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Using tech to bridge the talent gap

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Summary

This article discusses how technology and automation can be used to address the talent gap faced by accounting departments. Automating routine tasks, scaling for growth without adding staff, keeping existing staff engaged, reducing overpayments and fraud, and moving accounting to the cloud are all ways in which technology can bridge the talent gap. It also compares the failure of Blockbuster to adapt to the digital era to the challenges faced by accounting departments today, and encourages them to embrace technology to automate their processes in order to do more with less.

Q&As

How can technology help address the talent gap facing today's CFOs and accounting managers?
Technology can help address the talent gap facing today's CFOs and accounting managers by automating routine tasks, scaling for growth without adding staff, keeping existing staff engaged, reducing overpayments and fraud, and eliminating the need to continuously test the "cookbook".

What are the benefits of using automation technology to reduce the time and resources required for repeatable tasks?
The benefits of using automation technology to reduce the time and resources required for repeatable tasks include being able to do more work with fewer people, removing the tedium and pain for staff that would otherwise have to do it manually, benefiting suppliers and customers, and reducing the need to find and hire additional staff.

How can automation help scale operations along with business growth without adding staff?
Automation can help scale operations along with business growth without adding staff by allowing companies to scale operations along with their growth, so they needn't add staff proportional to support that growth.

How can automation technologies help existing staff become more engaged in satisfying and strategic activities?
Automation technologies can help existing staff become more engaged in satisfying and strategic activities by reducing the time accountants spend on routine tasks, allowing them to engage in more satisfying, strategic activities that otherwise would require hiring additional staff to perform.

What are the benefits of using automation technology to reduce the chance of overpayments and fraudulent invoices?
The benefits of using automation technology to reduce the chance of overpayments and fraudulent invoices include being able to track down erroneous payments more quickly and easily, reducing the time and resources required to accomplish repeatable tasks, and having more controls in place in the payables automation to compare every invoice received to actual orders placed.

AI Comments

👍 This article does a great job of outlining the benefits of using tech to bridge the talent gap in accounting departments. It provides a comprehensive overview of how automation technology can reduce the need for additional staff and help keep existing staff engaged.

👎 This article fails to provide any practical advice on how to implement automation technology in an accounting department. It also glosses over the potential challenges of getting started with automation technology.

AI Discussion

Me: It's about using technology to bridge the talent gap in the finance and accounting departments of companies. It talks about how automation technology can be used to reduce the need to hire additional staff and to keep existing staff engaged. It also mentions how automation can help reduce overpayments and fraud, and how companies can use the cloud to manage their accounting processes.

Friend: That's really interesting! It makes a lot of sense - technology can help reduce labor costs and can be more efficient than manual processes. It sounds like companies can really benefit from using technology in their accounting departments.

Me: Yeah, and the article also has a great example of how Blockbuster failed because it didn't embrace the shift to digital streaming and online content delivery. Companies really need to stay on top of the latest technology so that they don't get left behind.

Action items

Identify repetitive tasks in your accounting processes that are suitable for automation.
Research and select an RPA tool that integrates well with your existing accounting software.
Explore cloud-based solutions for accounting-related functions to reduce the need to hire additional IT staff.

Technical terms

Digital Era: Refers to the current period of time in which digital technology is widely used and has become an integral part of everyday life.
Human-Centric: Refers to a business model that is focused on people and their needs.
Labor-Intensive: Refers to a business model that requires a large amount of labor to operate.
Streaming: Refers to the process of delivering audio or video content over the internet in real-time.
Automation: Refers to the use of technology to automate repetitive tasks.
RPA (Robotic Process Automation): Refers to the use of software robots to automate business processes.
SaaS (Software-as-a-Service): Refers to a software delivery model in which software is licensed on a subscription basis and is centrally hosted.