Embracing Digital Economy: Drivers, Barriers and Factors Affecting Digital Transformation of Accounting Professionals
Siti Noor Azmawaty Abd Razak1*, Wan Nurul Basirah Wan Mohamad Noor1, Yusri Huzaimi Mat Jusoh1
1 Faculty of Accountancy, UiTM Cawangan Kelantan, Kelantan, Malaysia
*Corresponding Author: [email protected] Accepted: 15 August 2021 | Published: 1 September 2021
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Abstract: As their role has evolved dramatically over the years, professional accountants ought to anticipate and accommodate emerging differences in business practices, roles, responsibilities, and regulations, as well as develop the necessary technical knowledge, skills, and ethics, on top of demonstrating interpersonal behaviours and qualities. From big data and data analytics to the internet of things and blockchain, the accounting profession is expected to embrace a new era of digitalization that will change the way traditional accounting practices, from record-keeping to reporting requirements. The role of these professionals will shift and will become highly valued, in a higher chain and moving into new areas and possibilities. Even though some pundits of the industry have predicted that the career of professional accountants will diminish due to automation and cutting-edge technologies, their role in the digital economy is still noteworthy, which then forced them to adapt and adopt the changes to the digital economy, especially during the post Covid-19 era. Most importantly, they are forced to pave the way towards becoming strategic partners of organizations in order to remain relevant. The purpose of the paper is to discuss the changing roles of accountants, barriers for changes and factors that affect readiness of professional accountants in embarking on the digital economy era. The paper is expected to add to the scarce literature on factors influencing professional accountants' readiness to withstand the digital economy, which may shed some light on the challenges that accountants face in blending themselves in as strategic allies for the organisations that they serve. Therefore, the future research may consider more empirical study on factors influencing readiness of accounting professionals towards the implementation of digital economy in Malaysia to better understand how well Malaysian accountants embrace these tremendous changes and prepare themselves in becoming future- fit professionals.
Keywords: Accounting professionals, digital economy, digital readiness, industrial revolution ___________________________________________________________________________
1. Introduction
The digital economy has recently received a lot of attention, with increasingly strong headlines offering both optimistic and ominous scenarios. Digital economy is defined as functions primarily by means of digital technology, principally electronic transactions made using the Internet (“Digital economy”, 2017). In general, it describes the impact of digital technology on production and consumption patterns, including how goods and services are marketed, traded, and paid for. Hyperconnectivity is the backbone of the digital economy. It refers to the enlarging interconnectedness of human, organisations, and machines that results from a dizzying array of technologies and their application including artificial intelligence, the Internet of Things (IoT), augmented and virtual reality, cloud computing, blockchain, robotics and so
on. Today, the digital economy is not only taking shape and undermining conventional business structures, but also creates enormous opportunities that lead to a more profitable business (Brown, 2020). For instance, total e-commerce sales in the United States for 2017 could reach USD 453.5 billion (US Department of Commerce, n.d). Meanwhile, China is racing ahead to become the digital economy's top leader, accounting for 42 percent of global e-commerce with a capitalization of USD470 billion in 2017 (World Economic Forum, 2018).
To keep up with the global digitalization race, Malaysia's Prime Minister unveiled the country's Digital Economy Blueprint in February 2019. This 10-year road map focused on transforming the country into a digitally-driven, high-income nation that is also a regional leader in the digital economy. According to Bank Negara Malaysia Annual Report 2017 (2018), the digital transformation could provide a boost of between USD100 to USD136 billion to Malaysia's gross domestic product (GDP) by 2025. The contributions from digital services and products itself were valued at 18.5% of GDP in 2018 (Department of Statistics Malaysia, n.d). The growing technological developments and digital transformation continue to impact almost all sectors of society, including the finance and accounting area (Sunil, 2021). Radzi (2019) in his keynote presentation during the MIA International Accountants Conference (MIAC 2019) urged fellow accountants to embrace digital skills and digital literacy. According to him, as accounting services are one of the core professional services to be focused on in the 12th Malaysia Plan 2021-2025, the profession will play a tremendous role in driving and supporting the development of the digital economy. Therefore, it is essential for accountants to remain vigilant in embracing continuous changes in the digital economy (Frolova, Milgunova, Sidorova, Kulkova & Kitaeva, 2021).
