IndexIntroductionFirst technology: Big DataAdvantages of Big DataDisadvantages of Big DataSecond technology: Robotic Process AutomationAdvantages of RPASadvantages of RPASabilities and skillsPreparing for the future of technological advancementConclusionReferencesIntroductionToday, the specifics of work in the profession of management accountant is significantly different from the traditional model adopted, this transformation is due to the development of Information Technology (IT), which has revolutionized this sector in recent years. The emerging use of technology has an effect on the efficiency and effectiveness of the work performed by management accountants, preparing for the future (ACCA, 2019ᵇ). It is therefore vital that finance professionals have strong IT skills, as well as developing their digital skills to adapt to changes. Furthermore, the expansion of digital technologies has changed the shape of the finance function, from the traditional hierarchical triangle, with a broad base and a limited number of roles at the highest levels, to a hexagonal structure, in which teams of experts cooperate and work as equals to achieve common business objectives (CGMA, 2019). Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Related technological development impacting management accountants is Industry 4.0, also recognized as the Fourth Industrial Revolution, or the Internet of Things. The fourth industrial revolution is currently in its infancy, but it is set to change the way accountants do their work. Furthermore, it represents an opportunity for those who are willing to embrace it (Deloitte, 2018). We can distinguish seven specific types of technologies included in Industry 4.0, which have an impact on the Finance Function. These are cloud, robotic process automation, big data, artificial intelligence, machine learning, advanced analytics, visualization and blockchain (Popkova et al., 2019). This report will focus on how robotic process automation (RPA) and big data impact early career accountants, as well as examine potential future changes. The use of constantly developing technology in the financial sector creates an intelligence growth model in which technology increases intelligence capabilities. The technical capabilities of robotics, along with the empathy and creativity of accountants, allow technology to enhance the capabilities of financial professionals, so accountants' work is more efficient and productive (CGMA, 2018). Technologies can learn from finance professionals and can be customized to meet the particular needs of the finance function. The term in which physical and robotic systems work together has been called Industry 4.0 or the Fourth Industrial Revolution, in which the role of accountants remains vital (Deloitte, 2018). Examples of technologies that fall under Industry 4.0, which impact the role of managerial accounting, are Big Data and robotic process automation (Popkova et al., 2019).First technology: Big DataA specific technology, which is included in Industry 4.0, is Big Data, a term that refers to large, variable, and diverse data sets. Processing and analysis are difficult but at the same time valuable, as they can lead to the acquisition of new knowledge by companies (Ke and Shi, 2014). Big Data is often available from many sources and comes in many formats, including the volume of information, the speed at which data is produced and collected, and the variety of data points covered (Baker and Andrew, 2019). It is believed that 90% of the data was only producedin the last two years and, according to IDC (2011), their size could double every two years. Furthermore, only 0.5% of all data produced is used or analyzed by companies. While the use of Big Data technology is heavily integrated into IT, management accounting is an evolving profession, gradually using data sets and analytical techniques to advise financial experts on forecasting decisions in financial markets (Cockcroft and Russell, 2018 ). An example of the use of Big Data by management accountants is the analysis of changes in the market and economy. Benefits of Big Data Big Data is vital to every organization's decision-making and operational strategies in the future. Although data has been used in accounting before the development of technology, it has never reached the capabilities it currently has (Berawi, 2018). Management accountants are considered well positioned to gain significant benefits from Big Data to support top management decision making. The use of Big Data can support management accountants in expanding their role to provide better insight into the organization's future prospects. As a result, Big Data allows management accountants to be traditionally seen as having a historical perspective on the company, to help leading executives make better decisions based on the accessibility of real-time information, which accountants possess of management. Therefore, management accountants are becoming strategic business partners and consultants due to the accessibility of valuable information from big data (Chambers el all., 2015) Disadvantages of Big Data The role of management accountants has always been to make decisions, transforming raw figures and facts (data) into meaningful information, which allows decisions to be made. However, one of the main disadvantages of Big Data for management accountants is the amount of data sets available. According to Șerban (2017), digitalization is described as “the process of collecting, converting, storing, accessing and processing information in a format understood by digital devices”, therefore it has caused a large increase in the amount of data available. Twice as much data will be available by 2020, making it more difficult for management accountants to examine valuable information that helps in decision making. The likelihood of data being transformed into value-added information is almost too high to consider. As stated by Myler (2017), a 10% growth in data implementation would have a direct impact on increasing revenues by $65 million, along with companies recognized in the Fortune 1000. However, most data it is not used, so the benefits never materialized. Second Technology: Robotic Process Automation Another specific technology, included in Industry 4.0 is robotic process automation. RPA is an essential technology in management accounting, according to Ciufudean (2018), around 33% of financial experts say RPA is a vital tool for businesses. RPA is software that allows management accountants to automate repeatable, simple, high-volume tasks traditionally completed by finance professionals. By implementing RPA, companies are able to computerize manual financial tasks and Excel, where compliance risks and errors are minimized (Häuser and Schmid, 2019). One of the examples where RPA is used by management accountants is comparing budgets with actual results, the results are then analyzed and studied by management accountants. As stated by Fernandez and Aman (2018),RPA