Ever since Artificial Intelligence (AI) was introduced, there has been a strong focus on the disadvantages of utilizing this new technology, especially in finance organizations. One of the most circulated ideas is the belief that AI is out for jobs— to displace the need for accountants. However, The Global Treasurer recently published an article critiquing that common misconception.
AI is not a job replacer. Rather, it is a job enhancer.
Gregory Simpson, senior vice president and chief technology officer at Synchrony, said this about AI:
“We talk about AI as augmented intelligence versus artificial intelligence – and how augmentation can change jobs, and how prepared people are to fill those roles. There will be some jobs that need replaced, and in some cases, there will be a displacement of other types of automation.”
He adds that rather than replacing the need for certain jobs altogether, AI simply creates the need to reshape and add more jobs.
“If you go to Europe, there’s no such thing as cheque processing – still they have it in the US, but it’s eliminated in other parts of the world.” Simpson pointed out. “Have they lost jobs in Europe because cheque processing has gone away? Not quite, because they’ve added on new jobs.”
Artificial intelligence is here to stay. The question of whether or not to invest in AI has passed: investing in AI spells financial success and trying to ignore the new Fintech jeopardizes the future of your organization’s finances.
In the finance department, AI takes the form of Robotic Process Automation (RPA). A proven cost-saving, process-improving initiative, RPA saves companies resources in the long-term in addition to reducing your risk.
To understand exactly how and where financial process automation benefits your office of finance, check out our infographic.
Written by: Ashton Mathai & Caleb Walter