THE ASSESSMENT OF MANAGEMENT ACCOUNTING IN THE ERA OF INDUSTRY 4.0
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- NGN 3000
Abstract:
This study assesses the role and adaptation of management accounting in the era of Industry 4.0 in Lagos State, Nigeria. The objectives are to: (1) evaluate how Industry 4.0 technologies impact management accounting processes, (2) assess the influence on decision-making and strategic planning, and (3) analyze the challenges of integrating advanced technologies into management accounting. A survey design was chosen to gather comprehensive data from financial managers and technology officers. The sample size, calculated using Taro Yamane's formula, ensures representativeness with a 95% confidence level and a 5% margin of error. Dangote Group was selected as the case study due to its implementation of Industry 4.0 technologies. The reliability coefficient score of the survey was 0.95. Findings indicate that Industry 4.0 significantly enhances the efficiency and accuracy of management accounting processes, improving decision-making and strategic planning. However, challenges such as technology integration and training needs were identified. It is recommended that companies in Lagos State invest in Industry 4.0 technologies and continuous training to maximize their benefits in management accounting.
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