Taking into account and anticipating all dynamic factors, the Malaysian Institute of Accountants (MIA) had launched the MIA Digital Technology Blueprint in 2016 to ensure that every accountant in the country is well-prepared to face any future economic changes (Izma, 2018). MIA Professional Practices and Technical Team has carried out a survey in 2017 and 2019 involving 1,126 respondents across the four sectors of its membership. They are asked to provide some feedback on their adoption of technology. Surprisingly, the survey found that 52 percent and 36 percent of respondents, respectively, intend to use data analytics tools and artificial intelligence (AI) in the next three years, indicating the effectiveness of MIA's advocacy for the profession's digital transformation. Furthermore, 93 percent of respondents rated technology as crucial, and 92 percent said they were very interested in learning more about technologies affecting the accounting profession (MIA Professional Practices and Technical Team, 2020). These survey findings had enlivened a significant level of interest in exploring technology among the Malaysian accountants. Nonetheless, very few in-depth studies assess the readiness level towards the implementation of the digital economy and factors contributing to the technological adaptability in the accounting profession.
Considering that accounting is one of the professions most affected by technological advancements and digitalization, this study explores the development of the digital economy in Malaysia, the changing roles of accountants, and the challenges they face in embracing digitalization. The study should contribute some insights to the body of knowledge and at the same time, policy makers, governing bodies and businesses may utilize antecedents and precedents for digital readiness among accountants in better preparing them to become future- fit professionals. The more prepared a company is, the more it will use technology when it is deemed relevant to their business (Stentoft, Wickstrm, Philipsen, & Haug 2019).
2. Malaysia’s Journey Towards Digital Economy
Two decades ago, Malaysia progressed towards introducing a large digital strategy with the Multimedia Super Corridor (MSC) in 1996. The country recorded some success stories as a result of this initiative, such as captivating local and foreign information and communication technology (ICT) corporations to operate in specific economic provinces (Ramasamy, Chakrabarty & Cheah, 2004). According to Consultancy.Asia (2020), the Malaysian government has consistently promoted the country's digital agenda since the MSC's inception.
These were evidenced from several public initiatives such as National Strategic ICT Roadmap
& Digital Malaysia (2008-2012), National eCommerce Strategic Roadmap (2017), Industry4WRD (2018), and quite recently, the National Fiberisation and Connectivity Plan (2019-2023).
Fourth Industrial Revolution (IR 4.0) and the rapid progress of disruptive technologies, such as digital technology, is highly probable to drastically change the global financial market.
Further, COVID-19 pandemic has hastened the surge of change by forcing people, businesses, and governments to adapt to digitalization for their daily requirements. Although China and the United States are dominating the digital economy, UNCTAD noted that in terms of proportion of the Gross Domestic Product (GDP), the digital economy sector is the largest in Taiwan Province of China, Ireland and Malaysia (United Nations Conference on Trade and Development, 2019). Based on Huawei's Global Connectivity Index, Malaysia is the second most digitally advanced country in Southeast Asia. For example, in 2018, Ernst & Young (EY) determined that Malaysia's banking sector is the most digitally advanced in ASEAN, surpassing counterparts in Hong Kong, China, and Singapore, indicating that Malaysia is a leader in the landscape (EY Asean, 2018). While the level of digital adoption by Malaysian citizens is among the world highest and there is a thriving digital entrepreneurship scene in the country, World Bank Malaysia’s lead economist Richard Record emphasized that “there is a very real need to improve workforce capabilities so that all Malaysians are able to thrive in a changing digital workplace” (The Edge Malaysia, 2021).
