As AI grows in its ability to handle more complex tasks, many still fear for their jobs, especially given the uncertainty of where it might expand next.
Where AI Is Taking Over
AI is absorbing all of the high-volume, rules-based work. When work follows a specific pattern, it is likely a task AI can excel at in many cases. Some of these tasks in the financial back office include:
- Invoice capture
- Invoice data entry
- Coding (assigning GL codes, cost centers, and expense categories based on previous patterns)
- Matching
- Routine reconciliation
- Standard reporting
If a task has high volumes and is predictable, it’s likely that AI is already taking over tasks, or will start. Although not all of these jobs are being taken over by AI, it’s important to be aware of the possibilities.
Where Humans Still Lead
Humans are always the go-to resources for tasks that depend on judgment, trust, and accountability. For example, some tasks where humans still dominate are:
- Anything that involves relationships
- Unusual tasks that require someone to make a decision that hasn’t been made before
- Owning approvals, signing certifications, or answering the auditor
- Issues with ethics or fraud
- Process design and strategy
These tasks all have an incredibly high cost of getting them wrong, and the right answer doesn’t depend on any single piece of evidence or data.
Where AI and People Work Together
Although we hear a lot from both sides about AI taking over or AI not making a difference, the fastest-growing part of the back office is the middle ground, where AI and people work together. This includes tasks like:
- Exception handling
- Vendor reconciliation
- Fraud and duplicate review
- Month-end close
- Forecasting and cash planning
- Vendor inquiries
What This Means for Back-Office Careers
The best place for a person in a back-office career is someone who understands both the process and the tools. Roles that only have to do with data entry are slowly disappearing, but those that combine finance knowledge with oversight and automation are growing. Skills to develop:
- Exception management
- Data literacy and understanding data quality
- Process knowledge and improvement
- Communication
- Tool and automation fluency
How ICG Helps
ICG understands that AI is a great tool to improve and speed up processes, but it can’t replace humans entirely. Instead, AI should be used to liberate data entry workers to work on higher-level tasks. To learn more about ICG’s solutions, watch this short video.