Hyderabad: Tech to hugely impact business

Hyderabad: 'Twenty new emerging technologies would impact business functions. All, either directly or indirectly, affect the accounting profession and accounting function within the business', said Gaurav Kapur, head policy, ACCA India. He was the chief guest in a one-day national e-conference on 'Emerging Trends in Accounting' at GITAM Hyderabad Business School (GHBS) on Wednesday.

Based on the research, he stressed the importance of Artificial Intelligence (AI) and automation, cloud computing, accounting analytics and big data in accounting which are very much involved in today's business environment. It will take some more time for the business and accounting profession to acquaint with these fast-emerging technologies, Kapur added. Ashish Guljar, chief manager, Credit, Indian Bank, Zonal Office, Karimnagar, stressed the use of these new technologies in the present-day business environment, including the banking industry, where mainly automation is helpful in the reconciliation of various accounts. "Automation and AI is the need of the hour for the banking industry", he stated.

Prof. N Siva Prasad, Pro Vice-Chancellery, spoke on the importance of emerging trends in accounting, such as cloud accounting, machine learning, automation in accounting, AI in Accounting are helpful to carry out repetitive tasks and improve the efficiency of business operations, particularly in accounting.

Prof Y GautamRao, Dean, School of Business, said there is a need for training to be organised in these new technologies. Prof Karunakar, GHBS director, welcomed the participants. The conference discussed use and importance of the new technologies to academia, business, accounting function and the accounting profession. T V Krishna Kumar, ex-Finance Director, Vizag Steel, Anil Kumar Pati, AGM Tata Steel, Saktimani, director (finance), FACT, S Papa Rao, Chairman, Southern India Regional Council of ICMA, Chennai, attended.