Is accounting keeping pace with digitalization?

Bhimani, Alnoor ORCID: 0000-0002-1884-5840 (2023) Is accounting keeping pace with digitalization? Journal of Financial Transformation, 58. pp. 98-103. ISSN 1755-361X

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Abstract

Digital transformations are taking place across enterprises in every industry. Becoming digital is both essential to compete and virtually unstoppable. All previous major technological disruptions have led to financial intelligence being altered to ensure more effective decision making in the face of change. This article considers issues that organizations going digital need to address in relation to accounting information provision. It discusses several points: accounting’s need to move toward the delivery of predictive information rather than relying on extrapolations of historical data; the recognition that machines make more decisions that alter accounting information needs, structures, and contents; the importance of recognizing the “data-learning-action” loop that is emerging; the emergence of “strat-perational” information contexts; and the relevance of prioritizing qualitative insights in decision making.

Item Type:	Article
Additional Information:	© 2023 Capco Institute
Divisions:	Accounting
Subjects:	H Social Sciences > HF Commerce > HF5601 Accounting Q Science > QA Mathematics > QA75 Electronic computers. Computer science
JEL classification:	M - Business Administration and Business Economics; Marketing; Accounting > M4 - Accounting and Auditing > M41 - Accounting O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O14 - Industrialization; Manufacturing and Service Industries; Choice of Technology O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O32 - Management of Technological Innovation and R&D Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics > Q5 - Environmental Economics > Q55 - Technological Innovation
Date Deposited:	30 Jan 2024 15:30
Last Modified:	01 Oct 2024 03:54
URI:	http://eprints.lse.ac.uk/id/eprint/121606

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