What will be the role of ROBOTS in a post-COVID mode?
“You can’t stop the future, you can’t rewind the past, the only way to learn the secret…is to press play” Jay Asher in “Thirteen Reasons Why”
“Robot rock” (Daft Punk)
The role of robots in a post-pandemic world is an interesting issue we must address. Sometime, things are moving suddenly faster than initially expected (and it is often the case with new technologies) after a problem or here a disaster. When obliged to move and change the course of life, people and CFO’s in particular could eventually consider what they have refused to on-board: new technologies…
Futurologists have predicted for the last decades with a certain degree of confidence, the rise of robots and RPA’s, the advent of AI and explosion of data mining. We all feared the time when intelligent machines and machine learning will take jobs away from humans and treasury jobs from treasurers. When we think about it and despite many new evolutions and tech’s, this era has never quite appeared. Machines have made progress and advances (and will continue) into the workforce but there has been no wholesale transfer from treasurer to treasury machine (yet). However, today’s corona virus and pandemic could change the situation and it may bring this future vision a little closer and speed up automation, what we all dream about without considering it may come. Automation and robotics are always feared by treasurers worry about their future job. Who would accept to be replaced by machines? Nevertheless, the question is not to replace men by machines in finance, or elsewhere, but to help men doing tasks smoother, faster, and better to dedicate time to more added-value tasks. That is the challenge: not to replace a treasurer but to give him/her opportunities to do something else where he/she can bring more value, that may be more interesting, more “strategic” and useful for the company. Machines and robots are not synonyms of unemployment. And even more, I would say, it is now in a post-crisis phase that we should invest more in technologies. It is not paradoxical, conversely, crisis should push moving towards productivity increase.
“Paranoid android” (Radiohead)
New social distancing rules are already amplifying the recourse to machines and to automation. For example, in hospital, robots are disinfecting rooms while other can deliver blood samples to the lab’s. The lockdown period was cashless and who is using notes these days? Police has used drones to check social distancing respect; robots are cleaning warehouses; etc… They have invented many machines to disinfect clothes in a filing cabinet, cameras to measure temperature at the entrances of factories; etc.. Lots of people have started their first purchase on internet during containment period and so many things were impossible without doing them through digital ways. A pandemic can be a catalyst for changes. The problem of the pace of automation is mainly driven by the reluctance to machines as competitors. The way to apprehend robots and technology in general should be to consider them as partners and not as enemies. XL is fantastic but becomes obsolete and remain dangerous when “R studio” offers a free solution, more robust and managing many more data. Who are the treasurers using “R”? We should not be a lot, I am afraid.
“Ich bin nicht ein roboter (I am a lion)” (Die Roten Punkte)
Robotization, automation, data mining, RPA’s, ? R ?, AI, etc… are many means and opportunities to revisit and revamp our processes after a trauma (i.e. COVID 19). Although RPA’s are great; it remains a super-macro tool. There are ETF solutions (i.e. Extract-Transform-Load) to consolidate other tools sources and formats. I am convinced that we will see the emergence of Fintech’s like, for example FENNECH, offering platform to really boost and bring a step higher financial and treasury reporting. The current SaaS TMS solutions offer a full range (for the best ones) of modules to achieve all tasks treasurers oversee. Treasury should be the perfect tech lab of a company finance department and the enabler for modernization. The smaller a treasury team, the more automation it requires. It is a paradox, which explains why mid-cap’s are sometime more efficient. Treasurers should be the pioneer of tech’s and best friends of API’s and fintech’s. Technology is a must, a “passage obligé” and an opportunity to enhance productivity with positive ROI’s. Technology is like a fast car we are still driving at 5 miles per hours, where we could be on the motorway at 90 miles and more.
“The robot” (Kraftwerk)
I cannot predict the future. There are specialists for that. However, I believe we are nowhere in terms of robotization and have not yet get full benefit of automation. I am convinced the pandemic will hasten the adoption of robotic process automation., potentially enabling a hybrid workforce of robots and human treasurers to be more productive. Countries with low unemployment have the highest use of robots, QED (“Quod Erat Demonstrandum”). It is not incompatible. Treasuries must invest into the future. Robotics will enable to even “re-shore” some manufacturing activities closer to home. Policy makers should incentivize technology and ad hoc skills. We need to arm next Gen’s with the right skills so they have no fear for robots as we, elderly people are too often. The good news there are solutions and needs. Today, the large TMS providers and the ERP giants offer solutions to optimize use of data and maximize treasury management, at a moment we all need it. Future should be nice and smart and will leave room for curious and pioneering treasurers.
Fran?ois Masquelier – SimplyTREASURY