Automation expected to create positive shift
in workplace dynamics
in workplace dynamics
Singapore’s finance workers require new
skillsets to keep up with change
skillsets to keep up with change
· 82% of Singaporean CFOs agree workplace
automation will not cause a loss of jobs, but a shift in required skillsets is
needed.
automation will not cause a loss of jobs, but a shift in required skillsets is
needed.
· The top skills finance professionals need to
focus on as a result of automation are: strategic vision (64%), problem-solving
skills (51%), data analytics (45%) and commercial acumen (40%).
focus on as a result of automation are: strategic vision (64%), problem-solving
skills (51%), data analytics (45%) and commercial acumen (40%).
· 95% agree that increased reliance on
technology and digital processes can deliver a positive impact to the finance
function.
technology and digital processes can deliver a positive impact to the finance
function.
Singapore, 14 September 2017 – New independent research commissioned by specialised
recruiter Robert Half shows
more than eight in 10 (82%) Singaporean CFOs agree workplace automation does
not imply a reduction in finance employees in their team, but rather, it
requires a shift in the necessary skills.
recruiter Robert Half shows
more than eight in 10 (82%) Singaporean CFOs agree workplace automation does
not imply a reduction in finance employees in their team, but rather, it
requires a shift in the necessary skills.
More specifically, according to Singaporean CFOs, the top skills
finance professionals need to focus on as a result of automation are strategic
vision (64%), problem-solving skills (51%), data analytics (45%) and commercial
acumen (40%). Almost three in four (73%) CFOs agree their finance team has the
necessary skills required to tackle the development and implementation of
automation in their organisation, highlighting the need for continuous
upskilling and professional development.
finance professionals need to focus on as a result of automation are strategic
vision (64%), problem-solving skills (51%), data analytics (45%) and commercial
acumen (40%). Almost three in four (73%) CFOs agree their finance team has the
necessary skills required to tackle the development and implementation of
automation in their organisation, highlighting the need for continuous
upskilling and professional development.
In a positive sign for the eager adoption of innovative
technologies, almost nine in 10 (87%) CFOs say their finance team has readily
adopted new technologies and digital processes to help them perform better, but
the finance function needs to further evolve.
technologies, almost nine in 10 (87%) CFOs say their finance team has readily
adopted new technologies and digital processes to help them perform better, but
the finance function needs to further evolve.
While 95% of Singaporean CFOs agree that increased reliance on
technology and digital processes can deliver a positive impact to the finance
function, more than eight in 10 (81%) CFOs agree their finance function still
has a long way to go in updating its technologies and digital processes. It
will therefore be crucial for organisations to ensure they have the necessary
skills needed to unearth the positive impacts for both companies and employees
alike.
technology and digital processes can deliver a positive impact to the finance
function, more than eight in 10 (81%) CFOs agree their finance function still
has a long way to go in updating its technologies and digital processes. It
will therefore be crucial for organisations to ensure they have the necessary
skills needed to unearth the positive impacts for both companies and employees
alike.
Matthieu Imbert-Bouchard, Managing Director of Robert Half
Singapore said: “Automation
is causing a shift in the required skillsets of finance professionals. The
benefits of automation are available to companies who wholeheartedly adopt
change rather than resist it – as such finance professionals need to
proactively embrace it by equipping themselves with the skills and knowledge
required to leverage the capabilities of this phenomenon, thereby also
increasing their market value.”
Singapore said: “Automation
is causing a shift in the required skillsets of finance professionals. The
benefits of automation are available to companies who wholeheartedly adopt
change rather than resist it – as such finance professionals need to
proactively embrace it by equipping themselves with the skills and knowledge
required to leverage the capabilities of this phenomenon, thereby also
increasing their market value.”
“While this change has the potential to generate new levels of
innovation in the workplace, companies need to source and retain experts who
have the necessary skills to manage workplace automation, which in turn will
create new job opportunities for those with the necessary expertise to
facilitate this change.”
innovation in the workplace, companies need to source and retain experts who
have the necessary skills to manage workplace automation, which in turn will
create new job opportunities for those with the necessary expertise to
facilitate this change.”
“Transitioning to more advanced technologies in the workplace
also requires additional, well-developed skills, including advanced data
analysis as well as interpretation and decision-making skills. Therefore,
Singaporean organisations will need to implement training programs for existing
staff to ensure they have the knowledge and know-how to leverage the many
benefits automation brings to the workplace.”
also requires additional, well-developed skills, including advanced data
analysis as well as interpretation and decision-making skills. Therefore,
Singaporean organisations will need to implement training programs for existing
staff to ensure they have the knowledge and know-how to leverage the many
benefits automation brings to the workplace.”
The advantages of automation
The benefits brought about by workplace automation for finance
organisations are plenty. According to Singaporean CFOs, the top three
advantages businesses will experience in the finance
department are increased productivity (72%), staff quickly learning new
capabilities (66%) and increased time spent on the execution of tasks and less
on the inputting of data (65%).
organisations are plenty. According to Singaporean CFOs, the top three
advantages businesses will experience in the finance
department are increased productivity (72%), staff quickly learning new
capabilities (66%) and increased time spent on the execution of tasks and less
on the inputting of data (65%).
Similar to the benefits for businesses, for finance
employees the positive impacts of automation on their daily workloads
are: increased productivity (72%), staff quickly learning new capabilities
(66%) and increased time spent on the execution of tasks and less on the
inputting of data (65%).
employees the positive impacts of automation on their daily workloads
are: increased productivity (72%), staff quickly learning new capabilities
(66%) and increased time spent on the execution of tasks and less on the
inputting of data (65%).
“Businesses are set to benefit enormously from automation with
increased profit margins being the end goal. However, finance professionals are
also well positioned to reap the rewards of digitisation in the workplace.”
increased profit margins being the end goal. However, finance professionals are
also well positioned to reap the rewards of digitisation in the workplace.”
“The workplace of the future, defined by the introduction of new
technologies and digitisation, requires organisations to upskill their
workforce. This will lead staff to deliver better results for their
organisation, whether it is through increased sales, streamlined financial
processes or higher productivity levels. This will in turn enhance future
career prospects for finance workers as they will have more time to dedicate to
improved problem-solving and strategic thinking in the workplace,” said Matthieu Imbert-Bouchard.
technologies and digitisation, requires organisations to upskill their
workforce. This will lead staff to deliver better results for their
organisation, whether it is through increased sales, streamlined financial
processes or higher productivity levels. This will in turn enhance future
career prospects for finance workers as they will have more time to dedicate to
improved problem-solving and strategic thinking in the workplace,” said Matthieu Imbert-Bouchard.
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