Episode 20: Creative destruction of the accounting industry
Thank you so much for tuning into these first twenty episodes of the Future of Accounting podcast. Today's episode marks the conclusion of Season One.
In Season Two, which begins in January 2018. we will be focusing on how blockchain and artificial intelligence technology is shifting the role of the accounting professional.
Today's episode is a prelude to our episodes in 2018, as we look at how technology and cultural shifts are impacting the accounting industry.
Cited in this episode is Joseph Schumpeter, an Austrian economist, known as one of the greatest intellectuals of the 20th century.
Creative destruction, a term coined by Joseph Schumpeter, describes the process of how innovation deconstructs long-standing arrangements and frees resources to be deployed elsewhere. Schumpeter describes the process as one that results in losses alongside profits.
The accounting industry is undergoing a destruction caused by technology and cultural shifts. Therefore, demanding a new skillset from accounting professionals who wish to remain successful.
Head on over to iTunes to learn what these new skills entail and how technology is changing the landscape of the accounting profession.