by Felicien | Jul 13, 2017 | Education
Technology is changing nearly every industry, but few as significantly as the accounting field.
Here’s what you need to know about staying in business.
Accounting firms have always had a bit fo a rocky relationship with technology… and that has only been exacerbated by the developments in the last few years. The accounting industry has seen many radical changes in technology over the past decade, and many companies are trying to find ways to continue to catch up without having to repeatedly invest in the “new tech” every few years. Here are some of the biggest technology changes that are currently faced by the accounting industry — and what you can do about it.
Technology is Automating Much of the Accounting Sector
Bookkeepers are practically obsolete, and that’s not something that’s making everyone happy. On one end, accounting companies are now able to vastly reduce the amount of staff they take on. On the other hand, that also means fewer people in the accounting industry in general… it means careers that are shrinking. Long-term, there are going to be fewer accountants and financial advisors, because there simply isn’t the need for any “busy work.”
It’s not only that transactions are being automatically recorded, but it’s also that they are automatically analyzed. Tools are now being used for many of the things that accountants used to do, such as provide quick depreciation schedules. And because the technology is so simple and easy to use, they often don’t even need an accountant to explain the results to them.
In short-term this means industry disruption — but in the long-term this is is a positive thing. Accounting firms need fewer people and more technology, and they will be able to invest far less money into maintaining their overhead. Accounting firms will also be able to demand the best talent because the industry is going to be even more competitive.
Technology Means You Always Need to be Available
In the old days, it wasn’t uncommon for partners to get the middle of the night calls from their panicked clients. But this is even worse now that email, text messaging, and other avenues are open. Accountants can now expect to be “on call” to their clients almost constantly, and it’s not as simple as having business hours — the competition is answering their calls, so you need to too.
This means that there may be fewer accountants working in the data analysis areas (where technology is taking up the slack), but more accountants working directly with customers. Accounting is likely shifting to a more human-centric approach, helping individuals reach their business and personal financial goals rather than dealing with raw numbers. But this also means that people skills are going to become paramount, and accountants are going to have to get used to office hours that potentially don’t end.
Technology Is Changing the Way Accountants Think
Accountants who are graduating now have never dealt with paper tax forms, nor have they had to deal with sending in paper documents to the IRS or manually compiling payroll. In fact, many accountants are not used to setting up their own algorithms or doing their own accounting at all; all of the software now handles it for them.
For larger firms and older firms, this can be a bit difficult to work with. Accountants are no longer being taught many of the more basic fundamentals; instead, software solutions are doing the heavy lifting. For the most part, this really doesn’t make a difference.. the work still gets done. But for more complex cases, this can lead to mistakes or things being overlooked, simply because the accountants have no experience in it.
Accounting firms may need to adjust to this through training sessions and through on-the-job learning. Internships may need to be more intensive, and new hires may need to be introduced to some basic accounting principles. On the other hand, they will often already know how to use the leading software solutions.
Technology Is Making Accounting Accessible to Everyone
Finally, accountants are going to see their roles shift and possibly shrink a bit. Many people are now doing everything from their taxes to their investing on their own and they are rarely looking for an accountant unless they need something special done — such as opening a business. Accountants are going to see fewer casual clients and walk-ins. Those who rely on individual tax returns or individual advising for the bulk of their business are going to be the hardest hit.
This is going to be mitigated somewhat by the fact that accountants are now able to reduce their workforce, but accountants who want to remain healthy and competitive are going to need to be more aggressive with procuring clientele — and they may need to start offering more accurate services, such as portfolio analysis and business management.
Technology is changing the accounting industry not only quickly but also permanently. These are not trends: these are things that accounting firms are going to need to deal with for the foreseeable future. Accounting firms need to understand that many of the services that they provide are going to be rendered all but obsolete in the next decade. The role of the traditional accounting firm is going to need to advance to a technology-focused, customer-centric business model to survive.
If your {city} accounting firm wants to learn more about modern technology, its benefits, and its challenges, contact the experts at {company}. Call us at {phone} or email us at {email} to get started!
by Felicien | Jul 13, 2017 | Education
Predictive analytics can be used across enterprises to achieve a higher level of business success.
