Business Technology Report 2023 - Final

CPA Australia
Business Technology
Report 2023
A survey of technology usage by businesses
in the Asia-Pacific
ISBN
978-1-922690-48-7
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CPA Australia Business Technology Report 2023 2

Overview 4
Contents Key findings 5
Digital transformation strategy and technology initiatives 6
Technology use in the past 12 months 18
Drivers and challenges to technology adoption 22
Technology skills shortage 29
Cybersecurity 33
Technology expectations in the next 12 months 37
Recommendations 48
CPA Australia Business Technology Report 2023

Overview
This report is CPA Australia’s third survey of technology Thirty-four per cent of respondents held a C-suite or other
usage by businesses. The survey was conducted from 15 senior level position. Managers/supervisors or assistant
May to 6 July 2023. A total of 697 valid responses were managers/senior associates made up another 34 per cent.
received from accounting and finance professionals working Eighteen per cent held the position of professionals, with the
in different jurisdictions, including Australia, Mainland China, remaining 14 per cent holding positions of junior associates,
Hong Kong, Malaysia, New Zealand and Singapore. sole proprietors or were self-employed.
Respondents came from a wide variety of industries, with The survey collected data on the technology initiatives
the business and professional services (19 per cent), businesses undertook or expect to undertake, cybersecurity
manufacturing (10 per cent), banking, finance and insurance proficiency, the impact of artificial intelligence on accounting
(10 per cent), accounting (10 per cent), education and and finance professionals, and the drivers and challenges to
training (seven per cent), and technology and technology adoption.
telecommunications (seven per cent) comprising the largest The survey findings demonstrate the importance of
share. technology to business success. Organisations that
Forty per cent of respondents worked in a company with 500 effectively use technology deliver additional value and are
or more employees, 31 per cent worked in a company with better placed to handle future challenges.
50 to 499 employees and 29 per cent worked in a company
with fewer than 50 employees.

Key findings
“Increased cybersecurity protections” and Respondents from larger businesses or The most common action taken to
“increased technology investment/ businesses that reported their profitability improve or implement data governance
upgraded technology” were the most increased were more likely to build their was providing data privacy and
popular technology initiatives of the technology talent from within by upskilling security training to staff.
past 12 months. and reskilling existing staff than
respondents from smaller businesses or
businesses that reported their profitability
remained largely the same or shrank.
Respondents from larger businesses or Most respondents expect artificial A notably higher percentage of
businesses that reported their profitability intelligence (AI), including generative AI respondents from larger companies expect
increased were more likely to rate their such as ChatGPT, will have an impact their business to take various actions to
employer’s cybersecurity proficiency as
on their job in the next 12 months. improve technology adoption in the
“above average or “excellent” than
next 12 months than respondents from
respondents from smaller businesses or
businesses that reported their profitability smaller companies.
remained largely the same or shrank.

Digital transformation
strategy and technology
initiatives

DIGITAL TRANSFORMATION
STRATEGY

Digital transformation
strategy in businesses
Overall, 69 per cent of those surveyed

said their business has a digital No
transformation strategy. This is lower than 31%
the 77 per cent from last year. The
decline could be because some
businesses brought forward their digital
initiatives during the pandemic. These
69%
businesses may have already completed have a
their digital transformation strategy for the
time being. strategy
However, this year’s result is still positive
as many are continuing to embed
technology and digital transformation into
their organisation. This will put them at a
significant competitive advantage relative
to their competitors.

Digital transformation No
26%
strategy in businesses –
by performance 74%
The proportion of respondents from
businesses that reported their profitability
increased stating that their organisation
has a digital transformation strategy was
12 percentage points higher than Profitability increased
respondents from other businesses.
This finding indicates that there is a
positive association between business
profitability and the presence of a digital
transformation strategy.
No
Given this association, we suggest that 38%
organisations without a digital

transformation strategy should consider
62%
taking steps to design and implement
one.
Profitability remained largely the same or shrank

No
Digital transformation 12%
strategy in businesses
– by size
88%
A significantly higher percentage of larger
businesses have a digital transformation
Yes
strategy than those that are smaller. Of
note, 88 per cent of respondents from
businesses with 500 or more employees 500 or more employers
stated that their business has a strategy.
In comparison, only 45 per cent from
businesses with fewer than 50 employees
said they have a strategy.
This digital chasm between larger and
smaller companies is most likely due to
resourcing issues.
Government and professional support for
No
44%
56% No
55%
45%
smaller companies may encourage them
to digitally transform.
Fewer than 500 employees Fewer than 50 employees

