ABSTRACT
Digital business offers organizations the opportunity to guard against and adapt to disruption, as well as the opportunity to become disruptors themselves. But realizing the promise and benefits of digital business comes with significant challenges and risks. Accountants can play a critical role in supporting managers to safely navigate these challenges and risks. Doing so requires accountants to understand the promise of digital business, the nature of the business transformation required to realize that promise, the risks associated with such transformation, and how such transformation can be undertaken successfully and safely. In this chapter, we unpack the nature, characteristics, and promise of digital business. We then explain the imperative for organizations to become digital businesses. We discuss digital business transformation and the challenges and risks associated with the journey to becoming a digital business. Finally, we discuss the implications for accountants - that is, the unique role they can play in accelerating and enhancing the success rate of digital business transformation efforts. On completion of this chapter, we expect current and prospective accountants to understand what they can do now and in the future to build their digital business and digital transformation knowledge and competencies, how they can leverage those knowledge and competencies to effectively lead or support digital transformation efforts, and how they can leverage their newfound knowledge, competencies, and digital leadership experiences to supercharge their career development.
