With the emergence of new technologies and rising competition, regulations and client expectations, the accountancy landscape is rapidly evolving. The challenge of achieving more with less and the increasing complexity of finance roles call for a paradigm shift away from the profession’s current number-crunching norm and move towards a more strategic and analytical role. Hence, it is crucial for organisations to start embracing digital transformation to improve efficiency, stay competitive and sustain growth.
Current statistics demonstrate that as a sector, accountancy still lags behind in harnessing technology across almost all of its major functions. The Institute, as the national accountancy body, with the support of SAGE Singapore, launched the Technology Adoption Survey and collected data from 129 respondents from the accounting and finance functions as well as public accounting firms. Focus groups were organised in May and June 2016 to validate the results. This report, which highlights the key findings of the study, aims to not only assess the current technology adoption rate, but also the productivity gains that have been brought about in order to encourage firms to adopt best practices from peers.
The Institute, through our various initiatives, will support firms as they navigate their way on the journey towards higher productivity.
To view the full ISCA Technology Adoption Survey Report, please click here.