survey: small business rushing into new tech.
by rick telberg
卡塔尔世界杯常规比赛时间
digital transformation may be the biggest thing to happen to business since the invention of the steam engine, creating both problems and opportunities for accounting firms.
for cpa firms, the rapidly evolving uses of digital technologies means three things:
- keeping up with the competition.
- keeping up with clients.
- identifying and satisfying new market opportunities.
according to a survey from smb group, 23 percent of small, medium, and upper mid-market companies (known as smbs) believe they have a well-defined digital business strategy. in fact, only 33 percent even know what the “digital transformation” means.
laurie mccabe, smb group partner and analyst, says the survey should help all smbs get a better grasp of what’s happening. as well, the findings can also help cpa firms make better decisions.
“we designed this study to help technology vendors deepen their understanding of smb attitudes, appetite, readiness, priorities and requirements for business and digital transformation,” mccabe says. “study results provide vendors with essential information to help plan, position and market products and services for smbs, segmented by company size, age of business, industry, phase of digital transformation and more.”
many cpa firms are ahead of the curve in this area—if not with a well defined strategy, they are at least scrambling to keep up with everything from financial software and online services to social media and cutting-edge office efficiency.
but what are their clients and potential clients doing?
to some extent, it depends on the size of the client. according to the survey, the leading use of new technologies among small companies is the attraction of new business (42 percent). among medium-sized businesses (100-999 employees), it was keeping up with competition (33 percent). among upper mid-market companies (1,000-2,500 employees), it was improving employee productivity.
the main other drivers, each affecting roughly 30-35 percent of all the responding companies, were
- reducing costs
- responding to rising customer expectations
- streamlining operations, and
- capitalizing on new products or market opportunities.
the most common investment in new solutions (as opposed to modifying current solutions): adding a new sales channel.
only 16 percent of the companies had no plans to implement digital transformation. forty-eight percent were in the planning stage, and 36 percent had begun implementing.
if 84 percent of their clients are getting involved digital technologies, cpa firms have tremendous obligations and opportunities.
the obligations—to understand what their clients are doing, how they’re doing it, how digital technologies are changing their business model, and how those technologies affect everything from asset valuation to tax strategy. clients aren’t going to put up with accountants, tax preparers, and financial advisors who simply don’t understand the nature of a transformed business.
the opportunities—to advise clients on new technologies and how they can be applied, to provide clients with technical assistance, and to keep clients up to speed on the financial repercussions of what they’re doing and what’s happening around them.
just financing the transformation will be a challenge to clients. the smb survey found that 58 percent of respondents were planning to fund the change from their current it budget, leaving open the question of what will no longer be covered in that budget. another 34 percent said they didn’t have enough money to find their goals.
among other obstacles:
- lack of goal-setting
- lack of it skills or staff
- finding the best solution for attaining goals.
these may be obstacles to clients, but each is an opportunity for a cpa firm.
laurie mccabe notes that the big transformation is just beginning.
“while most smbs are just starting to tackle the challenge, their plans are beginning to take shape,” mccabe says. “however, as their specific goals and targets for digital transformation come into focus, the challenges will also become clearer. smbs will need education, guidance and support from vendors to jump these hurdles and achieve their digital transformation goals.”