ABSTRACT
Digital technology advancements such as cloud computing, the internet of things, blockchain, and artificial intelligence are driving disruptions at organization, society, and industry level. These digital technology-related disruptions are commonly referred to as digital disruption or digital disruptions. At organization level, digital disruption typically manifests itself as changes in competing products and services, changes in customer expectation and behaviors, changes in data availability, changes in competing business models, changes in the competitive landscape, and changes in the bases of competition (or sources of competitive advantages). At profession level, it manifests itself as changes in expectations of professionals, changes in the roles and activities performed by professionals, changes in the tools used to perform professional work, and changes in the competencies required to effectively perform professional work. The accounting profession has not been immune to digital disruption. In fact, compelling arguments have been made that accounting tops lists of professions most at risk of digital disruption. Notwithstanding these arguments that the accounting profession is at high risk of losing relevance due to digital disruption, we found compelling evidence that digital technology advancement, digital disruption, and digital business transformation actually make accountants much more important than ever. And that accountants need to play critical roles in their organizations’ digital business transformation efforts and ability to effectively compete as digital businesses.