allows the company to increase efficiency and reduce costs, in addition, management accountants are able to focus more on strategic work, allowing them to focus on strategic work, which adds value to the company.Advantages of RPAOne of the main benefits of RPA for management accountants is the reduction of time spent on routine tasks and, according to KPMG (2018), RPA allows 40.5% of companies to focus on high-value work, reducing labor manual. Therefore, using RPA allows management accountants to use their time for higher-level tasks, as well as for better decision making. For example, Quad Graphics has computerized approximately 50 financial processes, consequently improving their cash flow by tens of millions per day (Automation Anywhere 2018). Additionally, the benefit of RPA includes increased efficiency and effectiveness for management accountants as a result of reduced errors. Robots are constantly (24/7) able to carry out their work independently, which is classified as a step towards real-time accounting. Traditionally, accountants manually entered data into each system separately, consequently "swivel chair processes" refer to manual and repetitive tasks in the finance department, and the introduction of RPA has brought "swivel chair processes" towards extinction. The software helps with automated tasks, such as transferring data between systems, without errors, offering the potential for greater efficiency. Furthermore, management accountants will be able to improve their judgment as the data is free from errors (Madakam et all., 2019). Disadvantages of RPAThe manual tasks performed by management accountants have been automated due to the introduction of RPA and could be classified as a disadvantage alongside the finance profession. As a result of the decreased need for accountants' input, management accountants could potentially lose their jobs if their work consists of repetitive tasks. It represents a key threat to the financial market as most automation technologies, such as RPA, have the ability to reduce jobs (Fernandez, 2018). Capabilities and Competencies Today most of the organization is made up of two distinct categories within an accounting department, which are Routine Accounting and Consultative Accounting, rather than comprising multiple specialists, for example, Financial Accounting, Management Accounting, Taxation and Audit internal. Management accountants fall into the category of consultative accounting and traditionally management accountants would do their work in isolation, providing floating spreadsheets with numbers. However, management accountants are currently expected to work collaboratively with business units and internal clients. Additionally, words like “Analysts” or “Financial Business Partners” (FBPs) are used backwards to describe management accountants. According to CGMA (2015), the Finance Business Partnering role “begins after standard reports and analyzes have been produced. At this point the focus shifts from accounting to management. This is when management accounting disciplines are applied to the business and insights are developed that inform decisions and improve performance. Consequently, to be an effective FBP, management accountants must develop appropriate professional (or soft) skills and technical expertise to adapt to changes due to the emerging growth of technology. Additionally, the CGMA competency framework was created to help ifinancial professionals, such as management accountants, to identify the skills required for current and future positions (CGMA, 2019a). It is essential that management accountants improve their data analysis and visualization skills, this is due to the analysis or use of just 0.5% of all data produced by businesses (IDC, 2011). After generating data, accountants will need the skills to draw valuable insights from the results to assist in decision making (O and Wang, 2019). Therefore, this indicates the tendency of the management accountant to take a more strategic position within a company. Additionally, finance professions will need to develop their data visualization capabilities, management accountants will need to evaluate data visualization choices to present data to stakeholders, and it will be critical to examine complex Big Data through simplicity of design, often using advanced visualization (O and Wang, 2019). Apart from technical skills, they are necessary for management accountants to improve their soft skills such as communication and teamwork. This is due to the evolution of the finance function from the traditional triangular shape to the hexagonal structure, where teams of experts collaborate to achieve shared goals, so finance professionals must work together and communicate with other business functions, such as marketing or sales. In addition to improving these skills, it is essential that management accountants develop their technical skills. According to CGMA (2015), in recent years the finance function has greatly involved technological innovation, for example, big data and RPA to improve decision making. However, today's financial sector may be lagging behind other customer-facing departments, which invest extensively in digital technologies to capture valuable data. Additionally, many companies provide training to employees who may have difficulty adapting to technological changes. An example would be that of an FHR company, which provided robotic process automation software training to its management accountants, therefore, finance staff who did not have adequate IT skills were effective in using the software after have successfully completed the training (Hagel 2018). Preparing for the Future of Technological Advancement The pace of technological change is increasing significantly and, as a result, will affect the role of the accounting profession. The vital technology, which will influence finance professionals in the future, is the fourth industrial revolution, hence the prospect of the arrival of Industry 4.0 which is both intriguing and credible, and it is essential that accountants anticipate its possibilities. Although there are numerous statements stating that several management accountant positions will be made redundant, there will be many opportunities for people with an understanding of the new computerized system to gain experience in emerging technologies, for example, the fourth industrial revolution is likely. remain in demand (Vetter, 2018). Furthermore, employers' requirements for employee skills change with the emerging development of digital technology, therefore it is necessary for Early Career Management accountants to identify the technological skills and competencies required currently, as well as in the future by employers Work. Big Data could also be used in the accounting profession in the future, offering financial experts the opportunity to gain a strategic and forward-looking role in the organization. Trained to collect and analyze financial information, accountants of