BLOG: Digital Disruption, Algorithms and Business Transformation

Delivering websites for accountants globally, we get to hear a lot about the problems a modern accounting practice faces. Across the board we find businesses are looking to the technology sector to provide solutions and streamline systems and processes.

BLOG: Digital Disruption, Algorithms and Business Transformation

Tradeshows like Xerocon are becoming increasingly popular - not only as a way to network and listen to industry leaders, but also to gain information on “Add-ons”, or best practice technology that can help deliver that competitive advantage. The Add-on ecosystem provides a range of apps allowing customised technology solutions for every business requirement you can think of. For example, take a look at the Xero Marketplace and you'll see a huge range of apps to help you deliver value. Lean and agile are the buzzwords as businesses streamline their processes and maximise efficiency. 

We’ve also observed that the business advisory space is growing rapidly as traditional tasks become automated and the value add shifts to education. Relationships, partnerships and networking have never been more important.

How can you leverage technology to work for you?

Deloitte recently released this comprehensive study on digital disruption, and identified the finance sector as being among those most affected. To manage digital upheaval and position for the future you need to be innovative and develop agile business models; in other words you need to talk to your customers and be responsive. Change is happening rapidly in the industry, and your business should be positioned to take action. There can be some pain points with transformation of a traditional business model, but the potential benefits are well worth it. 

Have you considered becoming a cloud integrator? The Add-on ecosystem offers a comprehensive range of options, and you can take a look at Wayne Schmidt’s post on the Addon Success Blog on how to become a cloud integrator here. He interviews Jeri Murphy who has been deep diving into the Add-ons and providing interesting interviews with the entrepreneurs and leaders in this space.

Engagement

Customers are leading the data and digital revolution, and they’re more empowered than ever to tell businesses what they want. Engagement is essential:

  • Profile your customer. Who are they, and what are the problems they face? 
  • Build a strong web presence - including a professional, modern website 
  • Digital strategy - what’s your plan? 
  • Get blogging! Find your voice and start promoting your posts on social media

Algorithms and Change

So, what is an algorithm? Invented by a Persian mathematician more than a thousand years ago, it’s defined as a step by step procedure for calculations. It’s only in the last few decades that the use of algorithms has been applied to manage the vast quantity of data on the Internet, with impressive results. Algorithms provide a tool to make decisions without human intervention. Companies like Google, Apple and Facebook are all essentially algorithm-driven, and they’re changing the face of business. Automation technology is in the process of eliminating human work - software substitution is already reducing the demand in certain areas. Specifically, the decision-making algorithms are replacing middle class jobs and you need to future proof your business. This article discusses why algorithms will destroy many good businesses, which industries will be most affected, and what you can do to defend yourself. 

Take action. Now.

Knowledge is power, and engagement needs to be your top priority. If you have questions around your digital strategy, reach out.

Michelle Polglase PracticePlus

As General Manager for PracticePlus, Michelle is inspired by innovation and on a mission to provide the best website solutions for accountants and bookkeepers globally.