Top Technology Trends for Management Accountants

There’s no doubt that technology plays a huge role in business today, including in accounting and finance. New technologies will always emerge, which can make it confusing for businesses to focus on the most relevant ones. Not all technology trends will necessarily apply to management accounting and finance; so it’s necessary to filter through and match solutions to your company’s unique needs.

IMA’s Technology Solutions & Practices (TS&P) Committee recently undertook some research and analysis to gather market literature and insight into a full slate of technology trends in an effort to filter through and find those most meaningful to management accountants. This short list of technology trends will serve as the basis for resources in order to understand these technologies and how they apply to management accountants.  Here are the trends identified by the committee for 2015-2016.

SEO optimization, programming process1.    Business Intelligence and Analytics
With mountains of both structured and unstructured Big Data growing daily, companies must glean meaning from the most relevant data to drive decision making. Powerful cloud-based tools exist to help companies perform advanced analytics (e.g., predictive and prescriptive analytics) to gain intelligence about the business and more insight into where it’s headed.


2.    Data Governance

A sound data governance strategy sets the foundation for a company to ensure its information assets are accessible, usable for analysis, and of the highest quality and reliability. If data can’t be used or trusted, it’s almost worthless to the company. Data governance strategies, which are now growing in practice, help companies define the proper controls and monitoring systems to ensure access, utility, and quality.

3.    Mobile Computing
As smartphones and tablets evolve, so will the environment they occupy. Your office will be virtual – wherever you can connect to the Internet. vector illustration of mobile optimization and analyticsSmartwatches and other wearable gadgets are also catching up in usability and allow for constant connectivity to your work space.

4.    Big Data
With the increase in mobile computing and growth of our digital footprint comes an increase in Big Data. You will need optimal analytics skills and tools to process such data efficiently and effectively to make appropriate business decisions.

5.    Cloud
Today, nearly 50% of U.S. businesses use the cloud. You may already use it in your day-to-day work, but companies that don’t currently use cloud technology will be left behind this year. There are many options to choose from to fit your company’s specific needs.

6.    Internet of Things
The “Internet of Things” (IoT) refers to the connection of more and more devices to the Internet, including household devices like thermostats and TVs and business tools like vehicle fleets. IoT generates both more Big Data (to be filtered through) and intelligence about the business, which helps bring greater efficiency and process improvement, among other benefits, to businesses.

7.    Cyber and Physical Security
The increase in cybercrime over the past few years has proved how important it is to protect your company’s data. Not only will you need to improve your risk assessment and management tools, but you’ll also need to properly secure your physical infrastructure.

8.    Smart Machines and Automation
This year will push smart machines ahead of the curve. With the ability to learn and adapt to their environment, there are no limits to what they can do. Companies should know how to use this ever-evolving artificial intelligence to their advantage.

Which trends are on your company’s radar? Have you had to make any changes to your systems or processes?

Written by Linda Devonish-Mills, CMA, CPA, CAE

Related Articles

Top 10 Strategic Technology Trends for 2015 – Forbes
Digital Darwinism: Thriving in the Face of Technology Change – IMA, ACCA

Volunteers Create the True Moments that Matter

Welcome to National Volunteer Week, which runs from April 12 to 18 this year. It’s a time to give thanks and show appreciation for those who selflessly volunteer for a cause close to their heart. As with many nonprofits, here at IMA the service, spirit, and inspiration of our volunteers is something we appreciate and cherish throughout the year around the world. Volunteering has mutual benefits, surely for the organization and for the individuals in building their personal brand, becoming an expert in their field, and building their résumé.

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A personal brand is the identity you project through your values, career, and beliefs. Everyone has a personal brand, but it’s up to you how to manage it. Volunteering for a cause close to your heart is one way to build a personal brand. You can do this through volunteering with an organization, alumni association, or community project. Once you’ve decided on a cause to volunteer for, make it a point to volunteer often and regularly to truly build a name for yourself within that community.

Become an Expert
Being published in magazines or other media sources will help prove that you’re an expert in your field. IMA has various publications that will help you share your expertise, including Strategic Finance and Management Accounting Quarterly, IMA Educational Case Journal, research endorsed by IMA’s Research Foundation, and more. In turn, your contributions can help give guidance to other professionals to perform their jobs more effectively, advance their careers, and grow personally and professionally. When you write about what you know and love, writing comes naturally. And the more you write about those topics, the more credibility you will build with your audience and the media sources.

Build Your Résumé
Volunteers’ time, effort, and passion help drive the mission of the organization. At IMA, individuals are dedicated at all levels – from the local chapter level to the global board level. And volunteering is a continuous learning opportunity – start as a student volunteering on your college campus and continue as long as you are inspired and seek to inspire others. These opportunities are perfect for building your résumé by gaining leadership experience and other soft skills. There are endless opportunities for you to follow your passion while adding value to your community.

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IMA genuinely appreciates the volunteers who not only built this association nearly a century ago but in many ways created a new profession. Our volunteers enable IMA to sustain its growth in the face of competition, consolidation, and commoditization. IMA’s volunteers at the global, national, and local community levels are truly a competitive asset that we cherish and that no other association can claim (for example, IMA has nearly 350 chapters, including 130 student chapters globally). In terms of ensuring mutual benefit – the “value in volunteerism” – there are many ways for you to be involved as an engaged, relevant, and inspired volunteer.

The current Chair of IMA’s Global Board of Directors, Joe Vincent, is the perfect example of lifelong volunteerism. He started volunteering before he graduated college for his local IMA chapter. He now has 40 years of leadership experience gathered at the local, regional, and global levels and continues to dedicate his time to the profession he’s passionate about. Read more about Joe’s most rewarding experiences of volunteering on LinkedIn.

Personally, I’m growing every day as a leader and business professional. Becoming CEO of an organization isn’t the end of the learning and growth journey. In many ways it’s the start of a new journey to inspire, to make a difference, and to touch a heart. My growth since becoming IMA’s CEO in 2008 is in no small part because of the countless volunteers I’ve worked with. Our volunteers truly have created moments that matter in how they donate time to their association, profession, and communities. I can tell endless stories of how volunteers took time off from their “day jobs” to escort me around when I make visits to the region and took the time to establish new connections and new relationships that truly make a difference.

I encourage you to support your community or a cause close to your heart because volunteers provide increasing value to the community or organization, but also you can take advantage of the benefits of it. And we at IMA extend our appreciation to our volunteers every hour, every day, and every week around the globe.

Written by Jeff Thomson, CMA, CAE
Follow me on Twitter @ima_JeffThomson

Related Articles
Benefits of Volunteering — United Way
Volunteer Leadership – What’s In It For You? — Moments that Matter (Linda Devonish-Mills)