L. Gary Boomer predicts that Metaverset will increase collaboration for auditors

Advances in processing power, bandwidth, storage space and search capabilities mean that collaboration and interactivity will define the accounting profession in the future, according to visionary and strategist L. Gary Boomer of Boomer Consulting – and the meta-verse will be key.

Very broadly, the term “metavers” refers to the ecosystem of digital environments within virtual reality and augmented reality, as well as their intersection with the physical world. Although the precise definition is difficult to determine, it generally emphasizes collaborative conversations and digital human interactions. Boomer noted that the mass migration to telework represented the profession’s first dive into the idea.

“I think of the meta-verse when we talk about the external workforce and how to manage a hybrid workforce in the future. You know there are a lot of tools related to that,” he said. “Companies have really advanced in at least five years from one day to the next with the pandemic, and some were prepared because they were already testing and trying, and others hesitating, and fear of the unknown prevented them from experimenting. . . So some of them had to learn, and it was quite difficult, but many were prepared for a virtual environment, and they find that it pays off.

There has already been major investment in the area, and Boomer expects it to continue in the future. Auditing firms that have prepared for this moment may have an effect similar to being first on Zoom or Teams, but in a whole new space. Because the idea of ​​the meta-verse is so new, there are still many ideas in place that early users can take advantage of.

One of the biggest benefits for pioneers will be increased access to talent in the global workforce. Once again, companies are already seeing the beginnings of this, as teleworking has taught them that their recruitment efforts do not have to stop at home. As the meta-verse matures, Boomer predicted that companies’ ability to bring in top talent globally will increase. He recalled a quote from Bill Joy, founder of Sun Microsystems: “‘Even if you have smart employees, the smartest employees in the world are hired by someone else.” So it will definitely prove beneficial to have access to collaboration and a global workforce. We are already seeing outsourcing at its highest since 2004, 2005, when there was a lot of pressure on it, ”said Boomer.

This will be so much the more the case as the profession continues its digital transformation. While many recognize the importance of automation, data analytics, and other changes in traditional practices, not everyone will have access to enough local talent to implement them.

And that presupposes that they even have a tendency to do so: Boomer lamented that many companies have a culture that will prevent them from taking advantage of these changes. Businesses need to understand that it is not about offering traditional services in new ways. It is a complete transformation of the company.

“There are a lot of people, including myself, talking about it, and it’s really skill-based, tool-based, and mind-set. You see a lot of skills become obsolete, but if you do not have the mindset to update your skills and be a continuous learner, it can be a challenge, ”he said.

This is partly because people do not like to give up control, but other times it is because of genuine anxiety about what change means for the profession as a whole. Boomer said, however, that people should not necessarily be indifferent because the subject has seen many such changes in the past.

“We’ve seen this happen before in the subject: People worry about their jobs disappearing. Jobs will not disappear, but [accountants] want another job and have to learn something new, ”he said.

This story is part of a new Accounting Today series called “The Frontier”.

As the global economy becomes more and more technology-driven, so does the accounting profession. The days of hand-held calculators and pen-filled spreadsheets are long gone. In their place is a technological age in which even the most routine office functions are now handled by sophisticated computer programs. In this world, things that once resembled science fiction are now commonplace, so intertwined with everyday life that they are barely noticed.

But what is beyond? What are the limits of what we can achieve right now, and what is just beyond our reach? And how will the subject be affected when they are within reach? These are the questions we aim to explore in Frontier, a new regular series where we explore cutting-edge accounting technology through conversations with thought leaders across the country who will share their observations, hopes, concerns and even some predictions with us. here and there.

See you at the border.

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