TECHNOLOGY INITIATIVES

2022 2023
Most popular 61%
Increased cybersecurity protections*
technology initiatives
Increased technology investment/upgraded
Overall, there were slight declines in the technology 53% 56%
percentage of respondents that stated
their business had undertaken the listed
Upskilled the technology capabilities of staff 47% 48%
technology initiatives in this survey
compared with the previous survey.
Sought professional advice from IT
Possible reasons behind the decline consultants/technicians 46% 46%
could be that some businesses may have

already completed their technology Reviewed the business’ technology for improvement 46% 49%
initiatives or reached a stage where they
are currently satisfied with their level of
Worked with technology companies/vendors to
technology adoption. Some businesses improve the business 45% 50%
may also be prioritising other areas of

their operations over technology-related Increased the number of employees with technology
32% 37%
skills
initiatives and investment.
“Increased cybersecurity protections” was Increased the number of employees with data
26% 34%
the most popular technology initiative of analytical skills
the past 12 months. This indicates that

Added technology expertise to senior management
businesses are increasingly aware of and/or the board 21% 26%
their vulnerabilities to cyber attacks and
are putting in the efforts to protect their
Did not undertake any technology initiatives 6% 6%
organisation from such threats.
CPA Australia Business Technology Report 2023 0% 10% 20% 30% 40% 50% 60% 70%
Note: (*) New option in 2023
65%
Increased cybersecurity protections
57%
Most popular recent
technology initiatives – Increased technology investment/upgraded technology
46%
59%
by performance 53%
Upskilled the technology capabilities of staff
41%
More respondents from enterprises that
50%
reported their profitability increased Reviewed the business’ technology for improvement
40%
indicated their business undertook the
listed technology initiatives. The Worked with technology companies/vendors to 50%
difference is most notable in actions improve the business 40%
related to building technology talent from
within by upskilling and reskilling existing Sought professional advice from IT 48%
consultants/technicians 47%
staff.
As global competition for technology Increased the number of employees with technology 37%
skills 30%
talent continues, it would be sensible for
companies to allocate adequate time and
Increased the number of employees with data 34%
resources to upskill or reskill employees analytical skills 20%
and use innovative ways to attract and
retain talent. Added technology expertise to senior management 27%
and/or the board 15%
4%
Did not undertake any technology initiatives
9%
CPA Australia Business Technology Report 2023 Profitability increased Profitability remained largely the same
75%
Increased cybersecurity protections 52%
39%
Most popular recent 65%
technology initiatives –
Increased technology investment/upgraded
45%
technology
38%
by size Reviewed the business’ technology for improvement 40%

55%
36%
Smaller businesses were less inclined 55%
than larger businesses to have Upskilled the technology capabilities of staff 41%
38%
undertaken technology initiatives in the
52%
past 12 months. This may reflect Worked with technology companies/vendors to
40%
considerable asymmetries in resources, improve the business
32%
data assets and access to technical 49%
Sought professional advice from IT
expertise between smaller and larger consultants/technicians
44%
45%
businesses.
46%
Increased the number of employees with technology
23%
skills
15%
39%
Increased the number of employees with data
17%
analytical skills
12%
30%
Added technology expertise to senior management
14%
and/or the board
7%
1%
Did not undertake any technology initiatives 10%
12%
CPA Australia Business Technology Report 2023 500 or more employees Fewer than 500 employees Fewer than 50 employees
ACTIONS TO IMPROVE OR
IMPLEMENT DATA
GOVERNANCE

Provided data privacy and security training to staff 34%
Actions to improve or
implement data Reviewed and updated data governance policies and
procedures
30%
governance Reviewed and enhanced data encryption and security

27%
measures
Data governance is an issue attracting
increasing attention. As such, most Implemented data encryption and security measures 21%
respondents said their business was
taking some action to improve or Implemented a data governance framework 20%
implement data governance.
The most common actions taken were
Conducted data audits to ensure compliance 19%
providing data privacy and security
training to employees and reviewing and
Implemented operational / technological measures to
updating data governance policies and manage data quality
19%
procedures. This is a positive trend given
the detrimental consequences of data Appointed data governance officer / team to oversee
11%
management and compliance
breaches as well as growing consumer
and regulator expectations around data
security and privacy. Implemented a data breach response plan 9%
Developed a data valuation framework 8%
My business or employer took no action 15%

