Heart your AR. Paystand is designed to seamlessly integrate into your existing ERP and automate your payment process. That means a fee-less, blockchain-based payment network that can reduce DSO by 60%. Book a demo and you could win a $150 Amazon gift card.
Meet your new coworker: the AI finance bro.
Consulting firm Gartner predicts finance professionals and AI will be sharing job responsibilities in the future. A shared job refers to one that is “carried out by both AI and a person together,” Amanda Joseph-Little, VP in Gartner’s finance practice, said in a recent Q&A.
A shared job might look like a human managing an AI’s work—aka the “managerial model”—or both the human and the AI analyzing the same data and then working together to create better insights and learn from one another, or the “competitive model.”
Unlike current digital tools, AIs in shared jobs will influence business decisions, she said.
“The managerial model is more challenging because you actually have an individual managing work that is performed by AI rather than managing work that is performed by another person,” Joseph-Little told CFO Brew. “I think the concept of managing AI versus managing a person is harder to conceive of than compared to the competitive model, where it’s the AI and a person partnering together…I think it is less intimidating to think about using the AI to help me get smarter and do my job better.”
Gartner predicts that merging financial responsibilities between professionals with AI counterparts will lead to a complete restructuring of the finance organizational chart.
According to Joseph-Little, there will be fewer entry-level jobs as the AIs take over those tedious tasks, and middle-managers will proliferate—turning the pyramid org structure into a diamond. There will still be a few “sophisticated entry-level positions,” but the talent pipeline will need to be reconfigured to fill those mid-level slots.
“A lot of people who work in finance grew up in finance,” she said. “We’re going to have to start hiring people into finance from other disciplines and areas who have never worked in finance before.”
Instead of finding finance talent, and then training them on digital tools and technological skills, she thinks the finance industry will be hiring data scientists and coders and then teaching them the basics of finance.
The finance talent pool has been dwindling for decades, and companies have long wanted to use automation to respond to the crunch. While those entry-level finance job roles can be “routine and repetitive,” Joseph-Little hopes that with AI, those roles can be redesigned and elevated to make them more compelling and attract new talent to the industry.
Because of this need for automation, finance might be an early adopter of AI coworkers. The “constant analysis, forecasting, and scenario planning” is ripe for AI integration, according to Joseph-Little.
“It’s going to start to change job roles in finance faster than we’ll see in some other functions,” she said.
I guess soon the viral TikTok song will go, “I’m looking for an AI in finance.”