As technologies are developing fast nowadays, accounting professionals have to leverage IT tools to consolidate and expand their roles in corporations instead of being merely bean counters.
The role of accounting professionals has been evolving over the past years and gaining significance in corporations. “CFOs need to move into strategic
finance roles and help businesses identify development directions,” said Chiew Chun-wee, Head of Policy, Asia Pacific, ACCA, at the ACCA Hong Kong’s Annual Conference 2014 “Future of the Accounting Profession.” He added that CFOs should be chief business enablers giving strong governance while driving development and mitigating risks.
Master New Technology Trends
At the conference, Faye Chua, Head of Future Research, ACCA, outlined how businesses and in particular CFOs could capitalize on the new technological trends and consolidate their business partner role. She commented that the key technology trends are SoMoClo (social media, mobile and cloud) cyber-security, big data and artificial intelligence. “The world becomes more fluid, we need to keep informed of new technologies, learn new analytical skills, develop new metrics, and create a new visual language of data art to communicate our understanding of the data,” Chua said.
Echoing the comments of Chua, Dr Toa Charm, Founder and Chairperson, BI and Big Data SIG, Hong Kong Computer Society, said, “A key to future success for traditional companies under the digital disruption would be the mastering of big data, social media and O2O (‘offline to online’ or ‘online to offline’) strategy. Corporations also needed to beef up their big data analytical capacity.”
Keynote speaker Magnus Lindkvist pointed out that “technologies can make something that once only belonged to the rich available to everyone, like 3D printing and mobile phones that change the way we do our business … the world is engaged in ‘Digilogue’ that anything and anyone anywhere are connected.”
As new technologies are emerging at such a fast pace, accounting and finance professionals, in order to take a leading role as strategic business partners in their corporations, have to keep abreast of the developments and make good use of these tools to diversify their skills.
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