I recently wrote about the benefits of cloud technology for dental practices and how emerging technologies and digital disruptors have been influencing the way you may be running your business.
Today I wanted to share with you why I believe that cloud technology is an essential and strategic tool for practices to adopt now, to help navigate the evolving business landscape and to keep pace with change.
Move with the times
There are many changes occurring in the consumer and service provider market today, driven by the arrival of new technologies and a convergence of these with traditional business practices. As with your industry, businesses from all sectors are being impacted like never before and this trend is set to continue. Emerging technologies are changing the way consumers and business owners think, connect and live.
It’s about what you know
As a consumer myself, and an observer of others, we have become more informed and empowered by knowledge, and as a result have more choice. Whilst consumers are unlikely to think first of Sir Francis Bacon’s observation that “Knowledge is Power”, they are certainly living by the mantra when seeking multiple and alternative sources of information about your business, outside of the company website and business produced messages.
This shift is leaving businesses with much less control. New business models have been fast emerging to compete for consumers’ attention and investment, and a lack of awareness could potentially be leaving you and your business in the passenger seat.
Moving on to….
In the accounting space, rapid momentum towards cloud-based adoption is swiftly redefining the way businesses are managed. Intuit, MYOB, Xero and others have changed the nature of accounting; for the first time enabling accountants and their clients to be working on the same set of accounts simultaneously.
But as evolution is inevitable, we’re already on to the next version as more solutions for business problems are identified. Deloitte Private Connect is able to facilitate the solution by designing, creating and managing a market-leading multi-purpose platform that delivers real-time financial data. The ability to harness the latest cloud technology and take accounting management to the next level has enabled greater insight for business owners and managers.
Emerging technology will continue to evolve and update while old technologies fall away. Shift will continue to happen, and how you adapt in your world will be the key to survival – embrace this technology, it will help to grow your business and drive efficiencies.
The solutions the Cloud can provide to some common business pain factors include:
- Up to date financial data
The Cloud moves business metrics into real time. The ease of the data entry and transfer process allows your advisers to work with you in real time as information is available. It means we don’t need to work with old data to essentially guess how the business is going. Instead we are able to have strong factual conversations based on data from today.
- Customer information and analytics
Having current customer data is a powerful tool. This enables your advisor to gain insights and develop actions for improvement to assist you in working towards generating maximum returns. It gives visibility over the things that matter, identifying the levers that can be pulled to drive financial performance or specific business targets.
- Cost reduction
The Cloud also streamlines and eliminates some costs. With the ability to use cloud accounting platforms through which to deliver services, we can streamline the data entry process and ultimately the data transfer component – this also reduces the cost of compliance.
- Time efficiency
Having an accurate view of your business position really does change the conversation you have with your accountant – and the time you spend on this administration as a business owner. With many of our clients we are seeing the relationship between the accountant, technology and business owner shifting rapidly.
(This article was originally published on Deloitte Private's blog on 4 May 2016.)
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