Predictive analytics are drastically altering the way that business is conducted. Organizations are using predictive analytics to make more insightful strategic decisions, measure human capital, and quantify growth decisions. In fact, when predictive analytics are incorporated into daily operations, businesses will be able to enhance their decision-making capabilities as they seek to achieve defined business goals in the most efficient manner possible.
How Can Predictive Analytics Be Leveraged Across Enterprises?
From optimizing processes to automating decisions, predictive analytics can be leveraged in a multitude of fashions.
Analyzing Human Elements Starting With HR Departments. — According to a recent study conducted by Deloitte’s Human Capital Trends, 51 percent of enterprises have established a direct correlation between their business impact and HR programs. As a result, predictive analytics are being used by 44 percent of companies to gather and analyze workforce data. As time progresses, companies will continue to use predictive analytics to improve hiring processes that are based on analyzed data sets.
Gathering Data Needed To Streamline Efficiencies. — Data is only as good as its quality; this means that companies must be careful to only use high quality and accurate data to make informed business decisions. Additionally, departments need to ensure that data sets are consistent across enterprises. In this vein, data should be checked for inconsistencies, duplications, inaccuracies, or incomplete information. Once the data has been scrubbed, it can be used to streamline enterprise efficiencies, such as make strategic marketing decisions regarding digital campaigns, SEO efforts, and other relevant factors.
Reduce Employee Turnover. — Did you know that predictive analytics can be used to reduce employee turnover rates? That’s right, through applied predictive analytics, HR departments can more efficiently sift through exit interview data, compensation, performance, and engagement data to more readily understand why an employee quit (or was fired). The latter data can then be leveraged during the hiring process to ensure that the right types of employees are hired in the future. In short, predictive analytics can save a company money, while simultaneously reducing the costs associated with high turnovers.
Enhance The Customer Experience. — Predictive analytics can be used to significantly improve the end user’s and customer’s experience. From marketing to finance, insurance to retail, healthcare to tourism, there is a multitude of industries that can use predictive analytics to improve customer interactions. For example, Netflix uses predictive analytics to learn what movies customers enjoy before suggesting new entertainment suggestions. Another prime example is Amazon. Amazon uses the data from predictive analytics to determine what a customer will buy so that they can provide “anticipatory shipping,” which streamlines the delivery process by sending packages to a relevant geographic region before the client actually finishes their purchase.
Improve Marketing Efforts. — Marketing efforts can be enhanced thanks to predictive analytics. As a decision-making tool, predictive analytics can be leveraged to help influence manufacturing optimization, new product development, and the number of up-selling opportunities. It provides the insights needed to transform copious amounts of data into powerful knowledge, which can be used to determine events before they happen, simulates potential “what-if” scenarios, reduces risks, and determine the best course of action in real time. Armed with these types of powerful insights, enterprises can redefine marketing efforts to properly align with business objectives and goals.
What Are The Business Advantages Of Predictive Analytics?
It is no secret that we live in a world where data is readily available. Unfortunately, organizing this information into digestible bits that can then be transformed into high-quality insights is a task that is a challenge for many enterprises. Fortunately, predictive analytics can and should be used to overcome hurdles by making smart business decisions. In fact, predictive analytics can help companies achieve the following business advantages:
More Intelligent detection of possible risks associated with business decisions, technology solutions, or customer interactions.
Prioritize workloads to optimize employee productivity.
Monitor progress and track the achievement of established SLAs and KPIs.
Detect patterns, initiate actions, and monitor results in real-time.
Aggregate and correlate information that is needed to make smarter business decisions.
Optimize processes and performance of technology, as well as employees, across departments.
Gather identity and relationship insights that can be used to effectively enhance the end user or customer experience to result in a higher ROI.
Monitor potential security threats, reduce risks and identify suspicious trends before a loss can occur.
Achieve an environment that is based on improved collaboration and control.
Encourage logic based decisions that result in both short term and long term gains.
