4 steps to Digitally transform your accounting practice
Although the concept of digital transformation is an important change all businesses are trying to adopt right now, innovation in the financial sector is a whole different argument. The need for innovation in the financial sector, and the urgency of the case has reached saturation by the advent of digital transformation. The recent pandemic has only highlighted how much more urgency we should be putting into the matter
Industry leading organizations have already understood that digital transformation is the way forward, with new business models and job roles, digital tools and capabilities and overall technological change. Organizations that are yet to adopt this transformation have only to realize that this is the only way to make business more efficient.
The novel coronavirus was nothing but a catalyst that accelerated the transformation for many organizations.
But What exactly is Digital Transformation?
Digital transformation is defined as the use of technologies to create new or modify existing business processes, practices, models, culture, and customer experiences to meet changing business and market requirements.
And this aligns perfectly with customer expectations these days. The onset of digital tech has set higher standards for customers.
Businesses around the world are able to meet these expectations with the plethora of digital tech around us right now. With these tech enhancements, businesses are able to provide and immense value-add such as AI driven round-the-clock support and intuitive ecommerce platforms.
How does your business benefit from Digital transformation?
In layman business terms, digital transformation is the concept of adapting your business to gain a competitive edge over the market and foster organic customer loyalty.
So, instead of thinking of improving specific areas of business such as finance, marketing, or HR, digital transformation is a totalitarian strategy that should uplift and prepare the entire business to be digital.
So, you’d have to start thinking in terms of how technology can create better experiences for your customers and for your employees. Of how technology could offer that digital advantage, which allows to address the changing business and market conditions of today.
digital transformation is more than just speed. It is more in reality a strategy that would allow your business processes to keep pace with current market expectations, and call for the need to update your tech strategy.
And why is it so important right now?
Digital transformation is absolutely essential right now to keep abreast with changing times and to meet the expectations of customers in the current scenario. With digital transformation, you would have the power to address customer expectations, competitors, the pressure to streamline operations, and unpredictable market conditions.
Financial Technology has also evolved, strengthening the financial services tech landscape. With the onset of such technology, it is easy through the use of Application Programming Interfaces (APIs) to connect and integrate with other systems and applications.
In the Financial Services and Wealth Management sector, Digital Technology has opened doors that lead to a stronger economy built on a shared ecosystem – an ecosystem where resources are shared from Business to Business (B2B) and Peer to Peer (P2P).
Not too long ago, we still had to install on-premise softwares on our servers to run the show.
With the availability of digital tech and channels, you can now run your financial and wealth management practices out of a multi-tenant, cloud based software, that would neither need a huge investment or heavy maintenance from your part. Best part, this software would be accessible from anywhere, anytime and now, anyhow (mobile devices as well).
This kind of an ecosystem allows for a far more effective and efficient way of delivering value, and creating lucrative opportunities to better business processes and practices.
How can you jump on the bandwagon?
With digital transformation, you can start where most other companies start – automation. Automating your most repetitive and manual tasks would create a big impact on business. After which, you’d probably want to replace traditional systems with technology that may provide better services for all stakeholders.
But there’s no template that fits everyone – Every business has a different culture and ecosystem, and it’s up to you to choose the path you want to take.
1. Adjust your business goals according to changing times
With the changing times, it is necessary to understand the changes in your business landscape – new competitors, new tech, new customer segments, new applications, new markets, whatever it is, it is essential to adjust accordingly.
2. Keep the communication flowing
Keep the information flowing from all stakeholders from an early stage, so you don’t miss out on any piece of information.
Communication with all Stakeholders is essential, including buy-ins from the executive board as well as every last employee. You need to have support the support of your employee workforce to adapt to the new technology available.
3. Know what tech enhancements you require
You have to keep your tech updated. Is your technology up to date and moving you towards achieving business goals, or is it actually a hurdle?
Updating your tech to make sure it works for you and not against you is essential in business. Automating repetitive processes frees up time for you to look at the essentials.
4. Set up cloud tech to work for your innovations
With Cloud, you don’t have to worry about owning, deploying or managing infra at any stage. This frees up a lot of time and helps you focus on the essentials at full speed.
Digital transformation is key to business success. Setting up technology to work for your business is essential for achieving business goals.
The current situation is in fact perfect to assess and strategize to transform business and workflows. This is the perfect time to build in modern technology and solutions into your ecosystem in order to empower your business in these trying times. This would not only help sustain business during this period of business turbulence, but would also accelerate your business to the next level.