41%
Provided data privacy and security training to staff
30%
Actions to improve or Reviewed and updated data governance policies and 35%
implement data procedures 27%
governance – by size Reviewed and enhanced data encryption and security

measures
34%
22%
Similar to earlier findings, smaller Implemented a data governance framework

26%
businesses were less inclined than larger 21%
businesses to have undertaken actions to 22%

Implemented data encryption and security measures
improve or implement data governance. 18%
This could be because they may have
22%
less data assets in the first place, limited Conducted data audits to ensure compliance
18%
resources or a lack of awareness on the
importance of data governance. Implemented operational / technological measures to 21%
manage data quality 18%
Seeking professional advice would be
helpful for smaller businesses to set up Appointed data governance officer / team to oversee 15%
management and compliance
clear data governance policies and 17%
procedures. 9%
Developed a data valuation framework
8%
5%
Implemented a data breach response plan
7%
10%
My business or employer took no action
10%

500 or more employees Fewer than 500 employees
Technology use in the
past 12 months

Key results for technology use
in the past 12 months
There was little difference between which technologies businesses used in the past
12 months to the proceeding 12 months.
While there has been considerable publicity around artificial intelligence (AI) since
late-2022 following the launch of ChatGPT, it has not yet translated through to an
increase in businesses using AI. Engagement with CPA Australia members indicates
that while many have experimented with generative AI tools in recent months, many
employers are considering how best to use it in a safe and secure way.
Blockchain continues to be the technology least used by businesses. This could be
because there are currently only a limited number of commercially available
blockchain applications that businesses could use.
Business size appears to have a bigger impact on technologies used than
performance. Again, with smaller businesses having less access to resources,
knowledge and talent, it follows that they reported a lower usage of emerging
technologies, especially robotic process automation (RPA).
On the other hand, larger companies with more data assets reported a higher usage
of data-driven technologies such as AI, RPA, business intelligence software and data
analytics and visualisation software.

Technologies use in the past 12 months
2022 2023
Cloud computing 81% 84%
Data analytics and visualisation software 76% 80%
Enterprise Resource Planning (ERP) software 75% 76%
Customer Relationship Management (CRM) software 72% 73%
Business intelligence software 69% 75%
Artificial Intelligence including chatbots 55% 55%
Robotic Process Automation (RPA) 44% 47%
Blockchain / Distributed Ledger Technology (DLT) 22% 27%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Technologies use in the past 12 months – by size and
performance
Size Performance
Cloud computing Cloud computing
86% 87%
78% 82% Data analytics and
Blockchain/DLT Data analytics and visualisation software Blockchain/DLT
79% 88% 75% visualisation software
68%
71%
61% 27%
31%
16% 17% 81%
RPA 28% 11% 49% 65% ERP software RPA 50% 69% ERP software
68% 24% 92% 37%
48% 52%
48% 59% 65%
51%
68% 64% 64% 61%
86% AI including chatbots
AI including chatbots 60% CRM software 81%CRM software
82% 78%
Business intelligence software
Business intelligence software
500 or more employees Fewer than 500 employees Fewer than 50 employees Profitability increased Profitability remained largely the same or shrank

Drivers and
challenges to
technology adoption

DRIVERS OF TECHNOLOGY
ADOPTION

2022 2023
Key drivers of Improve operational efficiency 62% 66%
technology adoption Cost savings 31% 33%
Increasing operational efficiency remains

Improve the customer experience 27% 30%
by a significant margin the most important
driver of technology adoption. This
reflects the productivity gains technology Organisational culture of innovation 18% 21%
can deliver. Support from senior management and/or the

board 18% 23%
For those making a business case to
invest in technology, the findings show
Improve collaboration between employees 18% 21%
that their focus should be on showing
how the technology:
Increase profit 14% 16%
• improves business efficiency
• reduces costs in the long run COVID-19 15% 28%
• improves the customer experience.

