The digital and tech agenda is arguably the biggest factor
shaping the future of the finance profession and the future roles
students and members of the Association of Chartered Certified
Accountants (ACCA) will actually do. There are many different
technologies impacting the profession: automation, robotics, cloud,
cyber, social, AI and blockchain.
ACCA have identified through our own research that digital is a
very necessary skill; it's one of our seven professional quotients
for success alongside technical and ethical competencies, IQ,
creativity, emotional intelligence, vision and experience.
Because it's such a significant area of interest, we've
established a global digital research programme, which will include
our latest research on
machine learning, launched mid-April "Machine Learning - more
science than fiction"
Thanks to our existing body of ground-breaking research, we
deliver the relevant digital skills that are in demand by
employers.
Much has been written about robots and tech taking over our
jobs, from chefs to taxi drivers to yes, even accountants. Back in
2017, Mark Carney, the governor of the Bank of England stated that
up to 15 million of the current jobs in Britain could be automated
over time.
For the profession, robotics has already made an impact with the
introduction of robotic process automation or RPA. This is software
that performs repetitive processes, able to interact with multiple
applications, controlled by humans and is a natural next-step
in the evolution of finance transformation.
Importantly, it is not capable of building relationships, or
replacing all systems and staff. But it is changing the traditional
role of the accountant, providing a unique opportunity for the
profession to move from being something of a score-keeper and
caretaker to communicator and business partner. Technology is
helping professional accountants to take a more strategic role in
business decision making and risk management.
Accountants have always been early adopters of technology, using
it to its best advantage. Their role has changed and ACCA
members are increasingly bringing the numbers out of the backroom
to take an active role in strategic business decisions and
identifying opportunities for growth. This extends to helping
businesses manage and make effective use of analytics and big
data.
This on-going technological revolution means we cannot be
complacent. If the UK's Industrial Strategy is about growth and
productivity across a wide range of sectors and specialisms, then
people with the right skills and talent are needed to help with
this growth. Accountancy has a role to play.
For ACCA, skills and talent are at the heart of this growth, so
investment is needed in people alongside investment in things.
Bridging skills gaps is a must.
Alongside this, and in an increasingly uncertain world,
businesses need to be agile in the face of change. Our members have
told us that a main priority for them and their business clients is
the need to be more resilient in the face of change, of being able
to move quickly and decisively.
This resilience is important for Scotland's private and public
sectors. It's an issue raised in the Scottish Government's Economic
Strategy, which says: 'A strong, vibrant and diverse economy is
essential to our national prosperity and in creating the wealth to
support high quality public services.'
The strategy's international focus shows how Scotland remains an
outward looking nation. Scotland has a keen commitment to
international trade, while also being open to new ideas. The
accountancy profession has an essential role in economic
development and international trade because it's the language of
business all over the world. It binds the global market place
together.
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