In a world driven by ground-breaking scientific innovations, research findings have shown that the advent of technological inventions has influenced the lives of human beings across the world in diverse ways.
This is owing to the fact that humans, over the years, have been exposed to multilayered levels of technological evolutions which have constantly developed over time to enhance the productivity levels of individuals and organizations.
As a result, scientists and research-based organizations have opined that the advent of the Fourth Industrial Revolution will create a path for new technological breakthroughs such as Artificial Intelligence (AI), Blockchain Technology, Augmented Reality (AR), Virtual Reality (VR), Big Data, and Robotics in order to impact the generality of human lives.
It is hinged on this premise that the World Economic Forum Global Risks Report for 2017 stated that the Fourth Industrial Revolution has the potential to raise income levels that will invariably improve the quality of life for all people.
Hence, it is pertinent to note that the Fourth Industrial Revolution rides on the success of the Internet of Things (IoT), with Artificial Intelligence (AI) as a major component.
This helps to reiterate the fact that the integrated developments driven by the Fourth Industrial Revolution is crucial to the shaping of a new era of globalization in our contemporary world. This is because it cuts across all professions, while also possessing the potential to create real economic value.
This is further made evident through McKinsey Global Institute’s projection which suggests that IoT has the potential to generate between $4 trillion to $11 trillion a year in economic value by 2025.
On the backdrop of the conversations around the Fourth Industrial Revolution, MTN Nigeria sponsored the Institute of Chartered Accountants of Nigeria’s (ICAN) 50th Annual Conference.
The event, which was themed, “The Fourth Industrial Revolution: Boom for the Accounting Profession and Panacea for the Pandemic,” sought to explore the possible ways the accounting profession in Nigeria could live up to the expectations of our contemporary times, particularly during the post-COVID era.
This is because the advent of the Internet of Things (IoT) is expected to revolutionize every profession in a manner that will increase productivity outputs.
Speaking on IoT, the Chief Transformation Officer (CTO) for MTN Nigeria, Dr. Olubayo Adekanmbi, delivered a resounding presentation on the topic entitled “The Importance of Internet of Things (IoT) in the Fourth Industrial Revolution.”
The timeliness of the topic was evident in how it subtly re-emphasizes the need for practicing professionals to remain up to date despite the ravaging economic effects of the pandemic.
This is because the advent of IoT in the Fourth Industrial Revolution has shown that accounting-related tasks that may take time to accomplish could be done in an accelerated manner. It is, therefore, right to state that the incursion of IoT provides an avenue for reduced operational costs in daily operations in that one can track anything regardless of anywhere it is.
One may be right to state that the disruptions caused by the emergence of IoT would help change the landscape of the accounting profession across the world, including in Nigeria.
Accountants in our contemporary world would be saddled with a greater responsibility of analyzing real-time financial data instead of a periodical check with a bookkeeper.
This implies that better business decisions will be made because auditing, asset management, the prediction of cash flow, and risk management will become more efficient. This further enhances the skills of accountants to easily detect financial fraud, minimize damage, notice financial trends, and also give financial advice.
Commenting on the massive impacts IoT would have on the accounting profession, Adekanmbi noted that IoT does not distort the core principles of accounting which is hinged on integrity and efficiency. “All the things that characterize the accounting profession – the integrity, the rigour, the efficiency, and the hands-on checking through the files – still remain with us. However, we must look at the future, embrace it, and then see it as an opportunity to compliment the great legacy the accounting profession has built in this country,” Adekanmbi reiterated.
This buttresses the notion that with the emergence of artificial intelligence, a typical accountant’s role will gradually evolve from reporting and ensuring compliance into providing small businesses with forward-thinking business ideas.
Having explored the massive potential inherent in the adoption of the IoT, it is essential to note that Nigeria’s leading ICT firm, MTN Nigeria, is keen on championing advocacies that would aid diverse professions in contributing to and taking advantage of the Fourth Industrial Revolution. This is because the emergence of IoT is expected to help businesses deliver a highly personalized customer experience through the interaction of sensors and actuators connected by networks to computing systems. And MTN as a leading ICT firm plays a critical role in delivering the infrastructure that powers IoT.
