The Impact of the Digital Revolution on the Accounting Profession

Learning Objectives

• To recognize how artificial intelligence (AI), robotic process automation (RPA), and machine learning will impact jobs in accounting.
• To identify why this impact can be a threat, but also an opportunity.
• To describe the continuum of business analytics.
• To identify skills needed to embrace digital automation.
• To recognize impacted functions: transactional, period-end closing, auditing, and regulatory filings.
• To identify how to mitigate risks from digitalization automation.
• To describe the five effects of automation on accounting.
• To recognize which types of analytics are included within the future view of the analytical continuum.
• To identify which strategies relate to improving process efficiencies, unique access to low-cost inputs, vertical integration, avoiding certain costs, etc.
• To describe the top end of the analytics continuum.
• To describe correct statements regarding the effects of automation on accounting.
• To identify the lowest point on the intelligence hierarchy.

Course Description

There is an accelerating and disruptive digital technology transformation in progress. It is referred to as the “digital revolution”. It can potentially adversely impact an organization’s competitiveness and will replace employee jobs with computers. The accounting profession needs to prepare itself for substantial change and a threat to jobs in accounting. Vulnerable jobs are transactional ones (e.g., payroll, payables, receivables, auditing, filings).

Digital transformation is not exclusively about physical robots, but also about software robots that perform functions that white collar employees perform. Digital transformation presents great potential but also raises concerns. It can provide invaluable business enhancements, but also be a threat to one’s job security. 

Key Topics Covered in this CPE Computer Software Webinar:

• Overview — Maturity Stages of Analytics
• What is Business Analytics...and Why?
• The Digital Revolution — Opportunities and Threats
• 5 Effects of Digitization on Accountants
• Benefits and Summary

Join Gary Cokins, CPIM, as he walks through the threats and effects of the digital revolution on the accounting profession.

Overview

• Overview - Maturity stages of analytics

  7 mins
• Problem: Generic strategies are vulnerable!

  18 mins
• Predictive analytics - Which X is most likely to Y?

  32 mins
• Modeling is foundational to business analytics

  42 mins
• There are many analytics domains in business

  54 mins
• Customer profitability analysis

  76 mins
• the intelligence hierarchy - th eROI from information

  86 mins
• A quote from an academic paper

  97 mins