INDUSTRY 4 0 Challenges and Opportunities Facing the

INDUSTRY 4. 0 - Challenges and Opportunities Facing the Accounting Profession 8 th November 2019

• “It´s happening 10 times faster and at 300 times the scale than the Industrial Revolution in the early 19 th century” (Mc. Kinsey Global Institute) • Continues on from the third industry revolution • autonomous and smart systems driven by data and machine learning Industry 4. 0 • Incorporates different ways in which smart, connected technology will be established in companies, assets and people

Industry 4. 0 & Accounting • Changes to accounting and auditing • digitalisation to organise, process and evaluate financial data lead to better productivity and cost and time savings • Accountants and auditors will need a new mindset • Accounting practices will change in the following ways: • Data in real time and data extraction from large common pools • Increase quality of data • Increase the credibility and relevance of Document title 3

Industry 4. 0 and the Accounting profession • Accountants can prepare themselves: • by increasing own awareness, • building knowledge through PD and continuous education, • encouraging skill development in new accountants and • collaborating with other professionals Document title 4

Building knowledge Developing technical (hard) and soft skills Document title 5

Skills acquisition Where do you acquire these skills? Document title 6

How can universities help? Document title 7

“Some people call this artificial intelligence, but the reality is this technology will enhance us. So instead of artificial intelligence, I think we'll augment our intelligence. ” —Ginni Rometty “Before we work on artificial intelligence why don’t we do something about natural stupidity? ” —Steve Polyak “I'm more frightened than interested by artificial intelligence - in fact, perhaps fright and interest are not far away from one another. Things can become real in your mind, you can be tricked, and you believe things you wouldn't ordinarily. A world run by automatons doesn't seem completely unrealistic anymore. It's a bit chilling. ” —Gemma Whelan Document title 8

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