From IAFEI October 2020 Quarterly Bulletin

By Kouging Li, Tie Qiu and Jian Zhao, Shanghai National Accounting Institute

The technology of “Dazhi Yiyun” not only profoundly affects people’s lives, but also promotes a new round of industrial transformation. Through the analysis of the questionnaires of Chinese corporate financial personnel, this article finds that companies have gaps in the understanding and application of the technology of “Dazhi Yiyun”through the research and analysis of the questionnaire, and provide corresponding suggestions on how to carry out the application of technology and the transformation of the work of financial personnel.

“Dazhi Yiyun” refers to the integration of big data, cloud computing, Internet of Things and other information technologies, plus artificial intelligence and mobile Internet as supplementary to a new era of interconnection of information technology. In the times of “Dazhi Yiyun” the use of the Internet has continuously expanded into new areas, bringing us technical transparency and progress in management. Topics such as “Dazhi Yiyun” industrial development, traditional industrial transformation an upgrading, and technological innovation have also emerged the development of information technology is entering a brand new stage, which will have a huge impact on the financial workflow, organization, information system and the overall operational mode of finance in the future, and may completely overturn the existing motor finance.

Alvin Toffler, a well known American futurist and the author of The Third Wave, said in an interview that the Fourth Wave will come in the foreseeable future. The wave of new technology revolutions has swept across all industries, and the accounting industry is inevitably impacted. There are countless forums, conferences, and papers discussing the impact of these technologies on financial personnel. But on the other hand, a survey by the UK200 Group Association shows that 65% of SMS do not use software to manage their accounts. A study by Deloitte in Australia shows that less than 10% of esimees in the country have fully utilized digital tools and technologies. What about the actual application of technologies such as “Dazhi Yiyun” in Chinese enterprises? What role did it play in the operation and management of enterprises, and what measures do enterprises take in the “Dazhi Yiyun” era? Have they made sufficient preparations? Ha familiar are the financial personality in these enterprises with these technologies? How will these technologies affect financial jobs in the short and long term? The Accounting Information Survey Center of Shanghai National Accounting Institute and the Global Association Of Chartered Management Accountants (CGMA) Jointly conducted a special survey and research, hoping to find answers to these questions. Analysis and research on these issues can not only provide certain guidance for enterprises to carry out technology applications in the future, but also provides suggestions for financial personnel’s job transformation.

Investigation findings and enlightenment

  1. The application of “Dazhi Yiyun” technology by enterprises is not as popular as imagined, and the difference in application degree between different technologies is also quite large. From the survey results the most familiar technology to the public, Mobile Internet applications have the highest degree of application. The big data and cloud computing technology applications have little difference, and the artificial intelligence technology has the lowest application.
  2. the application of various technologies and high tech enterprises is higher than that of traditional enterprises. The application of high tech enterprises in the field of big data and artificial intelligence is significantly higher than that of traditional enterprises, respectively 34% and 44% higher, while the application in the field of mobile Internet and cloud computing is higher than that of traditional enterprises, but the difference is not significant.
  3. the ownership of the enterprise will also affect the degree of technology application. Wholly state-owned and state-owned enterprises have a high degree of application of the “Dazhi Yiyun” technology, and private or collective enterprises have the least level of application. However, the difference between mobile Internet and cloud computing is relatively small and.

The scale of the company’s revenue affects the company’s application of technology. Before the survey, we expected that the larger the scale of income, the higher the degree of technology application, but the survey results show that enterprises with the business income of US $5-9.9 billion have the highest degree of application of mobile Internet, big data and cloud computing technology, while artificial intelligence technology has the highest degree of application in enterprises with the revenue you have more than 10 billion US dollars. Artificial intelligence is the technology with the biggest difference in opinion of voters with different income scales and technology application.

The application of technology does not mean familiarity with technology

Although the “Dazhi Yiyun” technologies are generally not widely used in enterprises, the familiarity of these technologies among those who have applied these technologies should be relatively high. The survey data also verified this. The familiarity of the person who filled out the questionnaire with the technology is roughly synchronized with whether the come he applies this technology. However, on the other hand, we also found that the application does not surely lead to understanding. Among the enterprises that applied the technology, a certain percentage of the respondents of the questionnaire said that they were completely ignorant of the technology.

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