It’s hard to imagine in this never ending climate of tax changes, but there’s a clear vision that some workers are going to be replaced by automation.
While frustratingly many of us spend hours on the phone clicking through the many options to get us to a real human, or struggling with the Customs lines on arrival into Australia, it seems there are some jobs that are more prone to automation and extinction than others.
Charter Hall CEO recently noted that as unemployment began to rise, should productivity growth remain stagnant, companies would increasingly look to automation as a way to save costs.
There are increased efficiencies and lowering of costs by companies investing in automation and AI, and at the same time this is reducing the cost benefit gap through increased costs to hire and house employees due to inflationary forces on all things including wages. In times of inflation the cost-benefit analysis reduces the investment period needed to make a real return on the investment in automation/robots/AI.
The automation/AI industry itself is continuing to experience progress through massive investment not only by software houses in the software, but through data being driven through AI engines.
So where does this leave the Australian compliance accountant? It makes sense to cross train into other areas requiring different skills, be it learning programming or reporting, in areas that are complementary to the Australian accountants role.
If you’d like to find out more about how Odyssey outsourcing can help free up some time, then drop us a note.