3. The Changing Roles of Accounting Professionals in Digital Economy
Accountancy, like other professions, is changing and evolving as a result of digitization and technological advancements. Previously, accounting practices have contributed to the notion of interpreting numbers which involves mostly capturing and updating data, producing reports and doing bank reconciliation or bookkeeping activities (Quattrone, 2016). In the present, the accounting roles are no longer just simply checking the numbers and keeping the records, but are more to assist current businesses in optimizing their financial resources. This includes the current utilization of smart technologies, artificial intelligence which creates the opportunity for accounting professionals to develop themselves and become more knowledgeable in the new technologies. Technology advancements will bring new challenges, including the opportunity for the professionals to focus on adding value to organizations. Hence, upon the machines taking over repetitive, time-consuming and redundant tasks, accounting professionals will be forced to do more in-depth, higher-level analysis and consultation support for their clients and businesses (Hidayat, 2019). There is nothing able to replace the emotional intelligence humans bring to a job, and this is where the role of accounting professional becomes crucial. Accountants can use their human skills to transform high-quality data insights into more effective financial planning and reporting. Hence, those who are unable to adapt and adopt the latest technological advancements in their daily routines may become irrelevant partners to any organisations they serve.
An exploratory study by Andreassen (2020) on a Nordic insurance and finance company supported the above statement. Using interview methods, the authors discovered that the position of management accountants has been reduced at all levels, from top-level group management accountants to divisional and departmental management accountants. According to the retail division's sales director, they can now directly access information without any help from management accountants. As digital technology started taking over the previous role of management accountants, not all decision makers thought that the role of management accountants was significant, business oriented and forward looking. Hence, establishing relevance to the accountant’s role required widening of knowledge beyond conventional focus towards understanding how technology creates value for the organizations. This transformative journey from traditional accounting and finance skills and an ethical approach to digital knowledge and business acumen, if done correctly, will undoubtedly place accounting and finance professionals in the best position to capitalize on the opportunity.
4. Drivers and Barriers in Adopting Digitalization
There are several drivers as well as barriers identified to digitalization adoption. Due to its relatively new concept, research conducted in the area focusing on drivers and barriers on the adoption of the digital economy is relatively scarce. However, Stentoft et al. (2019) in their research produced a register of the drivers and barriers in embracing digitalization in the business organizations which were based on a review of prior literature.
Table 1: Drivers and Barriers to Industrial Revolution (IR 4.0)
Drivers Category Source(s)
Standard and Legislation
Changes in legislation / legal requirements
Irisgroup (2013)
Strategy related Strategies to embrace Industry 4.0 Kane et al. (2015); Pagani (2013)
Fulfilling the need of customers Probst et al. (2017); Geissbauer et al. (2016) Cost reduction strategy Moeuf et al. (2018); Colotla et al. (2016);
Geissbauer et al., (2016); McKinsey Digital (2015); Dujin et al. (2014)
Reducing time to market the products Moeuf et al. (2018; McKinsey Digital (2015);
Lasi et al. (2014) Behavior of the competitors in Industry
4.0
Geissbauer et al. (2016) Human
workforce
Qualified workforce issue Probst et al. (2017) Public advisor
system
Worked performed with guide from the public advisor
Irisgroup (2013)
Barriers Category Source(s)
Standard and Legislation
Lacking of standard/guidelines Trappey et al. (2017); Geissbauer et al. (2016);
Huang et al. (2013); Kagermann et al. (2013) Organisations
Management
Poor comprehension of the strategic significant of Industry 4.0
Schönreiter (2017); Stentoft et al. (2017);
Geissbauer et al., (2016) Lack of monetary fundings Walendowski et al. (2016);
Lack of manpower Arlbjørn et al. (2009) More importance is placed on
operations at the cost of company development (ambidexterity)
Arlbjørn and Mikkelsen (2014); Arlbjørn et al.
(2009) Human
Workforce
Cyber security issues Qualified workforce issues
Lee et al. (2016); Walendowski et al (2016), Geissbauer et al., (2016); Walendowski et al (2016); Yu et al. (2015); Kagermann et al.
