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Victor Muguto | Long-term Insurance Leader | PwC Africa | mail me | Technology, cyber and change management risks have been pinpointed as the three...
Considering a career in accounting? With technological advancements and artificial intelligence reshaping the industry, the profession is no longer what it used to be. Budding accountants need to be adaptable and open to the changes in this ever-shifting landscape.
According to a report released in 2018 by the National Credit Regulator, of the 25 million ‘credit-active’ consumers in South Africa, a frightening 10 million were behind in their loan repayments. Even the World Bank has deemed South Africa to be the most indebted country in the world.
Globally, the shift towards automation is being driven by the need to increase agility and provide customers with a greater sense of immediacy. In the South African context, particularly in the tough economic environment businesses currently find themselves in, these drivers are coupled with a greater need to retain customers and gain market share. After all, a great customer experience can lead to a substantial competitive advantage.
Despite its pivotal role in the 4th Industrial Revolution, the connectivity sphere is no different from any other business sector when it comes to profitability challenges. In the fast-moving and hyper-competitive economic environment of today, even the biggest players in ICT are under threat.
According to QuickBooks, there are already more than 700 apps that are assisting accountants to automate processes and reduce their workload. Gone are the days where accountants can be mere number crunchers, who collate and check data and allocate it to the correct cost centre. The future accountant will have transformed her/himself into a financial advisor, adding value to businesses by offering strategic advice, consulting and financial planning.
The world is undergoing its biggest transformation ever. As emerging technologies such as Artificial Intelligence (AI) enter workplaces, human talent is grappling with an existential crisis.
There are some big things set for 2019. Customer expectations continue to evolve, new technologies are developed to push the envelope and all of that leads to continuous transformation of our business, our people, our processes and of course, the technology and infrastructure.