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Digital accounting trends disrupting financial markets–CIMA

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The financial market risk losing its experienced professionals in few years as digital accounting trends continue to evolve. That is according to the Director of Education at the Chartered Institute of Management Accountants (CIMA)Dr. Noel Tagoe

Expertise in areas such as data analytics, cyber risk management, and how to develop business modules must now be the focus for finance professionals.

This has become necessary especially as businesses expect a stronger focus on value creation as a way to increase revenue.

A research conducted by CIMA and released in January 2019, in London has revealed that 61% of finance professionals expect over 20 percent of their tasks will to be automated in the next three years while over 55% admit already seeing a move towards automatic processes in their operations.

“For those who service the financial market, they must know these things,” Dr. Tagoe said at a breakfast meeting in Accra.

“The challenge is how they are deploying these technology because a detachment  from it risks making you redundant.”

According to CIMA, most finance teams and professionals are not evolving their skills fast enough to account for the impact of artificial intelligence.

The Research drew an insight from more than 5,500 finance professionals across 2,000 public and private organizations of all sizes in 150 countries.

By Nana Oye Ankrah/Citibusinessnews.com/Ghana


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