Digital skills essential for management accountants to be globally competitive
Credit to Author: EDWIN P. SALLAN| Date: Sun, 13 Oct 2019 16:18:03 +0000
Management accountants should not be alarmed by the increasing rise of technologies like artificial intelligence (AI) and related digital technologies designed to automate work processes.
This was the assurance given by Professional Regulation Commission’s (PRC) Board of Accountancy chairman Noe Quiñanola at the first general membership meeting and seminar of the Philippine Association of Management Accountants (PAMA) held at Makati Shangri-La event.
Rather than view AI as a threat to jobs, Quiñanola said that the technology infrastructure should be welcomed by the management accounting sector as “it could automate routine tasks and, in the process, allow CPAs to work better and focus on decision making.”
“We want our accountants to explore the global markets even while they are here in the Philippines,” said the PRC-BOA chief who talked about the globalization of the accounting profession in his keynote speech.
Quiñanola’s view is shared by Edmund Liaw, markets manager of the Chartered Institute of Management Accountants (CIMA) for Southeast Asia, even as he shared a CIMA study that concluded that about 95 percent of accounting jobs would be affected by AI and automation.
“We should actually master AI instead of seeing it as an enemy out to steal our jobs,” said Liaw, who launched the CIMA Diploma in Performance Management at the event together with CIMA country manager for Indonesia Dwi Putra Widaynto.
The CIMA Diploma in Performance Management is the first step for the Philippines to achieve the Chartered Global Management Accountant (CGMA) designation.
Also sharing his insights on understanding global management and accounting issues during the event was CGMA and Managing Director of Executive Prosight Resources Danny Chu Kheh Wee.
PAMA President Lolita Tang challenged Philippine companies to take their business performance to the next level by enrolling their employees to the CIMA Diploma course.
Enrollees can contact any PAMA member or check the links at the PAMA website, www.pama.com.ph.