The Future of Work for

Accountants :
Embracing Innovation and Adapting to the Changing
Landscape of Accounting

Ir. Evi Afiatin MSc. MAF. CME. CPA (Aus)

Slide Title
OUTLINE

01 Introduction

02 The Digital Transformation

The Changing Wave of Business Model

03 Future of Work
The Changing Landscape of Accounting

04 Preparing for The Future of Work

Embracing Digital Transformation in Accounting & Finance
Introduction
Ir. Evi Afiatin Ismail MSc. MAF. CME . CPA (Aus)

Ketua Supervisory Board CFO Club Indonesia

Direktur Keuangan & MR PT. KAWASAN INDUSTRI TERPADU BATANG (2022 - sekarang)
Direktur Keuangan BPJS Ketenagakerjaan (2016 – 2021)
Direktur Kepatuhan dan Manajemen Risiko PT. Bank Muamalat Indonesia (2014 – 2016)
Key Expertise Area:
Pengalaman kerja selama 29 tahun19 tahun sebagai Senior Executive dan
atau Direktur Perusahaan.
Key expertise Area: , Risk Management, GRC, Leadership, Strategic
decisions, Corporate Finance, Banking, Sharia, Investment, Social
Securities and Insurance.
Pengalaman Organisasi:
Co-founder dan Ketua Supervisory Board CFO Club Indonesia, Dewan Pakar
MES, Bendahara MES (2014 – 2020), Wakil Ketua Umum BARa (2015 – 2016),
Wakil Sekjend Asbisindo (2014 – 2016)

PENDIDIKAN & SERTIFIKASI PENGALAMAN KERJA PENGHARGAAN

• Master Applied Finance – • BP Jamsostek – Direktur (2016 – • 2022’S & 2023’s 100 Most Outstanding
Melbourne University 2021) Woman – InfoBank
• MSc. Chem Eng – University of • Bank Muamalat – Direktur (2014 – • 2020’s Indonesia Best CFO – Majalah
Wales 2016) Swa
• Sarjana Teknik Kimia – Institut • Bank Syariah Indonesia (BRIS, • 2019’s Asia Sustainability Superwoman
Teknologi Bandung 2010 – 2014) – CSR Works
• CPA (Australia) • MayBank Indonesia (2006 – • Silver Medal – Australasia Reporting
• CME (Harvard) 2010) Award, 2021
• CFA (level 1) • Lainnya (1995 – 2006) • Gold Rank – National Center for
• MR (Level 5) Sustainabililty Reporting, 2019, 2020,
2021
The Digital
Transformation
The Changing Wave of Business Model
The Digital Transformation
Technologies that will reshape the business landscape:
• Mobile
• Big Data
• Artificial intelligence (AI) and robotic process automation (RPA)
• Cybersecurity
• Educational technologies
• Cloud
• Payment systems
• Virtual and augmented reality
• Digital delivery systems
• Social media
• The Internet of Things
• Blockchain
• 3D Printing
• Drones, etc.

5
The Value Chain Goes Digital
 Companies are encountering an
industrial revolution in which companies
use digitization to orient themselves to
customers through e-commerce, digital
marketing, social media, and the
customer experience.
 New business models are being
developed today based on a connection
to “information.”
 Digitization is eliminating functional
silos, and value chains are becoming
integrated ecosystems that are fully
transparent to everyone.

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Future of Work
The Changing Landscape of Accounting
The Changing Landscape of Accounting

Artificial Cloud Big Data

Automation
Intelligent Computing Analytics
01 02 03 04

 faster  Automation of  Accounting data  More informed

turnaround, repetitive task can be access decisions,
 data accuracy,  Improve efficiency anywhere,  Improve financial
 cost reduction,  Overcome human  Updates financial forecasting
 comprehensive errors information  Better risk
analysis,  identify suspicious automatically management
 better security, transactions and  Provides  More accurate
 and faster data patterns that may financial reporting
retrieval. indicate fraudulent reporting in real-
behavior time
What Does the Future Hold?

Accounting Today, November 2018

The Wall Street Journal, September 2018

CPA Trendlines, December 2018

9
It’s Crunch Time for Accounting

Both the accounting and auditing functions are

experiencing a major wave of automation that
most likely will result in substantive reduction of
staff.
Li Zhang, Duo Pei, and Miklos A. Vasarhelyi, “Toward a New Business Reporting Model,” Journal of
Emerging Technologies in Accounting, Fall 2017, http://bit.ly/2odcUgD

10
Transactional Activities Most
Automatable

11
The CFO Team of the Past

In the past, the CFO team

was largely focused on:
• Protecting value (value
stewardship)
• Oversight and Hindsight
• Reporting, standards, and
compliance

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The CFO Team Today

Today, the CFO team has

evolved to include:
• Value creation
• Insight and foresight
• Role as business partner,
including strategy, IT,
operations, and data
analytics

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Robots Can’t Do Everything

Source: “Where machines could replace humans-and where they can’t (yet),” McKinsey & Company, July 2016

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Evolve or Get Left Behind

“I’ll let the IT department

handle implementing a more
advanced data analytics
function. It’s not my job.”

