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Technology the great leveller

Technology the great leveller Back

Over the last year and a half I have been working a number of Accounting and Professional Services firms and their clients and I believe, that the ongoing pandemic has shown the need for three things.

The first is focussing on Survival for Professional Services Firms through a period where revenues and clash flows are squeezed but expenses continue. This needs to combated through a combination of focused thinking, speed of implementation and turnaround of successes

The second is to determine the relevance of your business and its ideas in a changed world. Firms providing professional services which have a large proportion of core services like assurance and tax have better resilience. But those which rely on consulting and advisory services will need to be very agile in modifying their solutions to the needs of the current situation.

Technology the great leveller

The third and most Important part is played by the use of Technology. Working remotely, and depending on online solutions and e-commerce and digitisation has meant that this pandemic has really brought technology to the forefront.

So let me bring all these three ideas together. In order to survive, through this crisis, businesses must focus on the relevance of the usual solutions and products and their ability to be useful to clients in the current environment.

This is where the use of technology can be extremely useful. Technology is a great leveller. It can provide faceless solutions at great speed and take away the relevance of size, history pedigree and branding which are endemic in the professional services field dominated by the large firms. Once you have the right technology and it serves a relevant business purpose for clients it enables any firm to compete with the other no matter how established or how well branded.

Further, it does not even matter whether you develop the technology or got an app based on open source or made an alliance with the developer but once you have it, you are one step ahead of the competition.

The landscape today is full of firms developing Apps, Software Development Kits, Digital Platforms for Customer or Employee on boarding with Artificial Intelligence and Machine Learning Solutions that provide everything from Data Analytics, to Biometric verifications to API enabled verification solutions. It's that landscape out there for all of us in the profession to explore alliances, collaborate and adapt to a new way of delivering services and solutions using technology for our clients. Technology just made our world a more open space. Time for all of us adapt and embrace it.

By Mr. Arvind Chopra
Senior Technical Adviser

SCV & Co.
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