Digital Transformation is redefining the Business Strategy and Culture, creating new business model. It is changing the entire value chain through many disruptive technologies. Modern technology has completely reshaped the entire education system. Amazon is not just a shopping website, It has changed entire concept of shopping. Netflix disrupted the video rental market.
What is Disruption?
Disruptive technology is an innovation that significantly alters the way that consumers, industries, or businesses operate. A disruptive technology supersedes an older process, product, or habit. Digital disruption is causing a paradigm shift in the way things are done in business today. New developments in technology have created new avenues for business.
Disruption is a two way process. Either you are the disrupter, or you are being disrupted.
Why companies get disrupted? Answer is simple:
They are too comfortable.Companies are scared with new technologies, not tapping the continues changing in consumer behavior, they have to move quickly in order to remain relevant. They are not investing into the right talent, hiring people better than you should be so important, they need to think creatively and strategically. Getting all the decision makers in alignment with the goal and the process is incredibly important.
Technology has disrupted so many industries in recent years. Taxi service, Education, travel, banking and shopping have been radically transformed by technology and innovation. These industries have been turned upside down and reshaped in just a few years.
Disruption in Accounting Profession
It is obvious that Technology Experts are not sitting in dark, they are in the right direction and truly working to replace repetitive tasks through Robotic process automation (RPA), artificial intelligence (AI), blockchain, smart contracts, and advanced analytics have reshaped existing business models.
Just few years ago, we used to hear about that technologies are taking role of Accounting repetitive tasks. whoever took the decision to change the mindset at that time, they are leading the market with the better career path today, they are even now in the maturity phase.
A majority of invoices are sent electronically, and many are automatically paid through a processing system. The merger of technology and accounting is becoming greater and greater everyday, and business leaders need to stay ahead of this change. They need to understand that technology is quickly changing the way accounting functions within an organization.
I can see the demand of these professional now and also witness that it is happening. we are already too late to redefine our career strategy. Accountants even don't know that they are being disrupted and going out from the picture. I can foresee the demand of tech-Accountants is going to increased in the days to come and supply would be very short. That will definitely result into increasing the price.
Expectations from Accountants
The goal is to help business. The question is how? would you like to continue this help with traditional mindset or you want to adopt with modern Finance mindset.
Trust! helping business with traditional mindset is not going to work!
Let's accept the fact that Data is going to be a biggest assets for the companies and helping business in defining the long term strategies. The size of data is increasing day by day even minute by minute,
Excel is not going to be the best tool to handle such a big data. The time is important. Presenting only numbers is not in demand, accountant has to translate these numbers into business language by stories and visualization. This would be possible only when you have a clear understanding of business and aware of on-going business strategy.
Accountants has to create their positioning with different skills and mindset. Gaining trust from business can change lot of things. Accountants have to shift their path from problem creator to value creator. They have to show them business leaders with business partnering skills, better communication skills, involve in strategic planning and process management.
Accountant has to lead in delivering real time insights faster for decision making, with better data visualization. Setup ERP System for Data Analytics, Run efficiently and be able to make budget and forecast changes. Create user friendly Dashboards, connect with multiple source of data and dynamic reporting.
On the other side, Technical skills has to be improve towards financial modeling, data management, predictive analysis and risk management.
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