Technology continually develops, becoming more complex but yet user friendly at the same time. Therefore, the corporate sector has implemented the conveniences offered by technological advancements in the business operations. With its rapid growth, the impacts of technological developments pose both influential and destructive implications to the business industry. This provision is mainly attributed to the fact that networking leads to excessive sharing of information that could be used for exploitative ventures. However, implementing proper security measures while incorporating these developments to the corporate sector is imperative. This claim is mainly attributed to the fact that the advances fostered through technology have revolutionized the methods for transferring information among institutions. With the introduction of the internet and electronic mail, communication and access to general information have been made relatively easier and much faster (Orzan et al. 1003). Additionally, advancements, such as cloud computing, make the storage and retrieval of corporate information less challenging for individuals in the business industry. This essay seeks to provide insight on how the development of technology will shape the future of the corporate industry. Undoubtedly, the advancement in technology will have a considerable impact on the quality of services offered within the corporate industry in the future by optimizing fields such as accounting through cloud computing.
My career field is accounting. This sector majorly deals with the systematic record keeping of business transactions, which involves much of data numeric. Otherwise, everything has to be sourced analyzed, recorded, and interpreted to allow proper decision making. Accounting requires utmost accuracy and diligence as you are working with a whole bulk load of raw data. Because of the size of the data and complexity of the processed information, humans are much prone to making errors. According to the Alali and Yeh, even the tiniest of errors in the accounting of financial data could cause multitude of wrong information resembling a chain reaction as one pieces of information is dependent on the other (178). Technology, however, has considerably improved how the accounting field is managed. This provision I mainly accredited to the fact that the computer keeps track of the transactions, analyses the results, and generates reports on behalf of the user. Technology also allows an error check where particular programs could warn an employee if any data entered may be incorrect. Though computers have not completely eliminated errors and inaccuracies, technology have significantly improved accuracy and reliability in accounting.
Cloud computing is my chosen technological platform. It has been essential due to the role of technology in facilitating its growth. I have chosen this particular technological sphere as I predict it would affect my career in the field of accounting. It is a relatively new advancement as it is continually being implemented by organizations. Due to its convenience in the storage and retrieval of data, it has the potential of growing and being developed in a manner that best suits the activities in the accounting practice. Cloud computing can best be described as the ability to store and access your data and information from a “virtual” platform without having to use a physical hard drive (Kaufman 107). It is state of the art digital technology allowing an employee to access stored information and data straight through the internet without having to be physically present where the information is stored.
My predictions of where cloud computing is headed are endless and very optimistic. This is because I view this kind of technology as being very innovative, ingenious, and quite applicable in many fields. Its possibilities are unquantifiable with the current advancements in technology and the incorporation of the internet in the corporate field. Furthermore, it is relatively easy to adopt and implement this technology as it has multiple advantages. I predict that shortly physical storage facilities for every computer that is the hard drives will be phased out. They would be replaced by cloud computing that allows much better access and secure storage of information (Wei and Qiao 9). In fact, the ability to access information from anywhere even without having physical access to the hard drive in which it was stored would be made possible. This can be achieved by synching devices to one cloud server allowing them to have access to the information even from completely different locations.
The integration of cloud computing with the corporate field will enhance the performance of the accounting industry. According to Schmidt et al., “cloud computing services are finding rapid adoption as organizations seek cost reduction, technical expertise, flexibility and adaptable mechanisms to attain advantages in fast moving business environments” (171). This claim outlines the necessity to create a system or systems that would overlook and govern the use and management of the sensitive information shared by the companies. Additionally, Maughan notes that IT management and cloud computing governance needs to be an integral part of corporate governance (11). This proposition implies that cloud computing would affect my future career by creating rules and regulations that would oversee the use of stated information, and I would be required to operate within appropriate guidelines. Therefore, this advancement could potentially create a new field of work regulation and the supervision of the information shared through the cloud to ensure it is correctly used. In brief, this advancement affects my future as it creates a new work ecosystem.
The performance of cloud computing in the accounting field is promising since no regulatory principles inhibit its implementation. According to Maughan, the Financial Conduct Authority clearly notes that “there is no fundamental reason why financial services firms cannot use public cloud services as long as they comply with the FCA rules” (10). This claim indicates that there are no legal restrictions barring firms that may wish to embrace cloud technology. This provision affects the future of accounting because it means the firms providing such services would easily penetrate into cloud computing. As a result, such intrusion would allow substantial access to information from any particular place at any time making the information much reliable and accurate as it is current and well updated. Moreover, due to the remote access to information, higher productivity would be embraced in the accounting field (Orzan et al. 1005). The information would be received and disbursed timely as multiple users can access it without having to travel to where the source is, which wastes much time. These conveniences present multiple benefits to the accounting field. For starters, cloud computing will enhance the level of distributed processing due to timely access to information. Additionally, it would prevent unexpected instances of data loss since information is properly backed up in multiple sources. Therefore, cloud computing will be an influential advancement in the accounting field.