(2013)
Limited comprehension about Industry 4.0
Schönreiter (2017); Prinz et al. (2016); Ren et al. (2015); McKinsey Digital (2015)
Need for employees training and development
Kagermann et al. (2013) Employees’ readiness
issues
Walendowski et al (2016); Haug et al. (2011);
Kwahk and Lee (2008); Lee et al. (2007);
Limited understanding on the interlinkage between human and technology
Walendowski et al. (2016); Autor (2015)
Looking at the digital economy from an infrastructure standpoint, the main challenge is ensuring accessibility for all businesses in any location across the country. Despite the fact that urban populations have high internet penetration, the World Bank Report suggests that connection speeds in suburbs and rural areas require more reliable connectivity solutions (New Straits Times Press (NSTP), 2020). The digital divide has impacted potential benefits from online and distance learning for children, telecommuting, e-commerce, and healthcare information. Aside from coverage, demand-side barriers like limited affordability and digital illiteracy have become critical (The International Telecommunication Union (ITU), 2020). A study by Azleen, Nasrudin and Rahida (2020) identified some major challenges faced by industries in Malaysia in moving towards IR4.0 adoption to include lack of understanding of the concept and its benefits, lack of clear comprehensive policy and coordination on IR4.0 as well as the infrastructure gaps.
Next, there are accessibility barriers such as online tools and applications that may not best meet the needs of the rural economy (NSTP, 2020). ITU in 2020 also stated that the benefits of digital infrastructure are limited to industries that are well on their way to digital transformation, such as logistics, because IR4.0 technology was developed primarily for the manufacturing sector. Besides, Mishra, Maheswarappa and Colby (2018) emphasized that lack of awareness of IR4.0 and its benefits as the challenge facing industries in embracing the digital age. In another study, lack of targeted incentives to incentivize more companies to move to IR4.0, lack of skill sets and lack of right talent and lack of standards resulting in difficulty of integrating different systems have been identified as barriers towards digitalization. According to a survey conducted by MIA Professional Practices and Technical Team (2020), the main barrier to adoption is high business costs, followed by a lack of talent to effectively use technology and a lack of understanding of the benefits of technology adoption. Furthermore, there is a cultural issue because most Malaysians prefer cash transactions, and the norms of purchasing online are suited to the hectic lives of city dwellers (NSTP, 2020).
5. Factors Affecting Accounting Professionals’ Readiness to Change
Change is the only true constant in business, as it is in life. While some experts believe that accounting has a dark future in the digital world, some technologies such as cloud-based data management, process automation, and advanced analytics are poised to elevate accountants in new and empowering ways. The platform for base training ground to prepare the professional accountants to face the digital economy may begin from education in universities. The dimensions of IR4.0 readiness would include enforcement to change current processes;
readiness to take chance with technologies; adequate knowledge on technologies, having a workforce with the right competencies and drive to work with the technologies, and having the appropriate top management support financially and attitude wise (Haug, Pedersen & Arlbjørn, 2011).
As the accounting landscape changes, universities may be expected to lead the way (Kotb, Abdel-Kader, Allam, Halabi and Franklin, 2019). As a result, recent graduates are expected to have a different set of knowledge and skills than previous generations, who entered a job market characterized by manual operations or even simple computerized systems (Boritz &
Stoner, 2014; Kotb & Roberts, 2011). Based on a series of semi-structured interviews that were conducted with accounting educators, the majority of interviewees shared a widespread view that it is crucial to prepare accounting graduates with knowledge and skills related to Information Technology (IT) to ensure their readiness upon embarking on accounting practices in the digital economy. Meanwhile, in another research by Saraswati, Dwija, Suprasto and Sari (2020) which study the influence of competence and locus of control on readiness of Accounting Department students facing the world of work era Industrial Revolution 4.0 (IR 4.0) revealed that ethical competence, knowledge competence, capability competence, relationship competence, analytical competence, and the locus of control had a positive effect on the readiness of accounting students in facing the IR 4.0 era.
Damerji and Salimi (2021) discovered that perceived ease of use and perceived usefulness are significant factors influencing the readiness of these future accountants to adopt new technologies in the accounting field in a quantitative study on accounting students' level of technology readiness and their decision to adopt Artificial Intelligence (AI) in accounting.
Additionally, in a research conducted by Bowles, Ghosh and Thomas (2020) which seek to confirm how professional body such as Chartered Accountants Australia and New Zealand (CA ANZ) could create a future proof accountants in facing the digital economy, their findings revealed that those graduates that focused on core capabilities such as communication, collaboration, and relationships, problem solving and decision making, ethics and integrity, critical thinking and judgment, and adaptive mindset is expected to create opportunities for long-term careers for future accounting professionals.
