Golden
opportunities to transform business to create and support a sustainable world
The
report by Jamie Lyon, Head of Business Management, ACCA, Professional Insights,
reveals a significant number of trends signalling that the future can and
should be bright for those whose careers are already in progress and for
aspiring young professionals.
These trends range
from the rise of data possibilities which will be become central to their role and
linked to the adoption of automation technologies, and will free up
professional accountants to add more value, provide greater connectivity,
highlighting the rising importance of inclusivity in the workplace, the
changing nature of work, and evolving business models.
“Now is the
opportunity of a lifetime for the accountancy profession to build on its strong
foundations and evolve: an opportunity to adapt and play its future part in
building sustainable organisations for the long run. It’s a great opportunity
for countries like Pakistan to develop globally in-demand, future-ready
accountancy talent to capitalise on our youth bulge. Timing is everything.” –
Sajjeed Aslam, head of ACCA Pakistan
The report brings
together ACCA’s global research over the last three years, additional desktop
research, including a member survey and interviews conducted with finance leaders,
HR professionals and recruitment specialists in key markets to understand how
careers may transform.
The report suggests
there is a growing opportunity for the profession to contribute to building
sustainable and purposeful organisations. ‘This imperative is at the heart of the future
profession,’ says Lyon. The report identifies a number of ‘career zones’ of
opportunity where accountants can play a key role in supporting these
ambitions. These include:
Assurance advocates. In
fast-changing, digitally disrupted markets, organisations need to manage risk
appropriately and ethically. Professional accountants can use digital tools and
technologies to transform the risk, audit, compliance and internal control
landscape to ensure effective stewardship of organisations and protect value. They can also support responsible business
practice, and drive transparency and trust in the organisation.
Business transformers. Business
models will keep evolving in response to new technologies and changing market
opportunities. Accountants can support businesses of all sizes in these
efforts, as entrepreneurs or business advisers, or by taking a leading role in
transforming smaller accountancy practices to bring new value to clients.
Instead they may be leading finance operational change programmes or wider
business transformation initiatives that are all designed to innovate and grow
organisations.
Data navigators. Data is
an enterprise asset that can be used in everything from building the business
case for new investments to profiling competitive threats. Accountants can act
as strategic advisers and business partners, helping to develop and apply rich
data sets and use emerging analytical tools to provide real-time insights into
how to create and sustain long-term value through better decision making.
Digital playmakers. Digital
adoption is key to creating competitive advantage through innovation.
Accountants can act as technology evangelists, identifying the potential of
robotics, machine learning and other emerging cognitive technologies to
transform finance and business operations, or they may be working with technology
teams to drive productivity and digital transformation initiatives.
Sustainability
trailblazers. In today’s world, value is created by more than just
financial capital, and intangible assets are a growing proportion of enterprise
value. Accountants can help evolve frameworks that capture, measure and report
on activities that truly drive value, providing more meaningful and transparent
information about the organisation’s performance.
Professional
accountants could make an impact in more than one of these ‘zones of
opportunity’ during their careers. Lyon envisages a future world of career
transformation, where many individuals will have different types of roles during
their working life, building more variable career paths rather than necessarily
climbing the traditional vertical career ladder. ‘We will see more fluidity in
terms of how people navigate across different types of activity,’ he says.
‘Roles are changing more quickly, and that is driving the need to develop new
skills. That in turn is transforming the learning opportunities that are needed
in the workplace.
In playing their part
in building sustainable businesses, accountants will still need to apply the
seven professional competencies – or quotients. These quotients include more
typical competencies (technical and ethical, intelligence, digital, and
experience) and the softer skills (creative, digital and emotional
intelligence). For example, the emotional intelligence quotient could become
particularly important in the future, through assisting in understanding the
viewpoints of wider stakeholders or advocating ethical approaches to the
adoption of new technologies. ‘These professional quotients are so very
relevant in this emerging world,’ Lyon says. ‘Accountants will need to apply a
range of broad skills to have maximum impact in organisations. Those who
succeed can look forward to a new world of opportunity and the chance to build
brilliant careers.’