The moral of the story is clear, predictive analytics can and should be used to achieve a wide variety of business advantages. From monitoring risk to make smarter marketing decisions, predictive analytics can help enterprises deliver superior customer experiences, while simultaneously creating an environment for increased sales and stronger business relationships. To learn more about using predictive analytics to your business advantage, contact {company} located in {city} via {email} or {phone}.
by Felicien | Jul 12, 2017 | Education
CIOs need to take the lead on creating enterprise digital transformation that leverages the power of cloud-first solutions, such as Microsoft Office 365.
Office 365 is one of the largest things to happen to business enterprises since the launch of Salesforce. With over 85 million users, Office 365 is a global force that is helping companies boost productivity, while simultaneously reducing the burdens felt by IT departments. As Microsoft seeks to continue its digital transformation, CIOs need to be prepared to rethink how they can use the platform to their advantage, while simultaneously rethinking the architecture required to get the most out of Office 365.
Why Do CIOs Need To Pay Attention To Office 365?
As a CIO, it is your job to lead your company’s digital transformation. This means that you must take into account your current and future needs by asking “is your network ready?” The use of Office 365 can transform your IT infrastructure by moving users away from desktop solutions, while also migrating the LAN to the cloud. The latter migrations can result in an increase of Internet-bound traffic by as much as 40 percent. To effectively leverage the benefits of this transformation, you must determine if your network is ready for a cloud-centric approach.
Preparing your network is made easier when you take into account the following factors:
Your system must be ready to move from a LAN based network to a WAN-based network.
Firewalls, Internet gateways, and proxies must be prepared for the migration.
You must do more than simply upgrade central gateways and increase bandwidth.
Through a flexible approach, you can redesign and restructure your network to support Office 365. However, to do this, you must look for information beyond your network. As CIO, it is your job to design, strategize, analyze, and implement your company’s digital transformation strategy. This means that you must recognize that your internal network will not typically be equipped to provide the optimal user experience when using Office 365 to its full potential. As such, you must accept that the open Internet can provide the network solution that you need to create a new, secure corporate network that is beneficial to your users.
Keep in mind that the decision to become a cloud-based or cloud-first architecture is not one that should be made from the top down. In other words, as CIO it is your job to coordinate your teams to discuss the networking, security, application support, risk, compliance factors that must be considered before a migration can be completed. Don’t let your teams fall back on traditional solutions that will slow down and complicate your digital transformation. Instead, grasp innovation by the horns to ensure that you have the technologies, controls, support, and digital practices needed to deliver benefits to your entire enterprise.
Speaking of benefits, before you balk at the thought of redesigning your network’s architecture, take a moment to explore the benefits of Office 365.
By restructuring your network to support Office 365, you can move away from the legacy architectures and promote digital transformational growth.
You can more easily scale your enterprise IT infrastructure to more readily meet evolving business needs.
Office 365 is designed to bring about positive digital transformations that will benefit the entire company.
Security is no longer dependent solely on internal network solutions; instead, a wider source can be deployed to strengthen cloud-based security applications.
Improved collaboration amongst employees is made easier (especially when employees are dispersed across locations or working remotely).
Increased productivity for users who need to work on multiple devices.
Enhanced opportunities for mobile usage, as well as easier setup, maintenance, and security.
Through the cloud-based solution, resources are freed up so that they can be strategically allocated.
The Bottom Line: Office 365 Can Help CIOs Complete Digital Transformations
It is clear that Office 365 provides countless benefits to any enterprise looking to continue their digital transformations. However, the issue that many companies encounter is the cost benefit. To ensure that the cost of equipment upgrades and network infrastructure enhancements do not surpass budget allocations, enterprises need to account for cost efficiency measures. In this vein, a transition to a cloud-first strategy is made easier when you work with a team of experts who have successfully deployed Office 365 enterprise solutions.
By working with the right individuals, you can ensure that you avoid the challenges of other enterprises, who have chosen to rely solely on internal networks during their digital transformation. Instead, you can leverage the power of Office 365 as a catalyst to increase user collaboration, improve productivity levels, streamline communications, and create the infrastructure needed for continued business growth. To discover how Office 365 can be successfully implemented within your enterprise contact {company} located in {city} via {email} or {phone}.
by Felicien | Jul 12, 2017 | Education
Our focus on lifelong learning ensures your business stays ahead; learn how automation is impacting jobs and why education matters so much in a variety of industries, from finance to healthcare.
