In the final episode of Season One, we look at how technology and cultural shifts are impacting the accounting industry. Cited in this podcast is Joseph Schumpeter, an Austrian economist, known as one of the greatest intellectuals of the 20th century.
Creative destruction, a term coined by Joseph Schumpeter, describes the process of how innovation deconstructs long-standing arrangements and frees resources to be deployed elsewhere. Schumpeter describes the process as one that results in losses alongside profits.
The accounting industry is undergoing a destruction caused by technology and cultural shifts. Therefore, demanding a new skillset from accounting professionals who wish to remain successful.