Throughout the last 12 months, many firms realised the importance of staying up to date with the latest software and technology. This became crucial when Melbourne was placed into Stage 4 Lockdown, and workplaces had to start running their business and their teams in a new virtual way.
2021 will definitely continue to bring new challenges, and we're excited to see how technology continues to develop in the coming years!
To help you stay motivated, we found this fantastic list of tech trends to look out for in 2021 by Accounting Today.
1. Cloud, Cloud, Cloud!
"Digital transformation in the cloud will continue as companies prepare for uncertainty and tackle their legacy on-premises applications as the distributed work-from-home culture persists through 2021 and beyond."
2. AI is the new reality!
"Artificial intelligence is real and helping leading-edge companies gain an advantage in the market through improved automation, enhanced decision-making and improved productivity. Whether it’s a simple algorithm that enhances reporting, a cloud-based AP automation suite or an ERP module your accounting department can leverage, AI point solutions are available and built to solve specific business problems.
AI will become more pervasive and necessary as companies look to automate their processes and improve remote worker productivity."
3. Rise of the Citizen Developer
"Over the past few years, there have been major advances in "no-code/low-code” platforms that enable everyday users to build their own applications, workflows and automation without IT support or a development team. They have gone from requiring a technical background to intuitive platforms that do the complex work behind the scenes, making configuration easier. Did you ever think an accounts payable clerk could configure an AP workflow in a few minutes? Software vendors are now offering recipes that can be fired up in minutes and start servicing your automation needs.
Citizen developer apps will continue to penetrate the workforce and provide powerful tools for any user."
4. Eliminating Shadow Processes
"We all know they exist — the work just gets done miraculously. A "shadow process" is a closely held process, usually performed in a clunky, ineffective manner by one or a handful of individuals. I call it “business by email and spreadsheet.” That sales order backdoor through Becky in Sales Ops, or the handful of vendors that send Tom in Accounting their invoices directly to process. COVID-19 exposed many of these as the workforce moved to the home office and personal interaction was halted. Hunting down these non-trackable processes that are typically completely manual is becoming a target for businesses. Robotic process automation was thought to be the game-changer in this area, but it mostly automated bad processes.
Organizations will continue to focus on refining and improving legacy, shadow processes and improving overall efficiency for remote work."
5. Enable Productive Remote Work
"The first half of 2020 was completely reactive, with IT struggling to procure hardware, enable remote access for office workers and figure out a plan for legacy application access. Then came the questions: how do we process mail? We scan invoices from the department copier and a desktop scanner, how can I do that from home? We typically collaborate on projects via in-person meetings and whiteboard sessions, how can we start those up again? Although the majority of businesses have adapted to using online conferencing, outsourcing mail processing and digital document submission methods, many companies are a work in progress and still implementing strategic technologies to enable full productivity of the remote workforce.
In the first half of 2021, organizations will continue to complete WFH projects focused on digital transformation and automation."
Read the full article from Accounting Today here.
Clarity Street was conceived from years of engaging with Accounting firms on a daily basis and a constant desire to make Accounting firms & SME’s more efficient and profitable.