New innovations are changing the way brands in all verticals do business, taking a lifelong learning approach to technology can help organizations and individuals stay up to date and make the most of these emerging abilities. A recent paper from the University of Oxford highlights the plight of many professions today – the fear that jobs will not be enhanced, but replaced by technology and computerization.
Researchers predicted that some occupations will be more impacted than others and that they could be 100% automated within the next two decades. Some of the hardest hit industries on professions include:
Bookkeepers
Tax Preparers
Cargo and Freight Agents
Watch and jewelry repair
Insurance claims adjusters and underwriters
Mathematicians (not including teachers)
Telemarketers and call center agents
Title agents and examiners
While this research is still in its infancy, it showcases the occupations and industries that are most likely to be impacted by automation. A few other studies back up these findings:
Wharton School of Business researchers predict that about 47% of the jobs in all developed nations will evolve or disappear entirely in the next 25 years; this figure covers both manual labor and white collar occupations as well.
Over at the McKinsey Global Institute, experts predict that more short-term changes are likely and that roles for humans will change, but not disappear entirely. At our current rate of automation, about 5 percent of all jobs will be automated in the next decade.
Computing giant IBM recently revealed Watson, a machine learning system that can answer questions and complete tasks in a very human-like way. Watson is disrupting the CPA business in a variety of ways; income tax giant H&R Block used Watson to prepare tax returns at 10,000 different locations across the nation.
While the most recent studies and innovations don’t totally agree on scope, they do agree that things are changing and in flux when it comes to jobs and automation. We’re committed to lifelong learning and to make the most of these new innovations for our clients.
So Now What?
All the advances in automation are a mixed bag for impacted professions; certainly, those in the finance and insurance fields need to be aware of and ready to adapt to new skills and automated workflow processes. Focusing on learning and expanding your talents now could pay off as automation continues to change the way businesses handle workflow and projects.
Lifelong Learning is Our Competitive Advantage in the Automation Age, Here’s Why
Learning Gives You a Competitive Edge
Learning new skills and to handle new and emerging technology gives both individuals and business owners a valuable edge in an increasingly competitive marketplace. Enhancing your existing skills with additional knowledge and abilities improves your marketability and allows you to be agile, even in a crowded market. You do not have to become an IT expert or learn a single line of code to efficiently and effectively use automation to your advantage.
By incorporating automation and machine learning into your existing workflow and processes, you are not giving up your role, you’re enhancing it. At the most basic level, automation is designed to handle those repetitive, mundane tasks that a human operator won’t enjoy or perform consistently and accurately. Automation still requires a human element to oversee processes, make real-time decisions and handle projects; it simply enhances your abilities, provides you with more, better data and the details you need to perform your job well.
Ancillary Skills Complement your Core Strengths
You already have an incredible set of skills – and so do your team members. Learning about automation and learning to use the power of machine learning to your benefit can only enhance your existing skills. For business owners, that means building a more computer savvy, efficient team that can complete more projects in less time. For individuals, that means developing critical skills that enhance your marketability and value to employers and ensure you always have options.
Critical Thinking and Problem Solving are Enhanced by Lifelong Learning
Automated AI and machine learning bring a lot to the table, but at the end of the day, they can’t replace humans when it comes to making strategic decisions. Logic skills, problem-solving, creativity and critical thinking are always going to be useful and in style, no matter how many machines can crunch data and handle mundane tasks. Focusing on building these core skills can enhance your abilities and ensure you are ready to deal with the data and opportunity that a machine learning setup can provide.
{company} is all about lifelong learning; our commitment to our clients extends far beyond today’s needs. We’ve already created customized solutions that take advantage of the best of AI for our customers and work hard to serve your needs. Join us as we look ahead to the future and work together to create a forward-thinking environment that is beneficial for us all. Contact us to learn what recent innovations in automation can do for you and how we can help you revolutionize your approach to projects and workflow.
by Felicien | Jul 11, 2017 | Education
This is a short article exploring how auto dealerships can benefit from the use of technology. There are numerous ways for these types of businesses to use technology to expand their reach.
