Skip to content
American ExpressAmerican ExpressAmerican ExpressAmerican ExpressAmerican Express
  • Card Accounts

    • Your Account
    • Activate a New Card
    • Register for Online Services
    • Amex Mobile App Features
    • Add Someone to Your Account
    • Moving Abroad? Transfer Your Card

    Business Owners

    • Your Account
    • Activate a New Card
    • Register for Online Services
    • Membership Rewards & Travel
    • Add Someone to Your Account

    Other Accounts

    • American Express @Work
    • Online Merchant Services
    • International Payments for Businesses

    Contact Us

    • Support 24/7
    AustraliaChange Country
  • Personal Cards

    • View All Personal Cards
    • Learn About Credit Cards

    Popular Personal Cards

    • The Platinum Card
    • The Qantas Ultimate Card
    • The Explorer Card

    Cards for Business Owners

    • View all Business Cards
    • Popular Business Cards
    • Manage Your Business

    Corporate Cards

    • View All Corporate Cards
    • Corporate Payment Solutions
    • Corporate Purchasing Card
    AustraliaChange Country
  • Online Travel

    • Book Travel Online
    • Book Fine Hotels & Resorts
    • Book The Hotel Collection

    Travel Resources

    • Destination Guides
    • Travel Insurance
    • Using Your Card Overseas
    • Card Member Benefits
    • Find a Travel Service Office

    Business Travel

    • Global Business Travel Solutions
    • Small Business Travel
    • Foreign Exchange Services

    Travel Money

    • Travelers Cheques
    • Qantas Credit Cards
    • Travel Rewards Credit Cards
    AustraliaChange Country
  • All Insurance Services

    • Insurance Home Page
    • Insurance with your card
    • Other Insurance

    Travel Insurance

    • Travel Insurance
    • Multi-Trip/Annual Policy
    • Single Trip Policy
    AustraliaChange Country
  • Membership Rewards

    • Use Points for Gift Cards
    • Use Points for Travel
    • Rewards Changes

    Rewards Programs

    • Membership Rewards Cards
    • Qantas Frequent Flyer

    Card Member Offers & Benefits

    • Explore Card Benefits
    • Amex Experiences
    • Refer Friends. Earn Rewards
    AustraliaChange Country
  • Merchants

    • Merchant Home
    • Accept the Card
    • Manage Merchant Account
    • Contact Us and FAQs

    Corporations

    • Corporate Cards
    • Purchasing Solutions
    • Customer Centre
    • Global Business Travel Solutions
    • Meetings & Events
    • International Payments for Businesses

    Business Owners

    • Popular Small Business Cards
    • View All Small Business Cards
    • Manage Your Business
    • Business Credit vs Charge
    • How to Apply for a Business Card

    Global Network

    • Home
    • Issuers
    • Acquirers
    • Service Providers
    • Developers
    AustraliaChange Country
  • Contact Us
  • Log In
      • Your Account
      • Activate a New Card
      • Register for Online Services
      • Amex Mobile App Features
      • Add Someone to Your Account
      • Moving Abroad? Transfer Your Card
      • Your Account
      • Activate a New Card
      • Register for Online Services
      • Membership Rewards & Travel
      • Add Someone to Your Account
      • American Express @Work
      • Online Merchant Services
      • International Payments for Businesses
      • Support 24/7
      • View All Personal Cards
      • Learn About Credit Cards
      • The Platinum Card
      • The Qantas Ultimate Card
      • The Explorer Card
      • View all Business Cards
      • Popular Business Cards
      • Manage Your Business
      • View All Corporate Cards
      • Corporate Payment Solutions
      • Corporate Purchasing Card
      • Book Travel Online
      • Book Fine Hotels & Resorts
      • Book The Hotel Collection
      • Destination Guides
      • Travel Insurance
      • Using Your Card Overseas
      • Card Member Benefits
      • Find a Travel Service Office
      • Global Business Travel Solutions
      • Small Business Travel
      • Foreign Exchange Services
      • Travelers Cheques
      • Qantas Credit Cards
      • Travel Rewards Credit Cards
      • Insurance Home Page
      • Insurance with your card
      • Other Insurance
      • Travel Insurance
      • Multi-Trip/Annual Policy
      • Single Trip Policy
      • Use Points for Gift Cards
      • Use Points for Travel
      • Rewards Changes
      • Membership Rewards Cards
      • Qantas Frequent Flyer
      • Explore Card Benefits
      • Amex Experiences
      • Refer Friends. Earn Rewards
      • Merchant Home
      • Accept the Card
      • Manage Merchant Account
      • Contact Us and FAQs
      • Corporate Cards
      • Purchasing Solutions
      • Customer Centre
      • Global Business Travel Solutions
      • Meetings & Events
      • International Payments for Businesses
      • Popular Small Business Cards
      • View All Small Business Cards
      • Manage Your Business
      • Business Credit vs Charge
      • How to Apply for a Business Card
      • Home
      • Issuers
      • Acquirers
      • Service Providers
      • Developers
  • Contact Us
AustraliaChange Country
  • Card Accounts

