Accounting & Metaverse – by Futurist Dimitri Dimitriadis

Futurist Dimitri Dimitriadis captured the attention of delegates at the AGN World Congress 2022 in Athens, with his two-part session titled “Future is a human invention – Future Mindset and how to be futureproof. In this article, Dimitri explains what the Metaverse means for accounting professionals and how firms can enter the Metaverse.

The accounting industry is rapidly evolving.

With any evolution, whether Darwinian or technological, those who aren’t willing to adapt will be left behind. The outlook for accounting professionals links to the economic health of the country. The Metaverse can potentially create entirely new revenue streams for accounting professionals – perhaps a new income ‘world’.

This virtual universe is still in the early development stages. While the reality of what will evolve remains to be seen, many businesses strive to understand this economy’s potential, build engaging products and offer services in virtual worlds.

Entering the Metaverse

Think about how much time your target audiences could spend in the Metaverse and calibrate your speed of attack appropriately — brands focusing on younger demographics, for example, probably don’t have the luxury of sitting out the Metaverse for long. Who are your target demographics, and what behaviours are trending with your current and prospective consumers right now that are indicators of how fast to move into the Metaverse?

Ask yourself; Does the Metaverse give your firm opportunities to not only try new things but also to accelerate your purpose or long-term goals, like sustainability, which is well suited to many applications of the Metaverse?

Benefits of the Metaverse

Almost every company has already made, or will soon make, a public commitment to sustainability-related targets, which will soon be measurable. What can you pilot in the Metaverse that allows you to test more sustainable approaches to serving your customers?

Actions for accounting professionals

Most importantly, people in accounting should start thinking about how to thoroughly educate themselves and understand the web 3.0 landscape to unleash their creativity in this new medium.

Suppose the creative palette expands dimensions in the Metaverse. In that case, we should be excited to create experiences at any point in the customer journey, from acquisition to engagement, to transaction, to customer support, which has the potential to be both spectacular and stickier than before.