DEVELOPMENT OF A DIGITAL READY BUSINESS MODEL FOR ACCOUNTING SMALL MEDIUM PRACTITIONERS
MARIATI NORHASHIM (a*), MEGAT ZAHID AMIRNUDDIN (b)
(a) Faculty of Management, Multimedia University, Jalan Multimedia, Cyberjaya, Selangor, Malaysia
mariati.norhashim[at]mmu.edu.my
(b) Al Madinah International University, Pusat Perdagangan Salak II, No, 18-G, Jalan 2/125e, Taman Desa Petaling, 57100 Kuala Lumpur
Abstract
Research has shown that many accounting jobs are ripe for takeover by Smart Technology, Artificial Intelligence, Robotics, and Algorithms (STARA). The future for the finance and accounting function rests in human only activities and human and machine hybrid activities. This paper explores the challenges faced by Small Medium Practitioners of accounting and business services in the face of the changing competitive landscape brought about by automation and artifical intelligence. The authors reviews research done by professional bodies as well as in academic literature to discuss changes that SMPs may need to make using Teece Business Model Design framework to ensure sustainability of their practice in the digital era. SMPs will need to review the services they provide and the service delivery methods of existing work to be able to create value in an efficient and effective manner that would entice customers thus ensuring their survival. Thus development of a business model that focuses on the customer segmentation, value propositions and delivery channels of these services that leverages on technology would help business success. Transformation of the accounting profession is sorely needed to make them ready for Industrial Revolution 4.0 era and beyond.
Keywords: Business model, Accountants, SMP, Digital, I.R, 4.0
Topic: Digital Technology For Business