The cloud computing technology has the capability to influence the accounting sector positively by reducing operational costs. Alali and Yeh provide an overview of cloud computing, defining its growth, evolution, benefits, and possible disadvantages. Alali and Yeh (28) note that cloud computing has many benefits including the reduction in capital investment. This would directly affect my work in the future as it would mean that the firm can save up on limited resources, being able to invest them in other areas such as employee salary. It may become easier as budgetary strains and cuts reduced ensure that the accounting field receives the much needed and deserved funding that it appropriately requires. There are also recommendations about the ways to improve data privacy and security, which affects future work in accounting. Thus, the technology would increase the safety of the accounting information, reducing the possibilities of being misused drastically.
Due to the continual advancement in technology, cloud computing will be embraced in many corporate fields. Kaufman states that with the increasing technology many involved in the business are starting to embrace it (107). The article highlights that as businessmen have increased their familiarity with the computer, they have begun to use it in increasingly sophisticated applications (Kaufman 107). This provision implies that the managers can in a way predict particular outcomes before they occur by taking into consideration many aspects at once. This change would affect my future work as it would allow me to be able to analyze my accounting information in a much more accurate and faster way. Shortly, I could be at an appropriate position in many variables and obtain different information allowing me to be much more prepared in case of any issues that may arise. This could also mean that I would need to be well informed and educated on how to use a computer. The accounting practice will be optimized due to the usage of computer software in analyzing and interpreting processed data.
Social media has created a whole new platform for conducting business. With its growth and success, conducting business becomes that much easier and in a way cheaper. The growth of social media has greatly increased communication and access to fast-changing information. My work could in the future be affected by social media as I would have real time reports on business growths and activities and changes in the markets allowing a much more accurate and up to date recording of accounting information just as long as the sources posting on the social media platforms are reliable and trustworthy. Orzan et al. try to look at just how technology has improved business communication and information access (1005). It explains the fact that most companies have embraced technology for their advantages such as improving relations with customers and online marketing (Orzan et al. 1005). Online marketing is a whole new field allowing businesses to access much more people easily. It is cheaper and more effective than the advertisement would be used to target the customer. This would affect work in the future as it would completely change the face of marketing allowing a more population-specific approach.
The technological advancement is this discussion has the potential to replace actual human labor. In the article, A World with no Jobs, Derek Thompson tries to envision the world where technologically advanced machines have taken over all of the jobs. He pictures the world where technologically advanced human labor would become irrelevant, unrequired, and obsolete. This may seem like enticing; however, it clearly would have its side effects. Thompson notes “the jobless don’t spend their time socializing or taking up new hobbies instead they watch TV or sleep” (54). This means that they become unproductive. He argues that the effect that technology may have on the world because of the occurrence is that machines can at one point do what we cannot do without them (Thompson). If it ever happens, it would be bad as humans need a sense of accomplishment which they achieve by doing their work, but in this case, the machines would take this from people. With cloud computing in mind, it is worth noting that his advancement will complement the advancements in the corporate industry by making data retrieval easier than it is through local storage. As such, the argument presented by the abovementioned author does not reflect the implications of cloud computing on the corporate industry.
Many have a prediction of what the future of technology may hold. In the novel Feed, Andersons depicts a dystopian vision which means a predicted undesirable future. The author does not like the way the future may appear to be. He envisions that in the near future many humans would be interconnected through devices that would be place inside the brain (Anderson 2). This device, according to the author, would enable accessing the information and even advertisement would be transmitted directly into the brain. The device would allow access to another person’s information and even induce telepathy. The author shows that the feeds control most of the lives of the humans making them do what the person may not necessarily find appropriate or right (Anderson 12). This vision thereby depicts the possibility of having cloud computing define the future of the global accounting system.
In conclusion, it is important to note that the digital technology grows very rapidly and has many endless possibilities and applications in accounting work. As clearly illustrated, digital technology could have an enormous impact on how we work or perform our duties in the near future. Embracing growth in technology and allowing the modern society to grow right with it would help greatly as opposed to dismissing it, which could mean a significant problem for people as technology growth would just keep growing without living individuals behind. Additionally, there are some drawbacks in utilizing technological advancements. There is a need to assess the type of technology to be embraced in the future to avoid the hindrance of influential advancements such as cloud computing. Undoubtedly, the corporate industry will significantly benefit from the advancements in technology in the future if proper measures are taken to embrace these innovations.