The Impact of New Technologies on the Management Accountant

By Janek Ratnatunga

Factories at home or in a small business (3D Printing); costless travel over long distances (Maglev); generators powering all energy requirements (Fuel Cells); a farm in a high-rise building (Hydroponics); driver-less taxis (Robotic Vehicles) are all technologies that are already with us, and only a few years away from commercialisation.

A few years further into the future may see life expectancies increase via the advances in biological response modifier therapies. Wireless electricity will enable a user to access to power the same way as a mobile telephone call. Hot fusion will have an enormous impact on the waste-management and recycling costs in industries. Finally, the biggest game changer that will affect many facets of our life will be cultured meat, i.e. meat without livestock that will not only have a major impact on many industries but also on our religious belief systems.

As a profession that prides itself as dwelling in the future, management accountants need to be aware of the dramatic changes to business models that these technologies will bring.

JAMARv13.1-The Impact of Technologies on Management Accounting -Editorial