L. Gary Boomer predicts that metavers will increase the collaboration of accountants

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 from Boomer Consulting, and the metavers will be key.

Broadly speaking, the term “metavers” refers to the ecosystem of digital environments within virtual reality and augmented reality, as well as its intersection with the physical world. While the precise definition is difficult to pinpoint, it generally emphasizes collaborative conversations and digital human interactions. Boomer noted that mass migration to remote labor represented the profession’s first immersion in the idea.

“I think of metavers when we talk about remote workforce and how you manage a hybrid workforce in the future. You know there are a lot of tools related to that,” he said. “Companies have really advanced at least five years a day with the pandemic, and some were prepared because they were already trying and trying, and others were procrastinating and fear of the unknown prevented them from experimenting… they had to learn and it was quite difficult, but many were prepared for a virtual environment and found it worthwhile.

There have already been significant investments in this area, and Boomer hopes that this will continue in the future. Accounting companies that have been prepared for this moment could have an impact similar to being first in Zoom or Teams, but in a completely new space. Because the idea of ​​metavers is so new, there are still many ideas that first-time 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 distance work has taught them that their hiring efforts don’t have to stop at home. As the metavers matures, Boomer predicted that it will increase the ability of companies to get the best talent in the world. 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.” “The global workforce will certainly be advantageous. We’ve already seen outsourcing at its peak since 2004 and 2005, when there was a lot of press about it,” said Boomer.

This will be even more so 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 successfully.

And that means they even have a penchant for doing so: Boomer lamented that many companies have a culture that will prevent them from capitalizing on these changes. Companies need to understand that this is not about offering traditional services in new ways. It is a total transformation of the company.

“There are a lot of people, including myself, talking about it, and it’s really based on skills, tools and mindset. You see a lot of skills become obsolete, but if you don’t have the mindset to upgrade your skills and be a lifelong 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 a real anxiety about what the change means for the profession as a whole. Boomer, however, said people should not necessarily care because the profession has seen many such changes in the past.

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

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

As the global economy is increasingly driven by technology, so is the accounting profession. Gone are the days of manual calculators and pen-filled spreadsheets. Instead there is a technological age where even the most routine office functions are now managed by sophisticated computer programs. In this world, things that once seemed like science fiction are now commonplace, so intertwined with everyday life that they are barely noticeable.

But what is beyond? What are the limits of what we can achieve right now and what is beyond our reach? And how will the profession be affected once they are within reach? These are the questions we want 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 with us their observations, hopes, concerns, and even and all some predictions. here and there.

See you at the border.

Leave a Comment