According to that quote by Albert Einstein, I'd say the IQ of Christchurch has risen somewhat since the city was effectively destroyed by major earthquakes in 2011. There's been radical change, alongside innovative responses, to the entire fabric of the city.
Here at PracticePlus we're based in EPIC, the Enterprise Precinct Innovation Centre that emerged
from the rubble of the city to bring like-minded technology focused companies together. As well as a collaborative space, EPIC provides a central
destination for business leaders and technology industry events. Disruption can often provide a catalyst for true innovation. Wil McLellan shares the
EPIC story of 'innovation through collaboration, ignorance, and desperation' in this clip below, with the next step a connection of technology hubs
On an individual level, businesses need to be responsive to change and be able to manage disruptive technology. The challenge comes with being able to apply these disruptions and changes effectively. Questions need to be asked around:
- what business processes to apply
- what technology to use for the right solution
Cloud technology has been called 'the most disruptive technology ever', and has completely transformed the accounting industry - whether you're ready or not. For example, Xero seamlessly integrates with a range of software add-ons and the open API means any developer can make it product compatible.
We're seeing more of a move towards business advisory and cloud integration services, though getting up to speed (and keeping up!) with the best options can prove a real challenge. The accountants we talk with are increasingly able to provide solutions for their business owner clients to deliver an instant capability boost.
Being aware of disruptive technology is important, with major impacts from automation and the reduction of compliance work already hitting some accounting firms. Indeed, the Chief Economist of the Bank of England recently estimated 15m jobs in the UK will be replaced by a robot. The BBC website contains a handy industry specific algorithm, and for accountants, 'vocational extinction' is estimated at 95%.
Are you responding?
The world's most advanced technologies are pretty much available to anyone with an internet connection. Now this may all sound somewhat alarmist, but there's no doubt the accounting industry is changing. With the robots in mind, perhaps it's time to innovate.