Management accounting professionals’ perceptions towards disruptive technologies and emerging competencies

Abstract

In the current market management accountants are viewed with regards to competencies compared to knowledge. Their failure to adapt could put the profession under scrutiny, leading to it losing its relevance. The profession is evolving due to technological advancements such as Big Data, Data Analytics, Cloud Computing, Artificial Intelligence, and Blockchain. The existing literature has explored the impact of each disruptive technology in management accounting, but a gap still exists regarding the perception of management accounting professionals with regards to disruptive technologies. With regards to competencies, management accounting professional bodies have explored and redefined the profession in their updated competency frameworks. The literature revealed that the role of management accountants is changing, which is contradictory to the finding of this study. Based on the findings, the majority of the management accountants believe that the role of management accountants itself has not changed but its processes and practices are changing. The majority of the management accountants showed knowledge regarding technologies that have an impact on the profession. This clearly underscores a positive outlook to what has been viewed by many authors. This study investigated management accounting professionals’ perception of disruptive technologies and emerging competencies in various companies. The study adopted both the quantitative and qualitative research approach to present a multifaceted view of emerging technologies and competencies. The population in this study included management accountants from all levels in various companies. A purposive sampling method was adopted, complemented by the adoption of non-probability sampling. The researcher distributed 113 questionnaires, and 72 were returned completed while 12 interview requests were sent to senior management accountants, with only 5 interviews conducted. SPSS (latest version) and Thematic Analysis were used to analyse Quantitative and Qualitative data, respectively. The research findings reveal that management accountants are appreciative of what technology innovations offer in streamlining processes and are aware of emerging competencies. This calls for an update in the curriculum in universities by developing a competency-based curriculum to prepare students for the industry and changing business environment. The study recommendations to management accountants in a digital world include prioritisation of professional development, importance of flexibility and adaptation, and familiarity with innovative technologies.