New Technologies: Catalysts for Business Models and Finance Function

Abstract

To bridge performance gap, improve operational efficiency, enhance competitive advantage and secure corporate assets, business entities have continued to embrace new technologies with profound positive impact on their bottom-line.As new technologies replace humans through automation in the emerging business models, the demand for professionals, including chartered accountants, who are not IT-savvy is fast declining, taking with it, wages, salaries and a high percent of income taxes. These problems are compounded by the huge costs of technology acquisition and inevitable investment inhuman capacity building in the face of increasingly mobile staff.Using secondary information, the study observed that many professional accountants dread the transition from manual to automation as it would eliminate repetitive finance-related jobs in the midst of high unemployment rate in the country, dissuade new entrants into the accounting profession and alter the human side of enterprise.It therefore recommends that the training curricula of professional accountancy organisations should be rejigged and skewed towards technology while existing professional accountants should hone their IT skills to leverage technology to deliver value online, real time to their diverse stakeholders.

Keywords: Technology, Internet of things, automation, business models, artificial intelligence, robotics, machine learning, finance function.