The accounting and auditing profession is undergoing a transformation fuelled by advancements in artificial intelligence (AI) and digital technologies. Accountants are increasingly expected to be tech-savvy, leveraging AI tools to streamline processes, improve accuracy, and provide higher-value services to clients.
Frans Geldenhuys CA(SA) Frans is one of the founding members of ALICE™ − an automated audit testing platform
I am sure that this introductory paragraph has been used/stated/published in many forums and conferences, but it has never been truer.
Per the Oxford Learners Dictionary (https://www.oxfordlearnersdictionaries.com), being tech-savvy is having a good knowledge and understanding of modern technology, especially computers. Thus, the first step on the road to becoming more tech-savvy is to gain more knowledge of emerging technologies. How can you use or even audit the technologies, if you do not understand what is available or how it works? YouTube, LinkedIn or Udemy (to name a few) have free content and courses available to expand your knowledge of emerging technologies. Have you entered the metaverse? Take a gander over to Ubuntuland – Africa’s very own metaverse where you can buy digital land, engage with businesses and meet like-minded individuals. Continuous learning is one of the most important skills in the 21st century and if we do not adapt, we will fall behind.
With an enhanced understanding, the art of the possible could be overwhelming. The possibilities are endless. But most of the first projects in automation or using technology fail because the scope is too complex or takes too long to implement a practical solution, resulting in a slip in traction and ultimate failure of projects. The goal should still be big (eg digital transformation) but starting small with shorter projects and quick wins often results in quicker conversion of pilot projects and greater success. Every journey begins with one step and the sooner you take that one step and realise it is in the wrong direction, the sooner you can course correct.
Ultimately, there is a lot of technology offering amazing solutions to the challenges we face, but technology is not a silver bullet. If you do not identify the challenge you are trying to solve and map that to an appropriate technology, your project is bound for failure.
Remember:
- The digital revolution is here – it’s no longer coming, but upon us.
- Continuous learning is crucial.
- Start small – one step at a time.
- Tech is not a silver bullet.
