Are You Ready for the 4th Industrial Revolution?

Australians now spend about half a day each week doing different tasks than someone with the same job five years ago, according to a recent research study. And that is an average with some sectors, like accounting and bookkeeping, at the extreme side of this trend.

The world’s going to change a lot faster than most people do, that disruption happens at a geometric pace as opposed to a linear pace, and that pace is only going to increase. If you think about the small business sector, a few years ago it was under 50 percent online with a majority on desk top accounting, now SaaS is de rigeur and growing really fast. Accounting and bookkeeping professionals are barely keeping pace

People incrementalise change when actually, change happens exponentially.

Just one year ago the NAB announced it would cut 6000 jobs over the next three years, due, in part, to automation, that is, AI and software replacing some of the work done by people. At the same time it flagged plans to hire 2000 more people with technology skills.

Disruption is deepening

Accounting and bookkeeping professionals will find themselves in the cross hairs of disruption if their tools and skills sets are keeping up with exponential style shifts. Is there any wonder that stock market valuations of Xero, Intuit and MYOB are going through the roof?

CPD and CPE credits are always on the agenda for members of the accounting and bookkeeping sector, but they should also question whether their industry associations are meeting the exponential rate of change that the business world is undergoing. It has already been dubbed ‘the fourth industrial revolution’.