Digitalization and Adaptability: Embracing Technological Advancement for Dynamic Growth
In this era of Industry 4.0, it is undeniable that technological advancements continue to occur, and many companies are making changes in their business models from conventional to digital business. Numerous new innovative technologies such as artificial intelligence, which is becoming increasingly sophisticated, and automation, are continuously emerging to enable companies in all sectors to adapt to the flow of digitalization and technological innovation, allowing them to grow dynamically.
Companies must remain competitive, especially with technological innovations, by focusing on cost optimization, implementing new technologies, digitalization, and other strategies. One accounting firm, Price Waterhouse Cooper, has invested $1 billion in the development of artificial intelligence to assist in service automation. This phenomenon demonstrates that companies are becoming more daring in adapting to technological advancements and integrating them into their business operations. The implementation of these new technologies is a crucial strategy that companies must consider, as it will significantly impact their ability to sustain in the future. These technological developments will also affect financial reporting and accounting processes within businesses.
Businesses are facing challenges in how to adapt to continuous technological innovations, along with the increasing digitalization trend. Many businesses are now undergoing digital transformation, changing their business models into digital ones. During this transition towards adapting with technological advancement , several factors need to be considered, including the costs, risk and investments required to ensure continuous adaptation to digitalization.
Recognizing the urgency for companies to adapt quickly to evolving technologies, the 25th Indonesia Accounting Fair has chosen the theme “Digitalization and Adaptability: Embracing Technological Advancement for Dynamic Growth.” Through this theme, we will discuss how businesses can adapt to technological advancements and face digitalization to ensure they continue to grow and compete with other businesses. The event aims to serve as a platform for discussion and provide new insights into accounting for all stakeholders of the 25th Indonesia Accounting Fair.”
