The internet is a relatively new technology, but it is already well-established. It is 25 years this year since Jeff Bezos opened an online bookstore called Amazon. It’s been 15 years since Google became the most widely used search engine. And the Apple iPhone 3GS was only launched in 2008. Yet, the internet has already enabled new business models which have changed the nature of many sectors.
So far change has been gradual. The COVID-19 pandemic provides an inflection point. It will speed up the pace of that change and cause new digital technologies to be adapted more swiftly.
New technologies have the potential to automate many tasks humans currently perform — from routine physical activities through to tasks knowledge workers like accountants currently perform.
To remain relevant in this brave new world, humans have three options:
This is not a time for panic but for a little creative anxiety when considering what to do for your continuing professional development.
The management accountant’s mindset has always been forward-looking. It stems from the management and control cycle. This cycle describes how managers achieve objectives; they plan, execute, review and report. The same principles apply to the CIMA CPD Cycle.19
19 CIMA CPD Cycle
To remain relevant to employers’ needs and improve career prospects, it is important to keep up to date. We need to be strategically aware of new technologies and their impact on business models if we are going to perform effectively as business partners.
1. Define current and desired roles recognising expectations of employers and others.
2. Assess development needs using the CGMA Competency Framework to establish knowledge or skill gaps.
3/4. Design and act — choose and undertake development activities that meet your development needs.
5. Reflect upon and document the outcome of each development activity.
6. Evaluate progress against the objectives set at the beginning of the year. Any outstanding development can be carried over into the next cycle.
Working in association with the AICPA®, CIMA can offer both a qualification and lifelong learning support.
You should check out the resources available to you on the CGMA Store. For example, the CGMA report ‘Connecting value generation for the long-term’ is a practical guide. It gives a background to the research on which the CGMA Business Model Framework is based and highlights how to relate the framework to your organisations’ activities. It also lists the salient questions at the heart of the tool with a brief explanation as to why these are important, helping you to understand the connectivity of key decisions and activities associated with how your current business model contributes to wider value generation.
