A new initiative by ACCA (the Association of Chartered Certified Accountants) (www.ACCAGlobal.com) the global accountancy body, has highlighted 10 key drivers that are already changing business processes, people and services.
The report also addresses how the finance function within those businesses will need to prepare and adapt to meet transformative challenges.
Thomas Isibor, head of ACCA Nigeria said: ‘Few sectors are going to experience the impact of new tech more than Finance and Accountancy. said
‘Preparing now for the inevitability of change is even more vital for these functions, and forward-thinking should be every business’ strategic priority.
Mr Isibor continued: ‘Challenges such as digital, risk, the global economy, politics, legislation, cyber security, ethics, even climate change – are all set to impact business and the Finance department in potentially unimagined ways.’
Technology – more than just Automation and AI – is already creating the most seismic impact on the Finance, Audit and Accountancy functions. The industry is in a race for future relevance.
The ACCA has identified four broad imperatives for any CFO or partner looking to optimise how technology can add – and not detract – value from their organisation:
to understand how to use the information available to them to provide strategic insight in real time;
to think forwards not backwards and maximise the use of technology to do this;
to ensure they have in place effective and efficient processes that satisfy the overall business requirements of finance,
and to capture, measure, report and predict future performance in a much more agile manner to support better and quicker decision making.
Mr Isibor added: ‘Preparation and readiness now is key,’
‘No technology has ever made an impact without first being adopted by people. The sooner we recast this challenge as one of people and processes, the sooner we’ll make progress. We have to be ready for what lies ahead.’
Distributed by APO Group on behalf of Association of Chartered Certified Accountants (ACCA).
ACCA (the Association of Chartered Certified Accountants) (www.ACCAGlobal.com) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 208,000 members and 503,000 students in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 104 offices and centres and more than 7,300 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.ACCAGlobal.com
10 Key Drivers That Are Forcing Changes on Business Processes, People and Services