Question

In reference to the contents of article " The profession's biggest challenges" by Danilel Hood, and other prior articles is new technologies the foremost threat to the profession. Explain. (2) Do you think the profession is ready for its impact?

Answer 1

(1) . The foremost threat to the profession that we can see from now is the exponential increase in dependence of clients on automation for regular day today compliance work and use of data analytics by them in order to take decision for which earlier they require the helpbof professionals, now all these things are being done by the system. Also artificial intelligence is adding more problem among all these threats and is seen as the biggest danger for those professionals who use to mainly handle compliance work

(2) . Currently technology is changing so exponentially that profession has not yet paced itself up with it. Data analytics and artificial intelligence is now being used for most of the compliance workvinstead of a professional accountant. However, all these technologies also created a vast pool of opportunities for modern day accountant. Now it depends how capable we are in visualizing and harnessing potential benefits of new technology and how willing we are to make changes that are necessary to take advantage of enhanced technology. It should be noted that technolog may replace people but do not replace judgement and observation.

Therefore, current day accountant instead of focusing on traditional compliance Based work should shift their methodology and mentality to knowledge Based and advisory Based work. If they would able to do this then accountants will soon become strategic partners of business because they know how play with numbers. This it depends how fast we prepare ourself for this changing scenario. If we are able to adapt ourselves with this changing scenario early then these threats will no longer be threats and will turnout to be a positive factor and if we are not able to change ourselves then this new technology will be a very big threat for the profession in the coming future