Improve communication with stakeholders* 12%
Attract new customers 11% 12%
Expand into new markets 10% 13%
Pressure from competitors 9% 12%
0% 10% 20% 30% 40% 50% 60% 70%

69%
Improve operational efficiency 63%
65%
Key drivers of Improve the customer experience
34%
technology adoption –
28%
28%
33%
by size Cost savings 33%
36%
23%
Organisational culture of innovation 15%
A comparatively greater proportion of 11%
respondents from larger businesses 19%
Support from senior management and/or the board 17%
chose “organisational culture of 10%
innovation” and “pressure from 16%
competitors” as factors to adopt Improve collaboration between employees 18%
17%
technology than respondents from 16%
smaller businesses. Increase profit 16%
21%
13%
Pressure from competitors 7%
5%
12%
Improve communication with stakeholders 12%
9%
12%
COVID-19 17%
16%
11%
Attract new customers 11%
15%
10%
Expand into new markets 11%
11%
CHALLENGES TO
TECHNOLOGY ADOPTION

2022 2023
Financial costs and low return on investment 32% 35%

Key challenges to
Shortage of technology talent 24%
technology adoption 32%
Complex legacy systems 23% 30%
The main barriers to technology adoption Cybersecurity concerns 22% 26%

remain financial costs, shortage of
technology talent and issues with Insufficient staff training 21% 23%
replacing legacy systems.
Immature business process/procedures* 20%
There were noticeable decreases in the
percentage nominating “shortage of Data privacy concerns 19% 24%
technology talent”, “complex legacy
systems”, “poor data quality” and “data Lack of technology understanding and knowledge
17% 21%
within Board/senior management
privacy concerns”.
This suggest that businesses have made Poor data quality 15% 21%
progress in addressing these barriers to

Uncertainty of success* 13%
technology adoption. This could be due to
improved strategies, investments to
Employee pushback 11% 14%
improve talent development and
retention, data privacy, and change Regulatory and compliance concerns* 11%
management.
Internet connectivity issues* 10%
0% 10% 20% 30% 40%

34%
Complex legacy systems 15%
8%
Key challenges to Financial costs and low return on investment

31%
34%
38%
technology adoption – Shortage of technology talent 23%
26%
by size 22%
23%
Cybersecurity concerns 21%
22%
20%
Respondents from larger businesses Immature business process / procedures 20%
20%
were substantially more inclined to
19%
nominate “complex legacy systems” as a Poor data quality 13%
7%
challenge to technology adoption than 18%
respondents from smaller businesses. Data privacy concerns
15%
19%
Costs and the potential for a low return on 18%

Insufficient staff training 23%
investment remain important challenges 21%
to technology adoption, regardless of Lack of technology understanding and knowledge 16%
18%
within Board / senior management 15%
business size.
13%
Uncertainty of success 13%
14%
12%
Regulatory and compliance concerns 10%
8%
10%
Employee pushback 12%
11%
9%
Internet connectivity issues 11%
12%
2%
There are no challenges to technology uptake 4%
6%
Technology skills
shortage

Actions businesses Upskilled and/or reskilled existing employees 36%
undertook to address a
Outsourced to a third-party provider 34%
shortage of technology
talent Increased investment in automation 26%
A lack of talent with technology skills is

one of the bigger challenges to Asked technology vendors to do more for you 19%
technology adoption. In response to this,
businesses have adopted a variety of Increased workload on existing technology talent 18%
strategies. The most popular actions were
upskilling and reskilling existing Hired contractors 17%
employees, outsourcing their technology
skills requirements to third parties and
Developed strategic alliances with other businesses 10%
increasing their investment in automation
– which should over time reduce their
need for technology talent. Hired overseas 8%
It is pleasing to see that only a small Paused or cancelled projects that required
percentage of respondents (five per cent) 5%
technology talent
said their business paused or cancelled
Paused business operations and processes that
projects due to a shortage of technology required technology talent
3%
talent. This shows that they are finding
ways to deliver technology improvements My business or employer took no actions to address
9%
this
in this environment, although they may be
pairing back what they are delivering.
There was no shortage of technology talent 9%
Actions businesses Upskilled and/or reskilled existing employees
34%
40%
undertook to address a Outsourced to a third-party provider

34%
shortage of technology 37%
talent – by performance Increased investment in automation

25%
29%
Respondents from businesses that Increased workload on existing technology talent

20%
reported their profitability increased 16%
demonstrated a slightly higher inclination 17%

