The Effect of the Information and Communication Technology on the Cost Management System (CMS)

Abstract

Over the past centuries, business practices and accounting procedures developed and matured a great deal, yet at a relatively predictable, slow, and controlled rate. However, in the apparent twinkling of an eye, information and communication technologies (ICT) has disrupted the peaceful existence by radically transforming the manner by which business is conducted across the world and altering us to many challenges that lay ahead.

Egypt is no exception from other countries. Information Technology (IT) is now considered an engine for the growth of the Egyptian economy. This section is growing with very high rates, outpacing many other important sectors and overall economic growth. There is a diversity of opportunities attracting local and foreign companies to invest in the ICT sector in general and information technology in specific. This will be discussed in details in the following chapters.

Information and communication technologies (ICT) have forever changed many aspects of business and accounting practices and, as a result, offered new and exiting research opportunities to accounting professionals and academics.

This is because ICT has affected a vast scope of different subjects in all areas. One of the areas it affected is the cost management area.