robots in finance while potentially reducing 50 % in terms of future costs. Nonetheless, in the views of Lyon, there is wide anxiety among the CFOs concerning this issue. There is need of clarity around the finance proposition beyond the reduction of head count. Even if the numbers are attractive, the finance directors are not clear about the advantages of hard robotics about efficiency of cost when likened to employees.
From the report, the moderate poor finance penetration which robotics have experienced till date may be slow due to the approach received of selling technology from external vendors and budget holders internally.
The Sourcing Change managing principal Debora Kops who is also the co- author explains that when a value proposition for robotics in finance is build, one should keep in mind that the product is not meant for sale. It is a wholesome way of working and has to be approached this way. The software should not be priced as a low alternative cost for the employees. There is need to over price or over scope. There is also a tendency of waving robotics in front of the budget holders but changing as a whole on how working takes time. Leaders in finance are in most cases looking for better practices and if robotics makes these types of inroads to the function of finance which most think they should, the value proposition requires to be around solutions that are transformative.