Big data and robotics will "fundamentally change" finance in the next five years

This shift will, "Reduce the need for certain roles and create a demand for new skills"

Big data and robotics will "fundamentally change" finance in the next five years

Jae C. Hong AP/Press Association Images

A new report from EY has found that finances within organisations are set to be "radically" changed by advances in technology during the next five years.

It surveyed 200 senior finance executives in Ireland and found that they are increasingly seeking to streamline their financial reporting process through the use of "innovations such as robotics and automation."

When asked what changes they plan to make, 34% will seek to reduce the costs through the use of robotics and automated programmes.

The report adds that this, "Reflects the increasing demands on the function to reduce the margin for error and also create space for other business support initiatives such as inputting into business strategy and providing the executive team with insight and analysis."

A further 24% will enhance their big data and analytics capabilities.

However, only 29% of Irish respondents said that big data and advanced analytics will be critical to providing business and management information in the future - this is below the international average of 53%.

Commenting on the findings, Frank O’Keeffe, Head of Assurance for EY Ireland said: "What we are witnessing is that transformational technologies such as robotics and automation will reduce the need for certain roles and create a demand for new skills.

"This presents real opportunities and challenges for companies looking for future finance talent with capabilities in growing areas of focus such as advanced analytics, corporate reporting and strategic risk management, as well as those skills traditionally associated with the finance function."