How Management Accounting can benefit from Internet of Things (IoT)
A literature review about IoT and Management Accounting. The Internet of Things (IoT) will have a great impact on the economy by transforming the enterprises into digital businesses. In this process, Management Accounting should play an essential role. The paper gives arguments of why and how to involve Management Accountants in current or future IoT planning and identifies and presents some of the most interesting opportunities for IoT utilization in Management Accounting. IoT enables the use of real-time data and supports predictive analytics. Management Accountants can help to establish new business models based on IoT and can leverage IoT to reduce costs and mitigate risks. These opportunities are based on the changing role of Management Accounting from a conventional financial reporting perspective to a more strategic and proactive role with decision-making responsibility.