Question

what are the challenges that new disruptive technologies have posed in the areas of strategic management accounting and the role of management accountants

Answer 1

As we live in a modern society, technological growth is making changes to traditional procedures in all spehres including management accounting and strategic management accounting . The basic problem is that as everything is being switched to automation , it may result in staff reduction in organisations and the existing staffs are required to learn new skills when such automation take place of the old procedures .artificial intelligence (AI),robotic process automation (RPA), blockchain, smart contracts, and advanced analytics are some of the examples of technological advancements where repetitive tasks are becoming less important and need for high level skill is increasing in the accounting profession.

students or accountants that comes from traditional accounting working environments will suffer from this problem if they they dont have the technological knowledge.focus will be given on people who have analytical skills and computer programming skills than who have just accounting and auditing knowledge . so people are forced to re-educate themselves of such technological changes unless the automation changes are applied eventually from the beginning of giving accounting education.It is estimated that atleast 50% of jobs of accounting profession will be automated when these technology advancements take place in all the business area.

so, when technological advancements take place in the accounting profession through automation , poeple are expected to require additional skills apart from just the knowledge of accounting and auditing skills such as innovative thinking, analytical mindset , emotional intelligence in connecting with clients, leadership skills, and adapting managing skills at different situations plus knowledge about the technological advancements.

eventhough technological advancements are littile difficult to adapt in for organisations completely at first , it will defenetly improve the quality of work and qualilty of its employees and managers .for that organistaions should make sure that proper training is given to employees and managers on required areas and students need an altered education system that can educate them about these technological changes along with the accounting education .