Impact of the Digital Revolution on the Accounting Profession

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. Topics include:

The 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)
Skill needed to embrace digital automation
Five (5) effects from the digital revolution on accounting functions
Risk mitigation for the impact of digital automation

Session Objectives:

Learning how artificial intelligence (AI), robotic process automation (RPA), and machine learning will impact jobs in accounting.
Why this impact can be a threat but also an opportunity.
Understanding the continuum of business analytics.
Skills needed to embrace digital automation.
Recognize impacted functions: transactional, period end closing, auditing, regulatory filings.
Mitigating risks from digitalization automation.

Primary Instructor - Gary Cokins, CPIM: Gary is an internationally recognized expert, speaker and author in advanced cost management and performance improvement systems. Gary began his management consulting career first with Deloitte and then with KPMG. Subsequently, he headed the National Cost Management Consulting Services for Electronic Data Systems (EDS) and worked for SAS, a leading provider of enterprise performance management and business analytics and intelligence software. Gary received a BS degree with honors in Industrial Engineering/Operations Research from Cornell University and his MBA from Northwestern University’s Kellogg School of Management.