Asked technology vendors to do more for you
towards building their technology talent 25%
from within by upskilling and reskilling 16%
Hired contractors
existing employees. 17%
On the other hand, respondents from 11%

Developed strategic alliances with other businesses
businesses that reported their profitability 9%
remained largely the same or shrank had 9%
Hired overseas
a higher percentage that sought external 8%
assistance such as relying on vendors Paused or cancelled projects that required technology 4%
and third parties. talent 4%
Paused business operations and processes that 3%

required technology talent 3%
My business or employer took no actions to address 8%

this 10%
10%
There was no shortage of technology talent
6%
CPA Australia Business Technology Report 2023 Profitability increased Profitability remained largely the same or shrank
Actions businesses Upskilled and/or reskilled existing employees
36%
36%
undertook to address a Increased investment in automation
35%
shortage of technology 20%
talent – by size Outsourced to a third-party provider

34%
35%
Reflecting the significantly lower adoption 23%

Hired contractors
of RPA, respondents from smaller 13%
businesses had a noticeably lower 22%
Increased workload on existing technology talent
percentage that reported that they had 15%
used automation to fill their skills gaps 20%
than larger businesses. Asked technology vendors to do more for you
19%
However, it’s worth noting that while there 13%
Developed strategic alliances with other businesses
are some variations in the action 8%
undertaken by businesses of different 11%
sizes, there are also similarities. Both Hired overseas
7%
large and small businesses recognise the
Paused or cancelled projects that required technology 5%
importance of upskilling and reskilling talent 5%
employees and outsourcing to third party
Paused business operations and processes that 2%
providers.
required technology talent 4%
My business or employer took no actions to address 3%

this 12%
9%
There was no shortage of technology talent
9%

500 or more employees Fewer than 500 employees
Cybersecurity

Key results for cybersecurity
Nearly half of respondents rated their business’ cybersecurity proficiency as “above
average” or “excellent”.
Respondents from businesses that reported their profitability increased rated their
employer’s cybersecurity proficiency higher compared with respondents from
businesses that reported their profitability remained largely the same or shrank.
A substantially higher percentage of respondents from larger businesses rated their
employer’s cybersecurity proficiency as “above average” or “excellent” than
respondents from smaller businesses. This suggests that larger businesses may be
better at communicating their cybersecurity processes to employees.
On the other hand, cybersecurity may not be a top priority for smaller businesses. As
first steps, small businesses should consider instilling cyber risks awareness among
all employees through education and training.
Engagement with CPA Australia members involved in helping small business with
cybersecurity indicates that such businesses can overestimate or underestimate
their cybersecurity proficiency. They generally follow up such results with further
questions to gauge the level of knowledge on cybersecurity to gain a fuller
understanding of their proficiency.

Cybersecurity proficiency in businesses
Don’t know
3%
Poor
5% Excellent
Below 15%
average
9%
Above
average
29%
Average
39%

Cybersecurity proficiency in businesses – by size
and performance
Size Performance
8% 5% 7%
19%
25%
21%
23% 25%
35%
37%
49%
46% 48%
34%
29%
12%
12%
12%
7% 9% 5%
6% 6%
2% 5% 4% 5%
1% 2%
1%
Note: Responses may not add up to 100 per cent due to rounding. Excellent Above average Average Below average Poor Don’t know

Technology
expectations in the
next 12 months

EXPECTED TECHNOLOGY
INITIATIVES

2022 2023
Technology initiatives Increase technology training for employees 34% 35%
businesses will take in Increase investment/upgrade technology 33% 38%

the next 12 months
Implement a digital transformation/technology
There was a slight decline in the strategy 31% 35%
percentage of respondents expecting

their business to adopt each of the listed Improve cybersecurity protections 28% 29%
technology initiatives in this survey from
the previous survey. This may be due to
businesses: Improve data management and protection 28% 32%
• having less need to invest in

technology in the next 12 months due Work with technology companies/vendors 26% 26%
to bringing forward technology
investments into earlier years because Seek professional advice from IT
technicians/consultants 23% 24%
of the pandemic.
• delaying or cancelling technology Increase recruitment of employees with
investment due to a weakening technology skills 18% 19%
economy and/or higher costs.