Today, Millenials are amongst the most valuable customers for any business. According to a recent study, Millenials are spending about $2000 billion ever year. To get a share of this money, you will have to entice them with technology. Here are a few examples of why I think technology is a great way to attract more customers to the business.
Using Apps Helps to Keep Customers Interested.
As the saying goes, out of sight out of mind. Most millennials today get a huge chunk of their services from just tapping their mobile devices. If you want to attract customers to your business, you need to be in front of their faces all the time. A nice way to achieve this is by having an app developed for your auto dealership. The app could then be used to send alerts about new vehicles or new deals. This could make your dealership more attractive than other dealerships.
Being Able to Target Only the Right Customers.
The digital age has made it possible for marketing campaigns to target only clients that have a high chance of converting. This is contrary to traditional means that target a broad range of customers with the hope that a few interested customers will see the ad. This trial and error method can sometimes lead to many wasted resources. Besides that, there is usually no way of verifying if the ads have reached the intended audience.
For instance, most digital marketing firms have tools that allow them to analyze data and send out personalized ads. The ads will be edited to contain the name of the individual and present them with only vehicles that they are likely to purchase based on past online activities.
The sophisticated technology allows for highly targeted marketing that can help to increase sales, even for a small dealership. One of the major benefits of such a system will be reduced costs as marketers gain insight into the behavior of potential customers.
The Use of Technology by Dealerships is Still Highly Unexploited.
Most experts that make use of digital mediums is quite untapped by most dealerships; they still prefer to use traditional means to reach customers. One of the ways technology is being used in commerce is in Customer Relationship Management. It is a model that helps companies to have meaningful interactions with their clients with the aim of attracting and winning over new customers. This process also entails enticing old customers to come back. In general, it is an excellent way to boost profits without having to spend so much on advertising. Technology and the web have given companies new tools for use on CRM in ways that would have been unimaginable a few years back.
Making Purchases Easy.
The world is moving fast towards mobile payment acceptance. It is thus a surprise that more than half of all businesses in America do not accept credit cards. No doubt, there are some dealerships, which have this practice. Failing to accept credit cards will probably lead to some friction with customers.
It is estimated that businesses lose an estimated $100 billion in revenue because of this. Businesses have to be more open to new methods of payment if they want to attract customers. While the credit card fees can be a significant deterrent, the sheer losses justify being able to provide customers with a great buying experience.
In short, a business that is able to use technology to simplify the purchase process can make a lot of money from more customers. It is quite easy to invest in technology that is used for automated payments. Insisting on using the old methods of payments will contribute to much less business for any auto dealership.
Technology Can Help to Develop a Royalty Program.
It is not just about being able to attract new customers. A business also needs to be able to retain old ones. However, that cannot be possible without the use of technology. You will need to collect massive amounts of data and have the means to analyze it. That way, when an old customer comes back, they will be immediately flagged, and you can give them a small token. You can also send notices in their emails about special deals. No doubt, they will tell their friends about it. Over time, you will find more customers coming to do business with you because of this.
Use Social Media to Target the Right People.
Social media sites collect numerous Metadata from their customer that is valuable to any advertiser. The data can be used for highly targeted ads that are not possible with any other medium. Through this medium, advertisers can target people even by special occasions. Not only that, it allows the auto dealership to showcase their products for no charge on the social site. If you are lucky, you could create a viral post that could potentially reach billions of people. The possibilities of social media are many and under-exploited by most business owners. However, ensure you get an expert to do it for you to avoid making any mistakes.
Create Engaging Websites.
Today, technology has made it possible to create websites that are used for more than just talking about the dealership. With the right developers, the dealership can create an engaging website that is also informative. As people come to the site to look for accurate information, the dealership is able to use that as an opportunity to sell to them.
Conclusion.
Technology goes hand in hand with innovation. Learning how to make good use of it is what will determine who succeeds and who fails. To be successful in the use of technology, a dealership will need to be proactive. It will also need to be in the know at all times about technological innovations.
