Changes in competencies, capabilities, and decision-making in the accounting profession as a result of information digitalization and big data analytics/artificial intelligence.

Abstract

The exponential growth of Big Data Analytics, Information Digitalization, and Artificial Intelligence is pushing businesses to reconsider their Human Resource (HR) standards. Therefore, the main question for accounting scholars and professionals becomes: What changes in competencies, capabilities, and decision-making in the accounting profession lead by information digitalization and big data analytics/artificial intelligence? The dissertation aims to answer this concern by reviewing numerous publications and articles on the topic and comparing the information stated in academic papers with the realistic demand from companies by analyzing 300 samples from job postings in the US market. The dissertation studied the effects of Industry 4.0 technologies on the accounting profession. Furthermore, by analysing data from job postings, this dissertation studies the employers' expectations of specific knowledge and skills from controllers/accounting managers. The main purpose of this study is to help the current and the future accountant to have a better picture of the market. This study can also help the companies and universities to gain some insights on how to adjust to match the demand and supply of the marketplace. From the literature review, the replacement of human activities by machines an robotics in repetitive tasks in accounting is expected, especially for financial accounting. Therefore, accounting practitioners see a need for change and innovation. Accountants must focus on constant learning and self-improvement, especially in gaining knowledge and data analysis. Furthermore, academics and universities must integrate various accounting technology and simulations applicable to the Industry 4.0 context into their teaching and learning practices. Educators need to collaborate with companies to get in touch with the expectation of the market. This study also specifies the skill set that the employers are looking for at both the technical level and impersonal level.