In a recent survey of CFO’s, accountants and finance professionals, 93% of Australian respondents believe developments in technology will either totally or to a great extent transform the way accountants and the finance function do business over the next 10 years. There only question left is how?
ACCA (the Association of Chartered Certified Accountants) and IMA(Institute of Management Accountants) jointly conducted the survey that also identified the top 10 important technologies that will shape the next decade and beyond. The consensus of respondents is not whether an organisation will adopt and utilise these technologies, but rather how. Essentially it is adapt or perish. Hence the title of the report – ‘Digital Darwinism: Thriving in the Face of Technology Change’.
These technologies are:
- Mobile
- Big data
- Artificial intelligence and robotics
- Cybersecurity
- Educational technologies
- Cloud
- Payment systems
- Virtual and augmented reality
- Digital service delivery
- Social technologies
Some of the key impacts and implications include:
- A more connected world and workforce
- Opportunity to automate more business processes and services
- De-skilling of the accountancy profession
- New ethical challenges relating to data gathering and analysis
- More transparency
- Faster and smarter period-end processes
- New areas of risk
- Challenges to traditional role of the profession
- Expectation of access to IT resources 24/7, on any device, anywhere
The report also provides some suggested action imperatives to address these technologies and impacts, which businesses would do well to consider earlier rather than later.
The questions for your business is how to adapt, and when. The answers will determine whether or not your business survives the next decade.
If you would further information on how Avondale Business School can help your organisation, contact Warrick Long
P: 02 4980 2168