Many people are naturally a little wary when the terms ‘robotics” and “artificial intelligence” start getting thrown around the workplace. Somehow, scenarios of C3PO clones replacing human employees take root in people’s minds, and instead of embracing new technology, they shy away from and fear it.

Ean Evans is a man who is helping to debunk some of the mistrust and fear surrounding robotics, specifically in the finance realm. As a director at EY, a finance and robotics performance improvement advisory, Ean specialises in advising CFOs and organisations on financial transformation projects, with a particular focus on disruptive technologies.

As a recognised expert and speaker on Global Business Services, Robotic Process Automation and Finance Transformation, Ean is passionate about business development, building high-performance teams, and bringing innovation to complex transformation projects.

He recently shared some his expertise and experience with The Outperformer in an interview that took us right to the edge of innovation in the finance space. It is not being overly dramatic to say that the work Ean does impacts significantly on the future of the finance function. In his fascinating chat with us, we explored:

The different forms of disruptive technology that are emerging and creating high-performance finance functions.

• How these are being adopted by progressive organisations.
• Considerations around implementation and adoption.
• Analysis of benefits and the opportunity of moving forward with disruptive technologies.

What are Disruptive Intelligence:

A disruptive technology is basically a new way of doing things that overturns, or disrupts, the traditional way things have been done. It is not a new concept, and we’ve actually been living with disruptive technology for a long time: the introduction of the steam engine in the age of sail, or the Internet and email in the age of traditional post.

From a financial point of view, disruptive technologies range on a spectrum from ERP and Cloud-type solutions right through to robotics, advanced analytics and machine learning.

In his talk with The Outperformer, Ean touched on two of the current key disruptive technologies: Artificial Intelligence and Block Chain.

Artificial Intelligence:

“Artificial intelligence is hard to define,” says Ean. “Part of the reason for this is that as a discipline, it’s been around for 60 years. But it’s only now with computing power coming up to match the maths and the algebra behind it, that it’s really starting to take shape again. Terms like machine learning, cognitive computing and deep learning all fall under a kind of fuzzy group called artificial intelligence.

Ean believes Wikipedia sums it up best: “Artificial intelligence is the study of intelligent agents, which are devices that perceive their environment and take actions that maximise their success at some goal.”

The definition goes on to say that colloquially, the term is applied when a machine “mimics human ‘cognitive’ functions such as ‘learning’ and ‘problem-solving.’”

Naturally, in the finance world, when we talk about artificial intelligence in the form of robotics and process automation, we’re not talking about physical robots, but software robots.

“These robots do what humans would do on a computer, emulating their actions,” says Ean. “There are no machine smarts there, it just does exactly what you ask it to.”

Block Chain:

“Essentially, this is a distributive data base,” says Ean. “There are lots of blocks of data around the world that can be irreversibly time-stamped (so there’s always a record) and then chained together. Users with permissions can access them.”

Block Chain works as a kind of transactional currency, but with a wide range of applications.

“In finance, time-stamped entries are a lot like a general ledger,” says Ean. “Moving forward, there are going to be a lot of financial departments asking how they can use block chain. It is still an emerging technology, and use cases are still being developed, but we’re seeing a lot of opportunity and excitement around that area.”

What Should Companies Consider Before Adopting This Kind Of Technology?

“The technology is in the early adoption stage, so you can waste a lot of time and money testing and learning,” admits Ean. For this reason, many companies, such as some of the bigger global mining organisations, are developing what Ean calls an “iterative innovation style,” setting up projects and testing several available technologies to see if they are useful or not.

“The key is to get to results as fast as possible” says Ean. “Prove or disprove quickly, and then move forward. “

So does he recommend smaller business let the bigger ones take the heat first before getting their feet wet?

“The early adopters globally – such as financial services, mining, telcos, energies and utilities – are all looking at ways to serve their customers better and reduce revenue leakage,” says Ean. “So they already have a compelling business case for adopting this technology.  But increasingly, we’re seeing local government organisations and private businesses actively starting to look at it. So you can sit back, watch and wait, but if there’s a competitive advantage to be gained by getting in early, then that’s a risk you take.”

He Who Dares, Wins

From a financial perspective, there are a host of quick wins that can be adopted quite easily right now.

“Anything that involves manual re-entering of data by a finance team, is very, very ripe for automation of one form or another,” says Ean. “Vendor reconciliations, balance sheet reconciliations, production of standard reporting into standard formats…it’s all eminently automatable using these technologies.”

Currently, most accounting departments spend 70 percent of their time in transactional activities. The rise of robotic software is helping to drive a growing shift in attitude to where 70% of time is spent in a strategic and commercial environment.

“The main question is how do we get people working eight hours a day instead of 12, but still have them adding more value to the company?” asks Ean.

How Accessible Is This Technology To The Man In The Street?

“The price point for entry is coming down all the time, making it more accessible,” says Ean. “Some tools have free downloads to get you started, but it’s still important to choose the right tool for the right job - and have a healthy scepticism. Really test it in your own environment to see if it’s right for you.

“I’m very excited about the future. The world is going to look very different, and the role of the finance professional is going to be very different. “

Ean’s entire interview is available on our webinar page, which can be accessed by our members. He provides some tips on where you can review and investigate more about these technologies for your finance or accounting team.