    • Your Account
    • Activate a New Card
    • Register for Online Services
    • Amex Mobile App Features
    • Add Someone to Your Account
    • Moving Abroad? Transfer Your Card

    Business Owners

    • Your Account
    • Activate a New Card
    • Register for Online Services
    • Membership Rewards & Travel
    • Add Someone to Your Account

    Other Accounts

    • American Express @Work
    • Online Merchant Services
    • International Payments for Businesses

    Contact Us

    • Support 24/7
  • Personal Cards

    • View All Personal Cards
    • Learn About Credit Cards

    Popular Personal Cards

    • The Platinum Card
    • The Qantas Ultimate Card
    • The Explorer Card

    Cards for Business Owners

    • View all Business Cards
    • Popular Business Cards
    • Manage Your Business

    Corporate Cards

    • View All Corporate Cards
    • Corporate Payment Solutions
    • Corporate Purchasing Card
  • Online Travel

    • Book Travel Online
    • Book Fine Hotels & Resorts
    • Book The Hotel Collection

    Travel Resources

    • Destination Guides
    • Travel Insurance
    • Using Your Card Overseas
    • Card Member Benefits
    • Find a Travel Service Office

    Business Travel

    • Global Business Travel Solutions
    • Small Business Travel
    • Foreign Exchange Services

    Travel Money

    • Travelers Cheques
    • Qantas Credit Cards
    • Travel Rewards Credit Cards
  • All Insurance Services

    • Insurance Home Page
    • Insurance with your card
    • Other Insurance

    Travel Insurance

    • Travel Insurance
    • Multi-Trip/Annual Policy
    • Single Trip Policy
  • Membership Rewards

    • Use Points for Gift Cards
    • Use Points for Travel
    • Rewards Changes

    Rewards Programs

    • Membership Rewards Cards
    • Qantas Frequent Flyer

    Card Member Offers & Benefits

    • Explore Card Benefits
    • Amex Experiences
    • Refer Friends. Earn Rewards
  • Merchants

    • Merchant Home
    • Accept the Card
    • Manage Merchant Account
    • Contact Us and FAQs

    Corporations

    • Corporate Cards
    • Purchasing Solutions
    • Customer Centre
    • Global Business Travel Solutions
    • Meetings & Events
    • International Payments for Businesses

    Business Owners

    • Popular Small Business Cards
    • View All Small Business Cards
    • Manage Your Business
    • Business Credit vs Charge
    • How to Apply for a Business Card

    Global Network

    • Home
    • Issuers
    • Acquirers
    • Service Providers
    • Developers

AustraliaChange Country
Small Business Cards
Cards
American Express® Platinum Business Card
American Express® Qantas Business Rewards Card
American Express Business Explorer® Credit Card
View All Cards
Compare Cards
International Payments
International Payments
American Express AccessLine™
View All International Payments
Manage Your Business
Business Benefits
Why Amex for your Business?
Business Credit vs Charge
Business Rewards
Business Cash Flow Management
Business Travel Rewards
Existing Customers
Order Cards for Employees
Corporate Card Programs
Cards
American Express® Corporate Platinum Card
American Express® Qantas Corporate Platinum Card
American Express® Corporate Gold Card
View All Corporate Cards
Compare Corporate Cards
Payment Solutions
Buyer Initiated Payments
American Express vPayment™
View All Supplier Payments
International Payments
American Express AccessLine™
View All International Payments
Trend & Insights
Business Trends & Insights
Products & Solutions
Service & Expertise
Existing Customers
Trends & Insights
Trends & Insights
Insights and Inspiration to Help Grow Your Business
Security
Managing Supply Chain
Managing Data and Trends
Managing Risks
Growth
Expanding
Adapting to Change
Future Proofing
Funding
Managing Cash Flow
Financing
Becoming More Efficient
People
Leading My Team
Managing Talent
Collaborating
  • Trends and Insights
  • Funding
  • Becoming More Efficient
Business Class

27 May 2019

Could a robot replace the CFO?

Could a robot replace the CFO?

Twitter Icon
Facebook Icon
LinkedIn Icon
Alexandra Cain

Writer, Cain Creativity, Inc.

Summary

Automation is changing many aspects of business, the finance function included. Introducing robotic processes into finance makes sense, as it can allow CFOs and their teams to systematise much of their work so they can focus on solving business problems and work on strategy.

Twitter Icon
Facebook Icon
LinkedIn Icon

In the very near future, it's likely that many organisations will use robotics and artificial intelligence (AI) in analytics, big data, trend analysis and risk management, with the big benefit being the elimination of human error, says Rebecca Livesey, managing director and leadership strategist of business consultancy Achieve-Lead-Succeed.

“AI will free up employees so they can invest more time in the elements in a business that AI struggles to do right now, such as strategy, creativity and forward thinking,” says Livesey.

