Nike is my chosen industry. Nike is focused on product and marketing innovation.
Marketing is a very important piece to Nike regarding their product. Revenue is expected to
hit over 50 billion this year. They are trying to use more digital and direct-to-consumer
advertising. d They feel that they can reach more customers this way. d
As far as big data and emerging technologies, the trend seems to lean towards the use of
hybrid cloud services and cloud computation. Big data is used to improve customer
relationships and offer products or services that best suit their needs. Big data stimulates
economic growth, meanwhile emerging technologies in the future will be advanced robotics
and advanced artificial intelligence, machine, vision, sensors, motors, hydraulics, and
materials will change the way products and services are delivered. d
the income statement and cash flow analysis have the most practical uses. In accounts
payable, cash flow matters just as much as revenue. Knowing how much money is coming
and going is a vital step to keeping operations running smoothly. As I move up in my field to
accounting, these items and more from the class will be useful. Being able to give the most
accurate estimate of future earnings and expenses will be important for upper management to
make business and operation decisions.
In the article “The Future of Accounting Is Much More Than Crunching Numbers”, by Mike
Whitmire, the impact of automation in accounting is discussed. According to Whitmire,
accountants are being given more leadership and responsibility. Role in accounting,
especially CFOs, have positions that have moved away from just numbers and included more
operational processes. Whitmire’s company, FloQast, calls this “operational accounting” and
views it as a way to improve efficiency and innovation. To aid accountants from repetitive
and mundane tasks, and to free their time for more strategic and operational endeavors,
implementation of automation is a crucial first step (Whitmire, 2022).
As I have been in school, teachers have mentioned many times about how much technology
has removed from accounting’s plate. For example, in my first accounting class we had to
learn all about journal entries and closing accounts—then were told how most accounting
software will handle that for you. Expanding the use of computerized accounting and AI to
help minimize errors and allow more to be done in a day can make a business more
competitive, an important aspect to overall success. For companies like CVS Health, accurate
data in as close to real time as possible can help drive business decisions and prevent large
scale problems. Having technology working with accounting staff allows for faster reporting
in key areas and closing at year end. The faster the information is finalized; the faster
decisions can be made.
Will be able to help local companies know how to manage themselves better so that they are
as profitable as they can be—pointing out their strengths and weaknesses and how they can
grow in their industries.
My business was Disney. They are already incorporating big data to better serve their
customers especially through their streaming services. They use big data to suggest shows for
their viewers just like Netflix does. They use the data they collect from past visits to make
more personalized offers. They also use big data to better assist their future customers with
the Magic bands at their Florida location. The magic bands help their customers with things
like getting into their rooms, fast passes, and charge things to Disney rooms. They try to make
the Disney experience as pleasurable as they can to ensure a return visit.
I felt that it helped being able to select a company that I have personal interest in, as my
family belongs to the Disney Vacation Club and we travel to Disney world often, so many of
the changes in the industry and how the pandemic has been impacting the park operations
were things I could see firsthand just from being there and experiencing the impacts from a
consumer perspective. After going through this project, I understand a whole lot more about
the decisions the company made to offset the losses from the pandemic, and I also learned a
lot more from reading their annual report. I think objectively reading through the Annual
report was the most helpful for me, as the work I do in my company on a day to day, and
monthly basis is to help prepare for the financial statements we issue each month, but my
involvement does not have too much to do with the finished product (yet), so after going
through these Milestones, I understand more of the bigger picture with these. I also learned
just how much this industry relies on consumers being able to travel and visit theme parks,
and that a recession could threaten their success in the future. Luckily, I believe Disney can
(again) shift emphasis on the segments that held up during the pandemic and helped float the
company through the losses other segments were experiencing.
The future of accounting and where it is headed in the next few decades. Recent
advancements in Artificial Intelligence technology is rapidly changing the ways in which
accounting and finance operate. The articles states that "Labor and time-consuming tasks of
finance and accounting, which include – audits, banking, tax preparation, bookkeeping,
reporting, and payroll, have become successfully automated with the help of AI." (Adams,
2022). This type of automation frees up time for more important, and less time-intensive
operations like managerial tasks and financial statement analysis, so much so that "one-third
of accounting firms spend anywhere from 51 percent to 75 percent of their time on repetitive,
low-value tasks." (Adams, 2022). This advancement in technology seems very promising, and
may be the key to allowing companies to grow bigger than before. Automating repetitive
tasks that have less value than other important tasks associated with the accounting process
takes some of the burden and workload off professionals so that more of their free time is
spent on trying to make the business flourish, which to me sounds exciting! d
Reference:
Adams, K. (2022, August 15). How AI will impact the accounting and Finance Industry. Data
Science Central. Retrieved August 17, 2022, from https://www.datasciencecentral.com/how-
ai-will-impact-the-accounting-and-finance-industry/
https://randerson112358.medium.com/how-disney-world-uses-big-data-24de9c1175a5
Whitmire, M. (2022, May 5). The future of accounting is much more than crunching
numbers. Forbes. Retrieved from
https://www.forbes.com/sites/forbesfinancecouncil/2022/05/04/the-future-of-accounting-is-
much-more-than-crunching-numbers/?sh=3d0dec9aac91
https://www.pluralsight.com
