Finance professionals in the Gulf States ready for the impact of big data on business
Mobile technologies seen as transformative by Gulf States respondents
The global accountancy profession will be impacted significantly by 10 technology trends, claims an in-depth report from ACCA's Accountancy Futures Academy (the Association of Chartered Certified Accountant) and IMA (Institute of Management Accountants) called "Digital Darwinism: thriving in the face of technology change".
The top 10 technologies with the potential to reshape the accountancy profession and business landscape considerably are mobile; big data; artificial intelligence and robotics; cyber security; educational; cloud; payment systems; virtual and augmented reality; digital service delivery and social.
Informed by interviews with global academics and experts in accountancy and technology, alongside a survey of over 2,100 ACCA and IMA members around the world, the report asked respondents to what extent they expect developments in technology to transform the way accountants and the finance function do business over the next 10 years.
Looking to the Gulf States, 24 per cent say that technology will totally transform the way business is done in the next 10 years, compared to only 11 per cent in Malaysia, the lowest percentage score in the world.
When asked about the impact of big data on business, 76 per cent of Gulf States respondents say this would be influential, compared with 91 per cent in Australia, the highest percentage score. Only 52 per cent of those in the UK say this will be the case. Over three quarters of Gulf States respondents also say that big data will demand new skills - 77 per cent say skills will be needed to support data modelling and analysis, and 74 per cent confirm knowledge will be necessary to extract and mine business intelligence.
Addressing specific technologies, 67 per cent of respondents in the Gulf States consider that mobile technology will have a large impact on their business in the years ahead, compared to 82 per cent in Africa and 95 per cent in Australia - the highest score - again - in the world.
Respondents in the Gulf States are also less concerned than other regions and countries about the risks associated with cyber security, with 51 per cent saying this was a concern, compared to 74 per cent of African respondents, the most concerned. The least worried is Ireland, at only 35 per cent.
Chris Gentle, Partner and head of research at Deloitte, and member of ACCA's Accountancy Futures Academy says: "Accountants and finance professionals must be open to the changes created by big data, cloud, mobile and social platforms, and face up to the demands of cybercrime, digital service delivery and artificial intelligence. The future will not be like the past and we will all need to adapt."
Stuart Dunlop, Regional Director MENASA for ACCA said "Accountants and finance professionals in the Gulf States are influential agents of change - they're adept at using technology to advance their careers, their client's prospects and those of their own organisation too. This influence works both within and without organisations - 76 per cent of accountants said they influence the use of technologies externally with their clients, and 85 per cent said this was the case internally. Their knowledge and advice is clearly valuable."
Looking to the future, the report says there are challenges ahead for the profession. Stuart Dunlop comments: "The profession needs to shape their technological future rather than be shaped by it. The profession needs to be proactive; the changes ahead are an opportunity to redefine roles and the extent to which the profession is involved in short and long-term technology related decisions. They need to adapt to survive."
Concluding, Stuart Dunlop says: "Our report offers many actions the profession needs to take to deal with the challenges of the top 10 technological developments. They need to develop and change management styles, to assess risks and address security issues; they will need to explore further the impact of automation and prepare for changing working patterns. But ultimately, they need to use technology to add value. There lies the real opportunity of technology."
-Ends-
For more information, please contact
Vana Mastromichali
tel:+971 4 364 2139
vana.mastrom@ae.accaglobal.com
ACCA and IMA's joint website can be found at the following address: www.roleofcfo.com, a resource for finance leaders, containing ACCA and IMA reports, research, and insights including this new research report Digital Darwinism.
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer 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.
We support our 162,000 members and 428,000 students in 173 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 89 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.
© Press Release 2013
