Boniface Uche Ugwuanyi, a professor of Accounting and lecturer at the Enugu State University (ESUT), has called on accounting students to enhance their digital skills competencies and embrace the use of technology fit for today’s workplace.
Prof. Ugwuanyi made this call while making his remarks virtually at Students’ Forum held in Enugu recently.
He said that as potential accountants, the students must not overlook the place of digital skills and disruptive technologies in the 21st Century economy.
According to the accomplished lecturer, the COVID-19 pandemic has accelerated the digital transformation journey faster, more dramatic and disruptive, thereby giving opportunities for more convenient online presence with less disturbance, Digital innovation and Internet Economy for drive to Digital Economy.
Prof Ugwuanyi reminded the students that Economy Africa reports 2020 revealed that by 2025, the value of Internet Economy in Africa will reach $180b, accounting for about 5.2% of the Continent’s Gross Domestic Product (GDP) and by 2050 its projection is estimated to be $712b, about 8.5% of the Continent’s GDP hence accounting students must not be left out in the digital space.
In his words, “The Global advancement and digital technologies are making the world a better place. We are inspired to deliver rapid business innovations and new customer value propositions. African Start-ups coming up with unique business models, Digital Transformation platforms and services that creates incredible value with a significant impact on human lives and the economy which indicates that Africa will not miss the Fourth Industrial Revolution unlike the first, Second and Third industrial era where we lost out in creating and capturing values across the globe”.
“At the same time, the relevant emerging technologies which the accounting profession can benefit from include Artificial Intelligence; Blockchain; Cloud Computing; Data Analytics; and Ed-Tech.
Continuing, Prof Ugwuanyi said, “In my discussions with practicing accountants, I often hear them say that they wish they could spend fewer hours balancing books, preparing reports and recording transactions, and more on adding strategic value to their clients’ businesses. So, as students you have a golden opportunity to learn the ropes.
“A new wave of technologies is automating many of the routine processes that once took up so much of your time. Big data, cloud computing, IoT, artificial intelligence are reinventing accounting across West Africa and you should not be left behind,” Prof Ugwuanyi told the students.