Digital Disruption: A Threat or an Opportunity?
Before, it was just a basic technological shift in our everyday lives – mobile phones replace telephones, CDs became a substitute to cassette tapes, and laptops supersedes personal computers. But now, internet-based technology has taken over every other industry –streaming sites displaced music & video stores, voice messaging apps overtook telecommunications companies and social media outplays print.
We are already in the digital age, and in this pace of technological evolution, the quicker you adapt, the earlier you will reap the advantages. Large global companies are leading the digitisation: luxury brand Burberry has climbed on board with digital marketing techniques, prime home appliance company General Electric (GE) has invested in software and analytics to drive growth, footwear manufacturing hulk Nike has created a dedicated division that develops digital innovations for its customers, and accounting giant PwC is banking on new digital offerings such as an online tax rebate tool.
Disruptive technology has shaken up different industries and the accounting world is no exception. A research by Global Center for Digital Business Transformation of the International Institute for Management Development states that “digital disruption now has the potential to overturn incumbents and reshape markets faster than perhaps any force in history.”
The digital disruption in the accounting industry comes in the form of cloud computing. This force is redefining the business process of accounting as automation makes manual data entry easier and accessible. The result? Accountants have more time to focus on more value-adding tasks like offering advice than being buried in compliance work. Technology itself will help accountants save time and access information in real time.
You might be wondering, how can your firm stay relevant amidst this digital disruption? It’s simple: embrace the change. Going digital is the future of accounting industry and in order to get ahead, you need to start sooner. Digital disruption is an opportunity disguised as a challenge and if you continue to live in fear of change and just settle for good old ways, you will be missing out on a world of great chances.
Now, is it possible that the most successful accounting firm doesn’t do all the compliance work? The answer is a big, resounding “Yes!” and this could be your firm.
The Outsourced Accountant supports Australian and New Zealand accounting firms by helping them understand and implement outsourcing solutions to help them become more proactive and truly add value to their clients. If you want to know more about outsourcing, call us at 1300 896 522 / 0800 452 853, and download our e-book.