5 Commerce Jobs Likely To Become Obsolete In 10 Years

Change, as is popularly said, is the only constant. This saying applies strongly to the job scenario that is changing by the minute. The pace of change is getting accentuated by the emergence of newer technologies. In today’s dynamic business environment, the new buzzwords are ‘robots’, ‘artificial intelligence (AI)’, ‘machine learning (ML)’, and so on.

In a few years, computers will replicate emotional intelligence as well. No wonder, traditional job roles, as we know them, are becoming redundant and being taken up through computers such that they are done faster, more efficiently, and at relatively lower costs. The jobs that are likely to become obsolete in the near future share a range of characteristics:-

• Repetitiveness
• Low efficiency
• Often unprofitable
• Simple to automate

• Prone to fluctuating demand

It does not, however, mean that the number of available jobs is declining. What is changing is the nature of jobs, and hence, we need to recognise trends acquire skills in line with the needs of changing times, and RUN (Reskill, Upskill, and New Skills).

Further, we will discuss some job roles for commerce students that are likely to become obsolete in the next 10 years.

In A Few Years, Computers Will Replicate Emotional Intelligence As Well

Accounting/Bookkeeping

According to the ‘Futures of Jobs Survey, 2020’ by the World Economic Forum, accounting, bookkeeping and payroll jobs are going to disappear. These jobs will be completely automated and performed with the use of software(s), whether in very small, small or medium enterprises. In large businesses, already these jobs are done using ERP (Oracle/SAP etc.). Therefore, it is important that those wanting to pursue a career in this field acquire skills in the use of software like TALLY, Spreadsheets (MS Excel), and relevant ERP solutions to keep pace with the emerging trends.

Banking Jobs

Traditional job roles in the banking industry have undergone a change in the last few years and the face of banking, as we currently know it, is going to completely change in the next few years. The concepts of Anywhere Banking/Anytime Banking, online banking/phone banking, the convenience of ATM’s, and cash-deposit machines, through which one can avail various banking services through computers using AI, we name it and a computer is ready to nibble at a traditional banking role.

Also Read | 7 Tips To Help You Prepare For Internship Interviews

Emergence Of Fintech

The emergence of the fintech industry is giving tough competition to traditional banks, forcing banks to automate at a rapid pace. A positive aspect of this development is expansion of the banking sphere and emergence of new jobs, both in banking and fintech spaces.

Therefore, those who aspire to join banking/fintech should prepare themselves for contemporary job roles, acquire certifications and skills in these fields, and continue to upgrade their skills to march with evolving times.

Audit Assistant/Audit Officer

Gone are the days, when audit was done by vouching/checking ledger postings and bank reconciliations. Not that these have ceased to be important aspects of auditing, but audits in present times are being done around computers. As accounts are maintained using computerised systems, the auditors also need to be equipped with skills for conducting audits of such entities.

Systems audits and IT audits now form a major component of audits, which comprise verification of user IDs, date & time of login/log off and for key events, files and networks accessed, changes to systems configuration, alarms triggered, access control monitoring etc. Therefore, it is imperative for auditors to learn and acquire skills using techniques and tools which enable them to conduct audits in computerised environments.

Audit softwares are becoming increasingly available in the market and very soon, software using artificial intelligence and machine learning will also be available, thereby changing the face of how audits will be conducted in the future. Auditors will need to perform increasingly complex audits by analysing trends, exceptions and divergences by analysis of data and analytics delivered by the systems audits.

Customer Service Executives

Customer service executives do not require a high level of social or emotional intelligence to perform. An increasing number of organisations have begun to rely on AI to answer FAQ’s and customer support questions. Chatbots are not only becoming a significant part of customer interaction but also support handling a lot of internal queries. According to the World Intelligence Congress, AI, virtual assistants and chatbots will replace almost 69 per cent of the manager’s workload by 2024. This will impact not only customer service executives but also the number of jobs in call centres.

Customer Service Executives Do Not Require A High Level Of Social Intelligence To perform

Retail Services

Automated services are replacing people who carry out sales. With several merchants focusing on self-ordering and payment options, AI is getting quickly involved. Robots are replacing retailer jobs in many shopping chains. Machine learning is being used to understand customers and their shopping patterns. Advanced data analytics using AI is being used to show other products that the customer might be interested in purchasing.

However, at the same time, with the advent of online shopping, job opportunities are increasing manifold in logistics and warehousing (though companies like Amazon are also using robots in their warehouses).

How To Prepare For The Future

Findings of a recent study by Oxford University imply – that “as technology races ahead, low-skill workers will be reallocated to tasks that are non-susceptible to computerisation,i.e., tasks requiring creative and social intelligence. For workers to win the race, they will have to acquire creative and social skills.

The mantra for today’s generation should be – Don’t get hit by the future, prepare yourself and surf through it like a wave. The future is already here. We have to prepare now for the challenges that lie ahead.

Here is how you can start:-

• As you start working, focus on learning new skills.
• Browse the robust learning library from LinkedIn Learning (which acquired Lynda.com) for courses on top accounting and finance trends.
• Do independent research on trends, technology, and processes that interest you.
• Look for opportunities to learn about data management and data science.
• Be inquisitive and always interested to learn about new technologies, and cross-functional roles in sales, IT, operations and other functions that will give you an edge and build your skill set.

Pramod Nagpal is Chartered Accountant by training, (Retd.) Managing Director, Central Cottage Industries Corporation Of India Ltd. (A Govt. Of India undertaking, under Ministry Of Textiles). He holds close to four decades of experience in the areas of finance and commerce. Pramod has keen interest in the field of education, and guiding students on harnessing available opportunities to achieve their goals.