BEIJING, CHINA – Media OutReach – September 8, 2023 – Accounting and finance professionals in mainland China are adopting new technologies at a rapid pace, according to one of the world’s largest accounting bodies. A new report from CPA Australia reveals that a growing number of businesses have adopted digital transformation strategies.
CPA Australia’s 2023 Business Technology Survey was conducted from May to July 2023 in the Asia Pacific region. We received responses from 697 finance and accounting professionals. About a third of those surveyed hold management or other higher-level positions.
We found that a remarkable 85% of companies in mainland China have a digital transformation policy, an increase of five percentage points compared to the same period last year. This is the highest percentage of companies from the Asia Pacific region featured in the report.
This trend is expected to continue, as 85 percent of respondents in mainland China agree that their employer plans to increase their use of technology in the next 12 months.
“The digital economy has become a key driver of economic growth. Despite myriad uncertainties and challenges in mainland China’s economic recovery, we are pleased to see that companies have continued to invest in digitalization and “innovation,” said Tony Chan FCPA (Aust.), vice-chair of CPA Australia’s South China Committee.
“It is positive to see a growing awareness and willingness of SMEs in mainland China to digitalize. Seventy-six percent of SMBs surveyed said their company had a digital transformation strategy. This is eight percentage points more than last year’s survey result.
“We welcome the government’s recent support for mainland China’s digital economy. This could strengthen businesses’ confidence in investing in digitalization and innovation. Such actions could improve their operational efficiency, enable digital transformation industries and inject vitality into economic growth.”
Artificial intelligence (AI) is the technology that mainland Chinese companies have used the most over the past 12 months, according to the report. Sixty-nine percent of respondents said their company had used AI in the past 12 months. This is nine percentage points more than in 2022 and well above the survey average (55%).
“A series of policy support initiatives and the rapid development of generative AI have significantly boosted AI adoption in mainland China,” Chan commented. “To reap the rewards of future innovations and improve their competitiveness, we recommend that companies continue to hone the technological capabilities of their employees.”
When respondents were asked which technologies they expected their organization to use more of in the next 12 months, data analytics and visualization software (37%) were the most popular options. Additionally, more than a third of respondents expect their company to increase technology training for its employees.
According to Collin Jin FCPA (Australia), member of the East and Central China Committee of CPA Australia, “Investments in areas such as data analysis and talent development can help businesses gain valuable insights and target investments for the next stage of digital transformation. Data capture and analysis could also accelerate the ecological and low-carbon transition of companies and guarantee their long-term sustainable development.
As mainland Chinese businesses move toward a more demanding and complex stage of digitalization, challenges have also emerged. The survey identified that complex legacy systems (29%), financial costs and low ROI (26%), and data privacy concerns (25%) are the main barriers to technology adoption. in mainland China.
“We understand that replacing complex systems can be difficult and sometimes expensive, but outdated systems can impact business performance and profitability. To address this challenge, we recommend that businesses continue to allocate appropriate resources to review their IT infrastructure and systems to ensure they meet internal requirements. external needs and demands,” Jin commented.
“Given the pace, complexity and costs of technology development, it is imperative that businesses pay attention to the ROI of technology and digital transformation projects and identify the right technology tools and software for the organization.
“We also recommend that businesses place greater emphasis on digital solutions that improve their efficiency, build resilience and strengthen their competitiveness. Examples include digital tools that improve supply chain management and customer service.
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CPA Australia Business Technology Report 2023
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