Add technology expertise to the board/senior
• prioritising other areas of their management 8% 9%
operations over technology-related
initiatives and investment. Will not undertake actions to improve technology
5% 6%
adoption
0% 10% 20% 30% 40%
36%
Technology initiatives Implement a digital transformation/technology strategy
16%
21%
businesses will take in 33%
the next 12 months – Increase technology training for employees 28%

27%
by size Increase investment/upgrade technology 26%

32%
27%
Results by business size followed a 30%
similar pattern to earlier findings. A higher Improve cybersecurity protections 23%
percentage of respondents from larger 20%
companies expect their business to take 25%

Improve data management and protection 25%
various technology actions in the next 12 23%
months than respondents from smaller
24%
companies. Work with technology companies/vendors 22%
22%
Of note, 36 per cent of respondents from
larger businesses believe their company 20%
Increase recruitment of employees with technology
13%
will implement a digital transformation or skills
11%
technology strategy, which is notably 16%
higher than respondents from smaller Seek professional advice from IT
23%
technicians/consultants
companies. 27%
8%
It would be advantageous for companies, Add technology expertise to the board/senior
6%
particularly smaller organisations, to management
7%
reach out to external advice to support 10%
Will not undertake actions to improve technology
technology adoption. adoption
14%
8%
EXPECTED INCREASE IN USE
OF TECHNOLOGY

2022 2023
Technologies Data analytics and visualisation software 42% 43%
businesses expect to Cloud computing 38% 39%

use more in the next 12
months Business intelligence software 34% 35%
Data analytics and visualisation software, Cybersecurity software 29% 31%

cloud computing and business
intelligence software continue to be the Enterprise Resource Planning software 25% 27%
most popular technologies respondents
expect their business to use more in the Customer Relationship Management software 25% 26%
next 12 months.
Due to the attention given to AI over the Artificial Intelligence including chatbots 25% 27%
year, we would have expected a greater
number of respondents anticipating an Robotic Process Automation 23% 24%
increase in the use of that technology. It
may be that businesses are still working Digital payment technologies* 18%
out how best to apply that technology into
their operations. Very few businesses Data lake/data platform* 17%
expect to increase their use of blockchain
technology. Blockchain/Distributed Ledger Technology 7% 13%
No increase in use of technology expected 5% 7%
0% 10% 20% 30% 40% 50%

46%
Technologies Data analytics and visualisation software 33%
32%
businesses expect to Business intelligence software 29%

37%
22%
use more in the next 12 32%
months – by size Cybersecurity software 26%

24%
32%
Cloud computing 36%
Variations in technology preference were 38%
observed by organisations of different 31%
sizes. Substantially more respondents Robotic Process Automation 14%
12%
from larger companies expect to increase 28%
the use of data-driven technologies such Enterprise Resource Planning software 22%
14%
as AI, RPA, business intelligence software
28%
and data analytics and visualisation Artificial Intelligence including chatbots 19%
20%
software.
24%
On the other hand, smaller businesses Customer Relationship Management software 23%
21%
are more focused on expanding the use
21%
of tools that will enhance productivity, Data lake/data platform 12%
8%
such as cloud computing.
15%
Digital payment technologies 18%
17%
5%
Blockchain/Distributed Ledger Technology 7%
7%
3%
No increase in use of technology expected 9%
11%
CPA Australia Business Technology Report 2023 500 or more employees Fewer than 500 employees 50 employees
Fewer than 500 employees
THE IMPACT OF ARTIFICIAL
INTELLIGENCE ON
ACCOUNTING AND FINANCE
PROFESSIONALS

The impact of AI on accounting and
finance jobs in the next 12 months
Despite only 25 per cent of respondents saying that their business will increase its
use of AI in the next 12 months, 73 per cent of respondents said the technology will
have an impact on their job in the next 12 months. This indicates AI may have a
larger impact on the accounting and finance profession than other areas of work.
Many respondents (46 per cent) expect a slight impact. This suggests that
respondents anticipate AI will complement their existing job function.
Overall, respondents from businesses that reported their profitability increased or
larger businesses have a higher percentage anticipating that AI will have a
significant impact.
As AI advances, organisations need to be cognisant of the technology’s
opportunities, risks and limitations. This will include awareness of the potential for
productivity gains as well as inherent biases and ethical challenges.

The impact of AI on accounting and finance jobs in the
next 12 months
Don’t know 7%
Significant
No impact 19% impact 27%
73%
expect to be
impacted
Slight impact 46%

Note: Responses may not add up to 100 per cent due to rounding.

