Adopting Automation: Technological Advances in Accounting

In layman’s terms, RPA is the process by which a software bot uses a combination of automation, computer vision, and machine learning to automate repetitive, high-volume tasks that are rule-based and trigger-driven.” –David Landreman, CPO of Olive.

Emergence Of Automation

Technology has significantly advanced in the past few decades. There has been some groundbreaking advancement that has radically transformed the way businesses operate. Technological developments are at an all-time high and no industry is trailing behind.

From a simple thing such as the internet to drones being used for delivering products, technology has forged ahead by leaps and bounds. But technology is sometimes seen as a bane. It has created a panic in the past few years. The reason behind this is that there is so much business literature spilling over with threatening articles indicating the likelihood of elimination of most jobs.

For instance, one of the most widely quoted statistics of recent years is the finding that 47% of American jobs are at high risk of automation by the mid-2030s (published in a paper in 2013 by two Oxford academics, Carl Benedikt Frey and Michael Osborne). Publishers, think-tanks, consultancies, government agencies, and news outlets have pointed to it as…