Awareness of the opportunities and challenges of automation is more widespread among Masters than Novices.
For Novices, automation poses a series of “soft,” people-oriented issues, such as limited knowledge of the tools and practices available, a general lack of relevant skills, and insufficient understanding of the benefits that automation can bring.
For Masters, however, the main concerns are technology and data-specific obstacles. This suggests that the greater a finance team’s automation progress, the more likely it can satisfactorily address knowledge and skills concerns, and overcome the burden of legacy infrastructure.
But what are some of the other challenges and risks associated to automation, and why should senior finance leaders clearly communicate the aims and opportunities of their automation strategy to their employees?