SHENZHEN, China, May 8, 2018 — The Institute of Management Accountants (IMA) and Shanghai EasyFinance Enterprise Management Consulting Co., Ltd. (EasyFinance, known in Chinese as Anyue Consulting), with support from the Shenzhen CMA Elite Club as organizer, convened a roundtable in Shenzhen to discuss the impact of emerging technologies on management accounting and the evolving role of finance professionals.
Representatives of professional associations, government, academia and leading businesses explored how artificial intelligence, big data, cloud computing and blockchain could reshape finance operations, analytical capabilities and enterprise decision-making.
Participants included Virginia White, then IMA Global Board Chair-Elect; Ma Shuang, General Manager of EasyFinance; representatives of the Shenzhen Finance Commission; Professor Liu Yunguo of Sun Yat-sen University; and finance executives from organizations including ICBC, Huawei, Walmart, PICC, Haier, BGI, ZTE and Kingdee.
The “Impact of New Technology on the Role of Management Accounting” roundtable, Shenzhen, May 2018.
Participants at the Shenzhen roundtable on emerging technology and management accounting, May 2018.
Joint research examined the changing role of finance
Before the event, IMA and EasyFinance had jointly conducted a study of finance managers from enterprises across industries and ownership structures. The research investigated expectations surrounding new technology and the changing responsibilities of management accountants. Respondents expressed interest in expanding beyond traditional stewardship and business-partner responsibilities to play stronger roles in strategy, business improvement and organizational change, while continuing to manage risk, compliance and business needs.
The study framed an important question for the profession: as technology takes on more repetitive processes, how can finance teams devote more attention to analysis, managerial judgment, forecasting and value creation?
Cover of the 2018 research report, Impact of New Technology on the Role of Management Accounting (original report cover).
EasyFinance presented findings and practical implications
During the roundtable, Ma Shuang presented findings from the joint study and discussed the capabilities required of finance professionals in a technology-driven business environment. In addition to planning, budgeting, forecasting, risk management, internal control and decision analysis, finance leaders would need a deeper understanding of business strategy, implementation and process transformation.
For EasyFinance, this reflected a long-standing emphasis on connecting management accounting methods with the operating realities of Chinese enterprises. Applying new technology effectively requires more than deploying systems: it also demands sound management processes, a working understanding of the business and collaboration across departments.
Industry perspectives connected technology with business value
Virginia White drew on her professional experience at Cummins to emphasize the growing importance of reliable and usable business data. Representatives from different industries then examined how the digital transformation of finance would affect the quality and speed of decisions.
A representative of PICC Property and Casualty discussed the implications of business changes for cost allocation, pricing and resource allocation. BGI’s finance leadership considered the challenges and opportunities presented by data-intensive operations. Haier shared experience with finance shared services, analytics and closer engagement with business activities. Walmart China highlighted the importance of identifying actionable information within large datasets, while developing innovation and forward-looking capabilities.
Professor Liu Yunguo of Sun Yat-sen University and other participants also addressed the role of professional judgment, organizational design and talent development. The discussion underscored growing demand for finance professionals able to combine accounting expertise with technology literacy, analytical thinking and business understanding.
Advancing management accounting research and professional exchange
The Shenzhen meeting brought IMA and EasyFinance’s joint research into direct dialogue with enterprise leaders from multiple sectors. It connected survey findings with operational experience and provided a platform for examining how emerging technologies could support management accounting, finance transformation and value creation in Chinese enterprises.
The event continued the two organizations’ shared work in researching management accounting practice and facilitating professional exchanges between researchers, finance leaders and business practitioners.
Easy Finance has supported management accounting, strategic finance and enterprise AI capability building since 2004.
Learn more: www.easyfinance.com.cn/en