“I’m taking CPE courses in

“I’m taking an advanced
data analytics and working
analytics
with course
IT and and
senior
working with IT andon
management senior
management on advanced
implementing
implementing a datato inform
data analytics
analytics function.”
decision-making.”

15
Everyone Must Pivot to
Technology
• Digital Natives • Graduating into a
• High stakes pursuit of competitive job market
higher education • Like to be “mentored” vs.
• Dual degree programs “managed”
or electives in data • Open to tech for process
analytics, computer improvement
science recommended
Gen Z Gen Y
(under (ages 21
21) to 33)

Boomers Gen X
(ages 54 (ages 34
• Executive leadership
or individual to 70) to 53) • May be occupying
middle management
contributor
roles
• Leading digital
• More tech skills will
transformation
enable them to move up
efforts
within their organization
• Need to improve tech
or pursue freelance,
skills for credibility
independent work

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The Changing Landscape of
Accountant
The Accountant as Business Partner

 The essential role of accountants is and

will continue to be value creation.
 Accounting’s value proposition can be
defined in terms of strategy formulation
and analysis, planning, and execution.
 Accountants must move up the value-
chain, performing higher value-added
work

17
 Four Roles for Today’s Accountants

Steward Operator
(26%) (37%)

Catalyst Strategi
(20%) st
(17%)

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The Accountant as a Trusted Business
Advisor

ACCA-IMA, “The Future CFO Role,” November 2014

19
The Changing Landscape of
Accountant
The Accountant as Analytics Translator

20
An Emerging Role - Analytics Translator

 Data scientists can serve as valuable support for

finance professionals, making it possible to derive
recommendations for action from large quantities of
unstructured data.
 Finance and accounting professionals must learn to
communicate with data scientists and technology
specialists, helping to translate data into business
insights.
 This role has been described as being that of an
analytics translator

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Preparing the Future of
Work
Embracing the digital transformation in Accounting
& Finance
Preparing for the Future of
Work
• No simple or prescriptive
solutions

• Many jobs today, and many

more in the near future, will
require specific skills - a
combination of technological
know-how, problem-solving,
and critical thinking - as well as
soft skills such as perseverance,
collaboration, and empathy
It’s Crunch Time for Accounting

“
Employees will be doing things in new
ways, some of which will make CFOs
uncomfortable. Finance talent models
are evolving quickly, with a premium
placed on data scientists, business
analysts, and storytellers. All of your
people should be able to contribute to
elevating the value of Finance in
terms of communication, impact, and
influence. Make every new hire count.

- Deloitte’s “Crunch Time V,

Finance 2025”

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The Impact of Technology - The Changing Landscape of Accounting

Automatizations
Reshaping the work of
accounting professionals and
Artificial Intelligent practitioners, requiring them :
 to develop new skills and
 Continuously adapt to a
Cloud Computing rapidly changing
environment

Big Data & Analytics

The Future is Now
In order to stay relevant in the ever-changing world of accounting, professionals and
practitioners must embrace innovation, develop new skills, and adapt to the advancements
in technology such as automation, artificial intelligence, cloud computing, and data
analytics
Developing New Skills Adapting to Change Keeping Up To Date with Global
Practice
Adapting to the evolving Embracing Change and
demands of accounting Innovation in Accounting It is essential for accountant to
roles stay relevant and meet the global
In today's rapidly changing
standard.
Developing new skills is business landscape,
crucial for accountants to accounting professionals A part of provide credential in
stay relevant and meet the and practitioners must meeting standard knowledge and
changing demands of the embrace change and adopt expertise, professional
future workforce, as innovative approaches to certification requires ongoing
technology continues to stay relevant and thrive in education and professional
reshape the accounting the future of work. development, ensuring that
profession. certified accountants stay up-
to-date with the latest industry
standards and best practices.
The skills gap
The need for accountants to upskill and reskill to keep up with the
changing technological landscape

Non-Technical Skills Technical Skills

Decision Analytics 37% Identify Key-data trends 29%

Process Improvement 35% Operational Analysis 28%

Strategic Thinking & 32% Data Mining & Extraction 28%

Execution
Technological Acumen 27%
Adaptability to change 31%
Statistical Modelling & Data 26%
Communication Skills 29% Analysis
Leadership 28% Planning, Budgeting, Forecasting 22%

Problem solving 27% ERP System 21%

Relationship Building 19% Cost Management 20%

Industry Knowledge 15% Financial Analysis 18%

Source: IMA-RobertHalf study, 2018.

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Competencies by Domain

28
Competencies by Domain

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Thank you