L. Gary Boomer Predicts Metaverse Can Enhance Collaboration For Accountants

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

Very broadly, the term “metaverse” refers to the ecosystem of digital environments within virtual reality and augmented reality, as well as their intersection with the physical world. Even if the exact definition is difficult to pinpoint, it often promotes collaborative conversations and digital human interactions. Boomer noted that the increased migration to remote work represented the first professional diffusion of the idea.

“I think of the metaverse when we talk about the remote worker and how you manage a hybrid worker in the future. You know there are a lot of tools related to that,” he said. “Companies are doing that. progressed at least five years into the night of the pandemic, and some were preparing because they had already tried and tried, and others were procrastinating and fear of the unknown prevented them from experimenting. . That’s why some of them have to learn and it’s hard, but many are preparing for a virtual environment and they find it pays off.

There are already major investments in this area, and Boomer expects this to continue in the future. Accounting firms preparing for this opportunity may have an impact similar to the first Zoom or Teams but in a new space. Because the idea of ​​the metaverse is so new, there are many ideas still in place that can be taken advantage of by early adopters.

One of the biggest benefits for pioneers is increased access to the talent of a worldwide workforce. Once again, companies are already seeing its beginnings, because remote jobs have taught them that their recruitment efforts don’t have to stop at home. As the metaverse matures, Boomer predicts that the ability of companies to recruit the world’s top talent will increase. He recalls a quote from Bill Joy, the founder of Sun Microsystems: “‘Even if you have smart employees, the smartest employees in the world work for someone else.’ “So, access to collaboration and a global workforce will definitely prove beneficial. We’ve seen outsourcing at its peak since 2004, 2005, when there was a lot of press about it,” Boomer said.

This is even more the case as the profession continues to digitally change. While many recognize the importance of automation, data analytics, and other changes to traditional practices, not everyone has access to enough local talent to successfully implement them.

And that’s to think they’re inclined to do so: Boomer laments that many companies have a culture that prevents them from taking advantage of these changes. Businesses need to understand that this is not about offering traditional services in a new way. This is a complete change of company.

“There are a lot of people, myself included, talking about it, and it’s skill-based, tool-based and mind-based. You see a lot of skills become obsolete, but if you don’t mind update the your skill and being a continuous learner, can be a challenge, ”he said.

That’s in part because people don’t want to stop restricting, but other times it’s because of genuine concern about what it means to change the profession in general. Boomer, however, said people don’t have to pay attention because the profession has seen a lot of changes in the past.

“We’ve seen it before in the profession: people are worried about losing their jobs. Jobs aren’t losing, but [accountants] have a different job and have to learn something new, ”he said.

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

As the global economy has become increasingly technology -driven, so has the accounting profession. The days of hand-cranked calculators and pen-filled spreadsheets are long gone. In their place is a technological age where even the most routine office functions today are managed by sophisticated computer programs. In this world, things that once looked like science fiction are now so commonplace, so involved in everyday life that they are virtually unnoticed.

But what’s more? What are the limits of what we can achieve now, and what cannot we reach? And how will the profession be affected once they arrive? These are the questions we aim to explore in Frontier, a new regular series in which we explore cutting edge accounting technology through conversations with thought leaders across the country, to share with us their observations, hopes, worries and even some predictions. here and there.

Let’s meet at the border.

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