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 be replacing 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. Join Gary Cokins, CPIM, as he walks through the threats and effects of digital revolution on accounting profession as it relates to small business.

Topics Covered:

• Threats from the digital revolution on the accounting profession
• How artificial intelligence is impacting industries
• Continuums of business analytics
• Opportunities and risks from robotic process automation (RPA)
• Skills needed to embrace digital automation
• Five effects from the digital revolution on accounting functions
• Risk mitigation for the impact of digital automation

Learning Objectives:

• Recognize the difference between business intelligence (BI) and business analytics
• Recognize how artificial intelligence (AI), robotic process automation (RPA), and machine learning will impact jobs in accounting
• Identify why this impact can be a threat but also an opportunity
• Identify why business analytics and leveraging Big Data provide a competitive advantage
• Describe the continuum of business analytics
• Identify skills needed to embrace digital automation
• Recognize impacted functions: transactional, period end closing, auditing, regulatory filings