Millennial finance professionals feel threatened by automation

https://twitter.com/F_Reporter/status/1049647199079022593

However, whilst respondents may feel their role is threatened by this technology, 78% agree that it will enable the creation of more strategic value in their finance department and overall business.

Whilst millennials agree that technology has the potential to transform the finance function and add value, there is discrepancy over which technologies will have the most impact.

Over half (52%) of those surveyed consider advanced analytics to be the most transformational for the sector. 47% felt cloud services still carry the most opportunity for transformation, even though this technology is already well used by most businesses.

However, perhaps more surprisingly given the current hype around its capabilities, only a quarter think that blockchain will be the most transformational for the department, less than both data visualisation (39%) and AI and machine learning (33%).

Simon Bittlestone, CEO of Metapraxis, said: “For years it has been known that finance employees feel threatened by the impact that new technologies will have on their day to day role and job security. It is no huge surprise that even digitally native millennials feel the same; however, what our research shows is that unlike their predecessors, these individuals clearly understand the value that data and analytics can bring to the finance function, which is particularly encouraging.

"By harnessing the power of advanced analytics, finance functions will be better equipped to make quicker, more effective decisions and truly drive the strategic direction of the business.”