Association of Chartered Certified Accountants Accountancy Futures Academy and Institute of Management Accountants Report Technology Trends for the... [Professional Services Close - Up]
(Professional Services Close - Up Via Acquire Media NewsEdge) Association of Chartered Certified Accountants Accountancy Futures Academy and Institute of Management Accountants Report Technology Trends for the Accounting Profession
Ten technology trends will significantly impact the global accounting profession, according to the new report "Digital Darwinism: thriving in the face of technology change," by the Association of Chartered Certified Accountants Accountancy Futures Academy and Institute of Management Accountants.
In a release, the association noted that the report also asserts that advances in technology will demand new skills and competencies, from change management to knowledge of data extraction tools.
Technology trends include:
-Mobile: In the U.S., 75 percent of respondents say that mobile technology will have a significant impact on their business in the years ahead, compared to 82 percent in Africa and 95 percent in Australia, the highest score globally.
-Big Data: Of the U.S. respondents, 62 percent say big data would be influential, compared with 91 percent of Australian respondents and only 47 percent of respondents from Ireland. U.S. participants also say that Big Data will demand new skills, with 72 percent responding that tools will be needed to support data modelling and analysis, and 77 percent claiming they will need knowledge of data extraction tools to aid business intelligence.
-Cyber security: Only 59 percent of U.S. respondents are concerned about the risks of cybercrime - one of the lowest scores in the world, despite having the highest perceived risk at 36 percent. Compare that to Africa, where worries are the highest at 74 percent, but the perceived risk is only 15 percent.
Chris Gentle, partner and head of research at Deloitte, and member of ACCA's Accountancy Futures Academy, said, "Accountants and financial professionals must be open to the changes created by Big Data, cloud, mobile and social platforms, and face up to the demands of cybercrime, digital service delivery and artificial intelligence. The future will not be like the past, and we will all need to adapt."
"U.S. accountants and finance professionals are influential agents of change; they're adept at using technology to advance their careers, their clients' prospects and their own organizations," said Raef Lawson, vice president of research and professor-in-residence. "But they need to extend that influence to advising clients. Only 35 percent of U.S. respondents said they could influence their clients' use of technology, compared to 80 percent of respondents in Africa."
Warner Johnston, head of ACCA USA, emerging technology, said, "The profession needs to shape its technological future, rather than be shaped by it," said Johnston. "The changes ahead are an opportunity to redefine roles and the extent to which the profession is involved in short- and long-term technology-related decisions. It needs to adapt to survive."
Lawson said: "Our report offers the profession actions it must take to deal with the top ten technological developments. Professionals need to develop and change management styles to assess risks and address security issues; they need to explore the impact of automation and prepare for changing working patterns. But ultimately, they need to use technology to add value. There lies the real opportunity."
The Association of Chartered Certified Accountants is a body for professional accountants.
Institute of Management Accountants is an association of accountants and financial professionals.
((Comments on this story may be sent to firstname.lastname@example.org))
(c) 2013 ProQuest Information and Learning Company; All Rights Reserved.
[ Back To Technology News's Homepage ]