The hassle of making a big change often prevents firms from taking the next step. But while change can be difficult, so can staying the same. In a new whitepaper, Brian Tankersley, CPA.CITP, CGMA explains not only why you should modernize your firm, but also gives some ideas about how to do it. The whitepaper, Leveraging Data and Technology for Sustainable Competitive Advantage, warns that firms simply MUST adapt or risk losing everything. Here’s why you should heed this warning.
Your firm has more data than you can use
Almost everything you do generates a digital trail. Even a small number of clients can produce an overwhelming amount of data. But the data is useless if you can’t do anything with it. That’s where technology can help.
“Cisco estimates 3 that annual global internet traffic will increase from 1.2 ZB per year in 2016 to 3.3 ZB per year in 2021 (a compounded annual growth rate of 24%)…” explains Tankersley. “These data stores create security challenges, but they also create huge opportunities for firms to turn this data into real time information for themselves and for their clients. Firms cannot take advantage of today’s opportunities and meet modern client expectations with application platforms originally created during the 1980s.”
You’ll get left behind
You might think that you can modernize your firm at some point in the future. But the fact is, you need to do it as soon as possible. If you don’t, you may find yourself as obsolete as columnar paper.
According to Tankersley, “Our profession has historically resisted change, and this resistance has made much of our traditional compliance work ripe for disruption. Just as 30 years ago, practitioners didn’t want to give up their 4-, 7-, and 14-column paper to move to spreadsheets, and 15 years ago, another group of firm partners didn’t want to give up their tickers and hole reinforcers to move to digital document management systems, many practitioners resist moving to modern application platforms.”
The technology will actually help you
In the past, firms have looked at technology as just a tool to help them perform their jobs. But technology platforms can now take a lot of the work out of using the technology.
Tankersley writes: “Today, it is essential for firms to move to platforms which help the technology solve problems for the practitioner instead of the practitioner always working to solve problems with the technology. Smart firms are adjusting their business models to take advantage of the new opportunities to automatically collect, extract, and combine data from multiple sources to get a better picture of what’s going on in their business and in the businesses of their clients.
Now that you know why you should modernize your firm, find out how to do it. Download the whitepaper, Leveraging Data and Technologies for Sustained Competitive Advantage.