Automation – The Digital Future for Businesses of 2019

Why does automation and the digital future of business matter? The world of business and technology has changed in unimaginable ways over the past 20 years. In the accounting industry of the past, virtually everything had to be completed with pen and paper, or simple accounting systems. Today, we have the benefit of cloud computing, automated bank feeds and intuitive, accurate reporting and projection solutions. The fact that so many businesses, whether large or small, trust a cloud-based system, such as Xero or MYOB, with all their financial data, is a significant change in behaviour that was unheard of 20 years ago! Automation might seem daunting and challenging for business, but it’s also a time of untapped opportunity.

Automation improvements are often subtle

Automation is taking over our daily lives in subtle, useful ways. Remember a time when ‘tap and go’ was new and you didn’t trust it? Or when you first tried online banking? Now it’s part of your life that you don’t think about. These service delivery improvements through digital automation applies across a multitude of technology advances, from accounting and architecture, to transport and telecommunications.

We know automation and digital technology improvements will continues to expand through:

The internet of things (interconnected devices, including but not limited to fridges, lighting, air conditioning, etc);
Smart phone technology;
Blockchain technology;
Virtual reality;
5G mobile internet connectivity; and
Changes we haven’t ever considered!

What’s changing today?

Today, the upgrade to 5G mobile internet isn’t a big deal, however, only 10 years ago, mobile communication was SIGNIFICANTLY different. Remember trying to keep a text message to under 160 characters, so you didn’t go over your message limit? Or the times you accidentally clicked on the internet button and you’d scramble to shut the app as quickly as possible because data costs were sky-high?!

Fast forward 10 years and Statista.com estimates there will be 2.04 BILLION mobile phone video viewers worldwide. The cost and access to video content via our mobile phones is insignificant enough that over 2 billion people can afford to watch videos on their mobile phones!

Access to the best mobile data gives businesses the opportunity to grow their businesses in unique ways, both in the way they deliver and the way they market their business. As accountants, we have traditionally been confined to an office, whereas now, there is so much more freedom to access client information from anywhere!

What’s next?

Improvements to the way we work thanks to automation will certainly make some roles redundant. We believe that as old jobs are lost, new opportunities will be created. We know, based on current data, that despite the huge changes in automation that have already occurred, our growing population is still able to be gainfully employed in businesses, or create their own business, with a ‘similar’ unemployment rate. We believe this trend will continue, as digital improvements provide new opportunities for new roles, where automation replaces old ones.

At Tax Strategies Australia, we’re here to help you improve your business, through systems, processes and reviews that take into account the future of your business. If you’re worried about how automation and digital changes will affect your business, talk to our team today about how we can help.

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