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FUTURE PROOFING CMA PROFESSION

FUTURE PROOFING CMA PROFESSION. M.GOPALAKRISHNAN Past President The Institute of Cost Accountants of India. GLOBAL ECONOMIC SHIFT. PREV DECADE- INTERCONNECTED WORLD PRESENT TECHTONIC SHIFT – Eg USA – CHINA TRADE WAR REALIGNMENT OF TRADE BLOCK –BREXIT -EU

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FUTURE PROOFING CMA PROFESSION

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  1. FUTURE PROOFING CMA PROFESSION M.GOPALAKRISHNAN Past President The Institute of Cost Accountants of India Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  2. GLOBAL ECONOMIC SHIFT • PREV DECADE- INTERCONNECTED WORLD • PRESENT TECHTONIC SHIFT – Eg USA – CHINA TRADE WAR • REALIGNMENT OF TRADE BLOCK –BREXIT -EU • DICTATES - REMIX OF REVENUE STREAMS AND BUSINESS PROCESSES Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  3. GLOBAL ECONOMIC SHIFT- Contd.. • CURRENT DECADE- REGIONAL INTER CONNECT • REALIGNMENT OF TRADE BLOCK –EVEN IN REGION • MAJOR CHALLENGE TO BUSINESS INCLUDING MSMEs • MNCs – IMPORTING THEIR OWN VENDOR SUPPLY CHAIN Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  4. BUSINESS ENVIRONMENT • TECHNOLGY, SUPPLY CHAIN, MARKETING, PROCESS MANAGEMENT, ETC., - IT DOMINATES • ENABLING FASTER CHNAGES • CHALLENGE-PROTECTING AND IMPROVING MARGINS ON A REAL TIME • TIME TO FACE IT DOMINATION IN ACCOUNTING AND PREPARE FOR IT Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  5. FUTURE CMA – NOT VERY FAR OFF Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  6. CHANGING BUSINESS ENVIRONMENT- e-Governance • e-Market place • e- Quote • e- Price discovery • e- Tender • e- Competitive bidding • e- Supply chain link • e- monitoring and payment • e- What not???? Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  7. WHAT IS EXPECTED OF A CMA Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  8. Developments in the role of the management accountant- From 2001- But still relevant Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  9. TRANSACTION PROCESSING • SIGNIFICANT REDUCTION IN ACTIVITY • ERP- ENABLES EACH PARTICIPANT ENTER AND VALIDATE THEIR PART • THE LAST ENTRY COMPLETES THE TRANSACTION • AUTO UPLOADS INTO THE SYSTEM Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  10. Effective decision making- From 2008- Again still relevant Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  11. Performance Measurement Systems-Stack Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  12. Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  13. Business Intelligence and Analytics What is the best that can happen? Optimisation What will happen next? Analytics Predictive Modelling Competitive Advantage Forecasting/extrapolation What if these trends Continue? Statistical Analysis Why is this happening Access and Reporting Alerts What actions are needed? Where exactly is the problem? Query,Drill Down Adhoc Reports How many,how often, where? Standard Reports What Happened? Golden Jubilee Celebrations - Cochin Chapter 12th November 2018 Degree of Intelligence

  14. PRACTICAL CASE STUDIES- INFRASTRUCTURE • COMPANY INTO LARGE CAPITAL EQUIPMENTS • EPMC- Engineering, Procurement, Manufacturing and Commissioning • CEMENT, SUGAR, SPACE, DEFENCE, OIL, POWER • COMPETITION FROM INTERNATIONAL PLAYERS Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  15. PRACTICAL CASE STUDIES- INFRASTRUCTURE- Contd… • e- Quote, e- Price discovery, e- Tender, e- Competitive bidding • TENDER WINDOW IS OPEN FOR LIMITED TIME • CANNOT DEPEND ON TRADITIONAL BACK OFFICE APPROACH FOR COSTING • COST SYSTEM DESIGN- ACTIVITY AND COST DICTIONERY Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  16. PRACTICAL CASE STUDIES- INFRASTRUCTURE- Contd… • COST SYSTEM – SHOULD BE AVAILABLE ONLINE ON HAND HELD DEVICE FOR SALES • SHOULD ENABLE DAY TO DAY MONITORING ON TENDER ACCEPTANCE Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  17. PRACTICAL CASE STUDIES- INFRASTRUCTURE- Contd… • TO BE EMBEDDED INTO BUDGETING AND ERP • COST PARTHA SYSTEM FOR REAL TIME MONITORING • LEARNING TO IMPROVE NEXT QUOTE Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  18. THE PRODUCT COST CUBE ACTIVITIES/ COST MATRIX Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  19. BI/ ANALYTICAL TOOLS • Saas BI, • SAP BI, • IBM Watson Productivity, • Qliksense, • Tableau, • IDEA, ACL, Business Objects, MicroStrategy, Hyperion (High End) Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  20. NEW SKILL SET COGNITIVE INTELLIGENCE Source: AccountancyAge Oct 2018 Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  21. NEW SKILL SET- COGNITIVE INTELLIGENCE –STEP 1 • Data integration – Master Data Entry • One time data entry - spreads enterprise wide. • Easy and quick access of data on the operation and performance • Access to better and more integrated data • Faster reaction time based on near real time access to large data sets • Creating a strong environment for automation and innovation. Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  22. NEW SKILL SET- COGNITIVE INTELLIGENCE –STEP 2 • Analytics and data visualization • Using analytics to illuminate patterns, insights and opportunities within this data pool. • Easy and quick access of data on the operation and performance • Data visualization presenting the performance in a meaningful and comprehensive visual context. • Predictive analytics extrapolate trends and identify potential issues to manage • Identify and respond to the potential financial and operational risks. Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  23. NEW SKILL SET- COGNITIVE INTELLIGENCE –STEP 3 • Robotic process automation (RPA) • RPA replaces manual process with the use of software to perform rule-based tasks • It is virtually replacing large number of people based processes (http://pmjandhanyojana.co.in/apply-msme-business-loans-59-minutes-psbloansin59minutes-com/.) • It is a great way to automate repetitive, time consuming tasks; • Improves efficiency and allowing staff to focus on more rewarding, higher value activities. Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  24. NEW SKILL SET- COGNITIVE INTELLIGENCE –STEP 4 • Cognitive intelligence • Adds Artificial Intelligence (AI) and machine learning to RPA • Algorithms based on past experience, enable decision making and mimic human interactions in a minor way • Natural Language Processing to read and extract information from documents • Natural Language Generation to write reports in human style and prose at the speed of hundreds of pages per second. Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  25. ARE WE PREPARED? ???????????????????????????????? Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

  26. THANK YOU Golden Jubilee Celebrations - Cochin Chapter 12th November 2018

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