Information technology (IT) plays a vital role in the business development of organizations and companies in every sector. As IT continues to evolve at a rapid and competition-driven pace, companies need to adapt to technological changes in the industry, implement management and business tools, and coordinate operations with diverse clients.
Leading global advisory and accounting firms form one of the largest professional groups that both shape and are influenced by the development and application of technologies at the managerial and customer service level.
We believe that IT should neither adapt itself to changes in the business environment nor lead them. In today’s landscape, there is no longer a separation of business and technology. Digital strategy is closely integrated with business strategy; every business becomes a tech-based business.
The relationship between business and IT should be seen as a partnership. IT should act as an enabler for business needs that can lead by illustrating the possibilities, while ensuring conversations around business opportunities, challenges and value are regularly facilitated in a way that supports true ownership and transformation.
AI, analytics and data-based insights
IT in general and AI (artificial intelligence) in particular are expected to have a profound impact on the financial services sector, driving exciting developments. The way professional services organizations deliver services is diversifying and undergoing transformation. Services which were previously completed in an office environment - say, over coffee - are now transitioning to a digital space, giving clients greater flexibility and easier access to the results they need.
As time goes by, more and more services will go digital, replacing human workers in many routine tasks. The current bookkeeping method, for example, will become obsolete and replaced by cloud automation. The same applies to key elements of auditing and consulting activities: a human consultant/analyst auditor will use AI tools in a process that will function as the infrastructure of future advisory tasks.
Routine manual audit will be eliminated, making way for work focused on processing the client’s data using analytical tools, innovative models, AI, deep learning, etc. Given the abundance of information available for smart analysis, the audit can leverage data and content from various sources, including social media, satellite imagery and even drones.
AI will certainly be at the cornerstone of service-based professions in the very near future, supporting both advisers and their clients in making a wide range of business decisions and providing them with real-time insights and forecasts based on their data.
This is further enhanced by an ability to extract greater insights from the data clients already have available to share with us. In the next 3 to 5 years, we expect to see a more streamlined flow of data and insights across all our services lines, resulting in more conversations with our clients. Going forward, the role of a professional services advisor will be about insights and opportunities - rather than the numbers.
Belinda Thompson is Global Head of IT - BDO International. Yaron Peled is a partner and Head of BDO Consulting Group, BDO Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on September 18, 2017
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