![Page 1: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/1.jpg)
CA. K. RaghuFormer PresidentThe Institute of Chartered Accountants of India
LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONA Challenge or Opportunity?
![Page 2: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/2.jpg)
• Internet is becoming all invasive – pushing the global economy to go digital.
• Digitisation is the new growth multiplier-• Re-calibrating business models and market places
for value creation.• Enabling Development for all , e.g. Online
Education, Online Banking etc.• Driver of Global inclusiveness.
The Digital Economy
![Page 3: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/3.jpg)
THE FUTURISTIC TECHNOLOGIESAND
ARTIFICIAL INTELLIGENCE
![Page 4: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/4.jpg)
• Storing accounting data on remote servers – making geography unimportant.
• Cloud Computing enables you to work seamlessly from multiple locations without huge investments - your office, your home, at the airport.
• It provides flexible, on-demand, and dynamically scalable computing infrastructure.
• Cloud Computing is gaining acceptance around the world.
• Mid to large size companies are embracing Cloud based technologies to leverage on lower costs.
Cloud Accounting
![Page 5: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/5.jpg)
• Traditional data processing applications are inadequate for Large or Complex Data sets.
• Challenges like analysis, capture, search, sharing, storage, transfer, visualization, and information privacy could be resolved by use of Big Data Analytics.
• Provides new opportunities for growth – from research and development to sales and marketing.
• Companies have started using Analytics to reduce costs.
• Accounting professionals can analyse financial information for effective decision making.
Big Data and Analytics
![Page 6: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/6.jpg)
• RPA imitates human execution of applications.
• It focuses on automation of repetitive tasks and plays a significant role in bringing in process efficiencies.
• RPA drives improvements in quality, scalability, and resiliency in a cost-effective way.
• There is a huge opportunity for existing finance and accounting functions to optimize their processes through RPA.
Robotic Process Automation
![Page 7: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/7.jpg)
• Cyber Risk Services which includes Cyber Strategy & Management, Cyber Intelligence and Cyber Analytics gaining ground due to increase in Cyber Frauds.
• Key Industry Sectors that are prime targets for Cyber Attacks
- Online Media
- Insurance
- Telecommunication
- E-Commerce and Online Payments
- Retail
Technology Consulting & Cyber Frauds
![Page 8: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/8.jpg)
• A block chain is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
• A block chain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
• In a block chain environment, an auditor will have online real-time access to data, helping him speed up the audit process.
Block Chain
![Page 9: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/9.jpg)
• Simply put, FinTech is the use of technology to support or enable financial services. It has impacted a wide array of sectors, including lending, personal finance, consumer banking and small business tools.
• New Innovations in FinTech-• Digital Currency and e-wallets• Portfolio Management• Stock Market Trading• Online Insurance• Invoicing and Tax Computing
• Opportunities for CAs in this sector seems very promising.
FinTech is the new future
![Page 10: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/10.jpg)
• Modulation and Synchronization of Data into useful, simple, accurate real-time narratives and reports is Artificial Intelligence.
• The capacity of machines and software to create and exhibit intelligence- brings with it promise and concern.
• AI can help in real-time solutions to business problems.
Artificial Business Intelligence
![Page 11: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/11.jpg)
• Development of Tax utilities using AI.
• Analysis of Credit Reporting and Accounts Receivable.
• Analysis of Key market trends and sales.
• Analysis of Inventory.
• Automation of Business processes.
• Effective Cost control.
AI and Reporting
![Page 12: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/12.jpg)
PROFESSION IN A DISRUPTIVE ERA
![Page 13: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/13.jpg)
• Investment in Technology.
• Working with technology companies to develop AI tools.
• Automation of processes using office management software.
• Complex and dynamic business environment with new business models evolving continuously.
• Real-time adaptation to changes by our profession.
Managing Change
![Page 14: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/14.jpg)
• Business today spans cross borders leading to a borderless world.
• Accountants should learn to deal with multiple accounting systems.
Borderless World
![Page 15: LEADING IN DIGITAL WORLD THROUGH TECHNOVATIONic.icai.org/downloads/presentations/CA-K-Raghu-Past-President-ICAI.… · CA. K. Raghu Former President The Institute of Chartered Accountants](https://reader033.vdocument.in/reader033/viewer/2022050218/5f640c7374d50265fb4d3f55/html5/thumbnails/15.jpg)
• The growing Digital Environment needs tech-savvy professionals.
• Technology is not replacing accountants, but augmenting their effectiveness.
• Technovation will enable delivery of client services in a more efficient, error-free and faster way.
• The Digital era will open up a world of exciting opportunities for the Profession.
A World of Opportunity