The document discusses the changing roles of finance and IT due to increasing automation. It notes that while robots are already performing many routine tasks, cybersecurity risks and analyzing large amounts of data will still require human skills. As automation continues, the roles of finance professionals will shift from transaction processing to more strategic activities like forecasting and decision making. Both finance and IT workers will need a blend of skills to collaborate in addressing new challenges and opportunities.
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History in brief…
60’s Invoicing using typewriters, document transfered by ordinary post,
book-keeping machine, own (physical) cash box, …
70’s
80’s
90’s
2000-
DOS-OS, first ready-made software for finance and accounting,
need for specific account numbers in accounting, first general
chart of accounts in Finland (1978), …
First PC’s, floppy discs, printers, spreadsheets, MS Excel (1985),
Lotus Notes 1.0 (1989), Windows 1.0, …
Windows becomes more common, OLAP-tools, Internet, ERP
systems becomes more common, electronic data transfer, first
financial shared service center set up in Finland, …
Paperless office, digitalization, forecasting, analysing, data
warehouses, grafic reporting, dashboards in reporting, business
intelligence, …
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The robot density in
the general industry
(all industries
excluding
automotive 2014)
Rep. of South Korea
365
Japan 211
Germany 161
Sweden 142
Finland 122
http://innorobo.com/en/about-innorobo/the-industrial-robotics-market-in-europe/
There’s still room for improvement in Finland…
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http://finance.yahoo.com/news/i-asked-a-few-robots-how-i-
should-invest--here-s-what-they-said--131949010.html
“Yet after going through these
exercises, it occurred to me that none
of the robots know anything close to my
whole situation. They never asked
about my present employer Vanguard
401(k) account, an IRA rollover from
another corporate retirement plan, my
wife’s assortment of former-employer
stock, whether we own a home or have
529 college-savings accounts or have
lots of debt, or whether I have a habit
of overpaying for antique maps now
and then.
Those are the things that only an
investment advisor with a pulse, a
business card and a license would ask.
And it’s why many people won’t be
ready to let the robots run their
finances, no matter how smart and
friendly they are.
Lost game?
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“By passing logic
tests like this, robots
are able to build up
human-like reasoning
skills that will prove
useful in future
technology such as
driverless cars.”
However, the development continues…
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”Company boards are
also soon likely to
feature a robot-like
intelligent system that
will forecast, calculate
and take management
decisions with
incomparable
efficiency and speed.”
http://www.opuscapita.com/news-and-events/robots-soon-in-financial-management-and-company-boards
“…wherever the
world’s best robots
are, you will also find
the best jobs”
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Fake president frauds on the rise…
http://belgium.marsh.com/Portals/95/Documents/Alert%20FPF%202pager.pdf
http://www.channelweb.co.uk/crn-uk/news/2440228/fake-president-fraud-on-the-rise-deloitte-warns
http://www.aig.com/chartis/internet/uk/eni/aig-fraud-alert-a4-
3page-v5_tcm2538-516102.pdf
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”IDC: The amount of digital information is
going to explode by 2020”
In digital world only 25 percent of data is
original and the rest (75 percent) is copy.
Who will pick and process this
massive amount of (finance) data
and evaluate what is relevant? And
what are the tools for that?
Based on estimates approximately 0,5 percent
of new data is coming from Finland
20202010 2012 2014 2030
1 333 ZB
44 ZB
1,2 ZB
4,4 ZB
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”Automation will increase speed,
efficiency and competitiveness.”
”Remember - All this should
support the management and
steering of Your organisation”
”Reliable and promptly delivered financial information
will support high-quality decicion making ...”
Then what…
”Traditional Finance and
accounting will fade away…”
”… it will be raplaced by future
oriented financial management.”
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When everything has been automated…
What is left is value adding human interaction…
Manual/paperoffice
Paperlessoffice
Electronic
Digital
Automation and
robotics (RPA)
”Intelligent finance”
”Future accounting”,
forecasting
Future
oriented
financial
management
Modelling and
analysis
Foresighting
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Already today there is a need for finance people who
”speaks” (understands) IT …and vice versa
The skills and talents needed will also change…
”Coder” ”Accountant”
IT-dept. Finance
60’s
”Coder” ”Accountant”
FinanceIT-dept.
90’s
”Multitalents”
2000 =>
”firewall”
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Outlook for the future
When all routines has been automated…
How to build processes and systems (software
tools) focused to forecasting and future?
Future oriented financial management!
The amount and need for knowledge and information
will grow exponentially
How to pick up the relevant information from
massive amount of data? And fast enough?
In some businesses an hour (or day) may be too
slow - in some businesses a month is ”fast
enough” reporting period.
Cybersecurity - not only IT department’s challenge
Huge risks realising already every day
Finance people needs more IT skills and IT people
needs more finance skills
Need for IT-Finance ”multitalents”
Which one is
more relevant or
important -
reporting history
by the ”last
decimal”, or
focusing on
forecasting and
the future?
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The world, technology and business models are changing…
Finance and IT people must also change and adapt… What is
needed is cost efficiency, new ways of thinking and new kind
of talents…