The impact of AI on accounting and finance jobs in the
next 12 months – by size and performance
Size Performance
23% 26% 27%

33% 31%
48%
47% 47%
44% 50%
20% 20%
21%
16% 15%
6% 8% 5% 5% 7%
Significant impact Slight impact No impact Don’t know

Note: Responses may not add up to 100 per cent due to rounding.

Recommendations

Recommendations
Business strategy
• Develop and implement a digital transformation strategy to improve productivity and enhance the customer experience.
• Implement and regularly review data governance policies and procedures to ensure data quality, security and privacy. This should
include policies for destroying data you no longer need and limiting data collection to what is essential.
• Identify areas where AI can enhance operational efficiency, lower costs and/or improve the customer experience. Be cognisant of
AI risks such as misleading data, inherent biases or ethical challenges.
Business operation
• Invest in technology tools and software that turn quality data into valuable and actionable insights, such as data analytics and
visualisation software. Small businesses could consider intelligent automation and software-as-a-service (SaaS) applications.
• Automate repetitive processes such as through RPA tailored to the business’ needs.
• Prioritise and regularly review technology initiatives based on their potential return on investment (ROI), relevance and
effectiveness.
Risk management
• Allocate appropriate resources to raise employees’ data governance and cybersecurity awareness.
• Implement measures to mitigate the risks of cybersecurity incidents. Businesses could refer to mitigation resources from
the Australian Cyber Security Centre, such as their Essential Eight.
Talent support
• Provide upskilling or reskilling training to employees to improve the effectiveness of the technology tools and software deployed.

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CPA Australia

CPA Australia Business Technology Report 2023 2

Digital transformation strategy and technology initiatives 6

Technology use in the past 12 months 18

Drivers and challenges to technology adoption 22

Technology skills shortage 29

Technology expectations in the next 12 months 37

CPA Australia Business Technology Report 2023

CPA Australia Business Technology Report 2023 4

CPA Australia Business Technology Report 2023 5

CPA Australia Business Technology Report 2023 6

CPA Australia Business Technology Report 2023 7

Overall, 69 per cent of those surveyed

CPA Australia Business Technology Report 2023

organisations without a digital

Profitability remained largely the same or shrank

Fewer than 500 employees Fewer than 50 employees

CPA Australia Business Technology Report 2023

CPA Australia Business Technology Report 2023 11

could be that some businesses may have

may also be prioritising other areas of

the past 12 months. This indicates that

by size Reviewed the business’ technology for improvement 40%

CPA Australia Business Technology Report 2023 15

governance Reviewed and enhanced data encryption and security

Developed a data valuation framework 8%

My business or employer took no action 15%

governance – by size Reviewed and enhanced data encryption and security

Similar to earlier findings, smaller Implemented a data governance framework

businesses were less inclined than larger 21%

businesses to have undertaken actions to 22%

CPA Australia Business Technology Report 2023

CPA Australia Business Technology Report 2023 18

CPA Australia Business Technology Report 2023 19

Data analytics and visualisation software 76% 80%

Enterprise Resource Planning (ERP) software 75% 76%

Customer Relationship Management (CRM) software 72% 73%

Business intelligence software 69% 75%

Artificial Intelligence including chatbots 55% 55%

Robotic Process Automation (RPA) 44% 47%

Blockchain / Distributed Ledger Technology (DLT) 22% 27%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

CPA Australia Business Technology Report 2023 20

CPA Australia Business Technology Report 2023 21

CPA Australia Business Technology Report 2023 22

CPA Australia Business Technology Report 2023 23

Key drivers of Improve operational efficiency 62% 66%

technology adoption Cost savings 31% 33%

Increasing operational efficiency remains

can deliver. Support from senior management and/or the

• improves the customer experience.

Attract new customers 11% 12%

Expand into new markets 10% 13%

Pressure from competitors 9% 12%

0% 10% 20% 30% 40% 50% 60% 70%

CPA Australia Business Technology Report 2023 26

Financial costs and low return on investment 32% 35%

Complex legacy systems 23% 30%

The main barriers to technology adoption Cybersecurity concerns 22% 26%

progress in addressing these barriers to

0% 10% 20% 30% 40%

Key challenges to Financial costs and low return on investment

Costs and the potential for a low return on 18%