“Robotics will eliminate the admin work many finance employees do. And with the reduction of human error AI brings, it will also generate higher quality data,” she says.

Financial modelling expert, Lance Rubin, CEO of Model Citizn, says there is a plethora of tasks in the finance function that are already being replaced by robotics in some organisations.

“Almost everything CFOs do today, and every finance role, will either be automated or performed by robotics, which are essentially the same thing – automation via code is effectively a robot,” says Rubin. Management reporting and financial reporting are low hanging fruit when it comes to automation.

There are myriad examples of routine finance tasks that can become more efficient and less time consuming with robotics and AI. These include month-end processing, linking disparate data and operational systems and budgeting.

“The verification and risk mitigation work finance teams spend so much time on should be much more efficient and require fewer resources,” adds Livesey.

Upskilling the team

With the integration of robotics and other new technologies, finance leaders may need to recruit people with new skill sets and re-train existing staff.

As robotics increasingly take over mundane tasks in the finance function, senior finance executives are likely to find they have more time to do more strategic, forward thinking, requiring complex problem-solving skills.

“A CFO with a background in strategic thinking and leadership may be more valuable to a business than someone who has a general finance background, but who lacks this foresight,” Livesey explains.

At the same time, CFOs could find it useful to employ technical specialists such as data scientists, who act as advisers but don't necessarily lead people.

“It is important CFOs are able to lead and connect with people so the human element isn't lost through increased technology and automation,” she adds.

CFOs who hope to improve their leadership skills may find it useful to gain experience not just in finance, but also in other areas of the business.

According to Livesey, “Returning to the finance function with a breadth of new skills as well as operational experience will assist with the transition to increased reliance on AI, and provide a more holistic perspective on how it can help the business overall.”

The advent of robotics may introduce a new challenge for many CFOs: to develop the ability to think differently, not just technically. Many CFOs could also benefit from bringing creative thinking into the finance team, rather than simply employing people with financial and risk mitigation expertise.

“CFOs and their staff will be required to look at problems differently and solve them creatively. This should already be happening to make the most of new technologies. Finance executives must learn how to be the strategic thinker in their organisation and if this doesn't come naturally, they should undertake training,” says Livesey.

According to Rubin, CFOs can make an important contribution by supporting people through this change and ensuring staff are aware of and know how to use new tools.

“Rather than just producing reports, CFOs will need to develop empathy and story-telling skills to be able to influence stakeholders. The role will also need to focus on managing the transformation of the finance function as well as the broader business as new tools are embedded in business processes,” he says.

Business change initiatives led by technology will be more effective when driven by finance executives, he argues. Automation is being introduced not just in the finance function but also across the business, which means the initiatives need to partner with the rest of the business.

“The best way to manage this transition is to devise a strategic roadmap and project plan that brings people on a journey and tells a great story of what the future will be like for them,” says Rubin.

He says, 'what's in it for me?’ will be the main question staff want answered. He recommends that executives think through how they will communicate their response.

“They need to manage people's fears and explain how the organisation will use the savings generated from automation. Most people fear executives will bank the savings and just get people to work harder to account for a reduced headcount, as this has been their experience to date.”

For a CFO in a business that is undergoing a transition to automation, it's possible that managing the expectations of their staff and communicating throughout the change process is equal in importance to the CFO's obligation to manage the business's finances. Understanding this requirement and giving it equal weighting in day-to-day activities, could be key to an effective transition for finance chiefs.

 

Twitter Icon
Facebook Icon
LinkedIn Icon
Want to Dig Deeper?

Get an American Express Card

  • Personal Cards
  • Credit Cards
  • Small Business Cards
  • Corporate Cards
  • Add Someone to Your Account

More Products & Services

  • Insurance
  • Accept the Card
  • Online Services
  • Book Travel
  • Business International Payments
  • Refer a Friend

Important Links

  • Frequently Asked Questions
  • Chip & PIN
  • ATM Locator
  • Accessibility
  • Safe and Secure

Company Information

  • About American Express
  • About American Express Australia
  • Careers
  • Contact Us
  • Site Map
  • Facebook
    • Personal Cards
    • Credit Cards
    • Small Business Cards
    • Corporate Cards
    • Add Someone to Your Account
    • Insurance
    • Accept the Card
    • Online Services
    • Book Travel
    • Business International Payments
    • Refer a Friend
    • Frequently Asked Questions
    • Chip & PIN
    • ATM Locator
    • Accessibility
    • Safe and Secure
    • About American Express
    • About American Express Australia
    • Careers
    • Contact Us
    • Site Map
    • Facebook

American Express
AustraliaChange Country
  • Connect with Amex on Facebook
  • Connect with Amex on Instagram
  • Tweet your questions to @AskAmex
  • Connect with Amex on LinkedIn
  • YouTube

  • Website Rules and Regulations
  • Trademarks
  • Privacy Statement
  • Security Alerts

Copyright © 2021 American Express Company