ABSTRACT
Organizations have sought competitive cost advantage in the acquisition cycle through software associated with e-procurement, expense management, payment technology, data mining, ERP “bolt-ons,” and regulatory compliance. The net effect of advancing technology has been a convergence of the different business processes operating within the acquisition cycle such that the potential exists for one basic procurement process and payment tool to support multiple business applications, greatly improving organizational efficiency. Thus, this paper examines (1) processes within the traditional acquisition cycle and the technological and control drivers that sustain them, (2) how emerging technologies (in particular, card-based payment technologies) are disrupting the acquisition cycle, and (3) how new technology represents a paradigm shift for accountants and educators that requires a significant reconsideration of the nature of and balance between key controls, risks, and efficiency. The paper also examines the impact of acquisition cycle change on organizational structures, the role of accountants, accounting education, and student preparation for the competitive market.
