Role Of Accountancy And The Fourth Industrial Revolution
ACCOUNTANCY AND THE FOURTH INDUSTRIAL REVOLUTION – Fourth industrial revolution is a new era that builds and extends the impact of digitisation in new and unanticipated ways and can be described as the advent of “cyber-physical systems”.
These are systems involving entirely new capabilities and connectivity for people and machines. Due to this impact, the accountancy field is expected to undergo a paradigm shift as completion of core tasks will be enabled by technology.
. And so, future accountants would be able to adapt to the age of the Fourth Industrial Revolution through enhancing the emotional intelligence, critical thinking capability, and technological skill.
First, is the emotional intelligence. Though technologies will take over because of industrialization, advanced study reveals that it cannot replace emotional intelligence of human in the near future.
Next, is the critical thinking capability. Along with emotional intelligence, this skill also is irreplaceable in the age of the industrial revolution and thus should be enhanced.
So, accountants find themselves performing tasks that require skills in data analytics to be able to adapt to the technological disruptions (Tschakert, et. al., 2016). The skill of analysis will allow you to understand the purpose of accounting principles and how to apply these principles to a company’s financial information and business practices.
In a classroom setting, for example, you are taught to know the why rather than of the how. This will enable you process complex information and as well as effectively solve problems, so your ability to understand, process, interpret, and provide insight into these data outsources are very essential in the world of employment later on.
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