Moving away from universities, ACCA Global has identified three factors that have influenced accountants' readiness to change, which include the adoption of three key digital trends, which are the continuous evolution of cloud-based accounting software, the implementation of automatic intelligence systems, as well as the emanation of blockchain. The adoption of these three key trends is supported by Sage's Practice of Now report in 2018, which found that accountants have already used cloud-based software (53 percent). Meanwhile, AccountancyAge in 2018 predicted that by 2020, 78 percent of small businesses will be using cloud-based accounting software and this will likely increase its use by accountants as well (Hawker, 2018). Since most of the mundane tasks such as invoice capture and transaction categorization will be done automatically by an automatic intelligence system, accountants have more time to focus on more complex and value-adding tasks. According to ACCA (2016), 55 percent of professional accountants (out of 2,000 total respondents) believed that the impact of intelligent automated accounting systems will be evident in the next three to ten years.
Finally, the application of blockchain is said to have influenced the accounting professionals' readiness to change. Blockchain is a technology that allows people to exchange digital items such as currency, tokens, or documents by relying on a distributed network of computers to track and verify transactions. Blockchain keeps a public and time-stamped ledger for all of the transactions that took place in a sequence. According to Sage's Practice Now report, published in November 2019, 90 percent of accounting respondents believe there has been a cultural shift in accountancy. The majority of the accountants surveyed believed the industry needs to pick up the pace of technological adoption. In their study of change readiness and how it shapes the knowledge acquisition process through case studies of three New Zealand professional services
firms, Rusly, Sun, and Corner (2015) discovered that individuals' change readiness is significantly influenced by the need for knowledge, perceived management support, expertise, and adaptability. Meanwhile the firms can facilitate readiness via enhanced learning and communication. Therefore, like in the old days where accountants change themselves to adapt to recent changes, the future will entail learning and capitalising on these new technological advances.
6. Digital Readiness Measures
Nasution, Rusnandi, Qodariah, Arnita and Windasari (2018) defined digital readiness as the desire to change and adopt digital technology as well as readiness to innovate by using this technology to pave success to an individual, organization, industry, and country. The rapid growth of the digital economy forced organizations to move faster towards the path of digitization or else facing the risk of falling behind their competitors. Although, some companies failed to lead the digital transformation due to lack of knowledge and in depth understanding on usage of digitized technology in their daily operations. Digital readiness has a diverse meaning in literature. Based on the World Economic Forum (WEF), there are two dimensions of digital readiness, namely Environment and Capacity dimensions. The skills, affordability, accessibility, digital infrastructure, as well as private and government sectors are those included in the Capacity dimension that influence organizational readiness to embark on digital technology in the daily operations. Meanwhile, culture, education, business and legal posed as the Environment factors that influence readiness towards digital technology adoption.
Prior literature has attempted to measure digital readiness. Parasuraman (2000) measured digital readiness using Technology Readiness Index (TRI). The TRI is developed to examine the people’s propensity to embrace and use new technology to accomplish goals in home life and at work. Items in the TRI can be classified into attitudinal and action readiness. Attitude consists of one's urge or confidence towards embarking on digitalization. Meanwhile, action readiness is measured based on one’s personal innovativeness.
7. Conclusion
Based on some review of literature, it can be concluded that the digital economy forces change in the role of professional accountants. From the number crunching to strategic partners of an organization, all professional accountants are bound to change to equip themselves with updated knowledge and technology development which may be out of their traditional method of performing their task. The impact of the digital economy is prevalent nowadays, and accountants must be prepared to adapt and adopt new knowledge if they want to remain relevant in the industry. Therefore, digital literacy is a must. Hence professional accountants must be able to use information and communication technologies in their professional activities and change their function to add artificial intelligence to accounting operations. The results of the study may assist decision-makers and practitioners in addressing the highlighted drivers and barriers, paving the way for more empirical research on accounting professionals' readiness to embrace technological changes and the digital economy.
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