As firms prepare to become future-ready, they need to stay on top of the latest trends, without getting sidetracked by hype. To help distinguish the difference, Bill Sheridan, host of the Future-Proof podcast, recently sat down with Jim McGinnis, executive vice president and general manager of Wolters Kluwer Tax and Accounting’s U.S. Mid and Large Firm Segment. They discussed the future of tax and accounting, and they dove in to some of the details uncovered in the new Technology Hype vs. Reality white paper.
The tipping point for cloud computing
When discussing the latest developments in the profession, McGinnis was confident that cloud computing has moved past its “emerging technology” phase and into the mainstream. He said, “We have tipped over to where people are embracing the cloud. I’ve been talking about the cloud since 2012, and it was always going to be next year, next year, next year. But honestly I think it’s this year. We’re having more conversations about the cloud than we’ve had before.”
Being future-ready is a moving target
Although firms are now adopting new technology at a faster pace, they need to be ready to stay agile. “There’s no question in my mind that people are moving forward,” McGinnis told Sheridan. “But the goalpost is moving as well. So if you’re future-ready for the cloud, that’s one thing, but now we have new technologies, automation, artificial intelligence, etc… I’m not sure anybody really is future-ready. I think it’s a journey, and we’re all on it together.”
The one key to digital transformation
In order to handle the pace of new technology, firms need to remain open to change. “It all comes with change management,” said McGinnis. “Their firms are used to doing things the way they’ve been doing it. Their staff complains if they try to change anything up. Everybody’s busy. So I think good change management skills and capabilities are more critical now than ever.”
Start the journey
To hear more about how firms can be future-ready, listen to the podcast below. And don’t forget to download the white paper they discuss in the podcast, Technology Hype vs. Reality.