Innovations in Internet and Information Technologies in Organisations

Advanced Management
Accounting

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
Critical analysis of how innovations in internet as well as related information technologies are
transforming organisations together with how they affecting work of management accountants
......................................................................................................................................................1
PART B............................................................................................................................................5
Choosing ant company and analysing its current situations in order to design, develop and
outline a Balanced Scorecard for the business.............................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Advanced management accounting could be defined as a concept that is organised nearby
to emphasis on tactics which enables organisational managers to contribute in successful
navigation of attainment of mid to long term objectives. It was developed for the purpose of
providing information that is appropriate to make decisions within dynamic environments (Wu
and Wang, 2020). It includes techniques that are multidimensional composite of planning
addition to controlling subsystems which provides information for decision making as well as
improving performance of the venture. For understanding about advanced management
accounting, selected company is Farmfoods Limited which carry out its operations in retail
industry. It is frozen food supermarket chain whose headquarters are established at Scotland, UK
since 1955.
The project file is prepared in two parts wherein Part 1 includes analysis of technologies
and the ways they have transformed digital economy, ways in which digital technologies effects
accounting and assess opportunities, limitations concerned with digital technologies. On other
hand, Part 2 highlights development along with outline of Balanced Scorecard for the entity.
PART A
Critical analysis of how innovations in internet as well as related information technologies are
transforming organisations together with how they affecting work of management
accountants
Internet could be said to global system of interconnected computer networks which
makes usage of Internet protocol suite with the hope of communication among networks and
devices. Similarly, information technology is termed to study, design, development, execution
and management of information system that are based on computer to work well for humans
(Cleary, 2015).
In an organisation, information technologies plays plays crucial role in facilitating storing
together with regaining wider information in quick time through hardware and software
workstations in comparatively lesser costs. With passage to time, huge number of innovations
are analysed in internet as well as information technologies that acts as successful factor in
transforming businesses (Soderstrom, Soderstrom and Stewart, 2017). Some of technologies and
the ways they are transforming industry along with digital economy are as follows:
1

Cloud Services: It is a technology that is delivered on demand to businesses as well as
customers over internet. Major objective to design the internet technology is to provide
affordable and easy access to resources to entities without requirement of internal infrastructure.
For an organisation, cloud based infrastructure is essential for delivering flexible and on demand
access that underpins new digital offerings of entity (Pelz, 2019). In context to an organisation
for example, FarmFoods Limited, cloud service have transformed the practices as it permits
workforce in scaling infrastructure on the basis of requirement of support changing priorities by
making reductions in risks concerned with wasted IT resources with the help of which past
investments are inhibited in advanced digital services. Likewise, through cloud services, political
parties are able to dedicate more resources related to information technology fro creating as well
as continual development of systems that engages, insights together with action for improving
economic conditions. Information technology such as cloud service ensures that available
application and new digital services are managed consistently for security, scalability addition to
relatability that improves connectivity and radical changes in all aspects of the retail industry.
Artificial Intelligence: It refers to simulation of an individual intelligence within
machines which are programmed for the purpose of thinking similar to humans along with mimic
their actions. Most of modern entities have access of large volume of online data. In association
to an industry, artificial intelligence help in uncovering data insights which permits top players to
manage their resources so to serve better customers. The information technology is transforming
retail industry by increasing efficiency, accuracy along with speed across all branches of the
industry. For example, implementation of artificial intelligence in Farmfoods Limited have
played role on reshaping entire retail industry as it builds interactive chat programs for
improving customer engagement, algorithms engines translation allows in visual curation and
advanced CRM helps in dynamic outreach (Marotta, 2020). It have also empowered retailers
with high level of data which improves overall retail operations and provide new opportunities of
growth. Similarly, artificial intelligence is seen as backbone of upcoming digital economy. It
transforms digital economy through driving wider choices of commodities addition to services,
improving productivity of establishment by automating labour intensive roles and offering high
personalisation levels.
Blockchain: Blockchain technology is that one of effective information technologies
which stores transactional records associated to public in multiple kinds of database in network
2