The Future of Technology is Here - Are You Ready?
The Access report focused on the following key technological mega trends:
- Cloud computing - mainstream place for everyday computing by 2020
- The mobile cloud - the intersection of mobile tools and Cloud computing will create opportunities for new applications and business processes
- Virtualization - Moving physical servers to virtual ones will underpin the growth of large data centers supporting a multitude of Cloud services. In theory, this should be more environmentally sustainable that businesses running their own machines.
- Social media - paving the way for more business transparency and engagement, where customers demand a direct relationship with the companies they do business with. It will also infiltrate business software systems.
Economic volatility and the demographic shift from the Baby Boomer generation to Millennials who have grown up since the internet revolution took hold will accelerate changes in the business landscape, the report argues.
Used to choosing their own tools and forms of communication, Millennials will force Boomers used to “command and control” management methods to adopt more cooperative leadership models that provide greater autonomy and freedom of choice in the way work is performed.
The combined effect of these changes will create more chaotic, less routine workplaces, the study predicts. Work will be modular and based more around specific projects, often carried out by “swarms” of loosely connected workers.
“Work will be more like Hollywood’s film industry, gathering the right team for the right project, and having more than one “picture” on the go. This will require a lot more self-organizing and a lot more self-discipline, but organizations who define work around the unit of “project” instead of the unit of “job” will have a better chance of succeeding.”
In this “hyper-connected” business environment control and responsibility will be hard to identify. How employers contract and manage their employees will change, and so will the IT that supports and augments the work. To provide a handle on such fluid engagements, real-time workplace performance measuring will become increasingly important, while senior managers will need to develop more emotional intelligence to draw the best out of their teams and businesses.
As well as changing the way staff are sourced and managed, workplace trends will have an impact on accountancy software, which will need to support accountants from across the globe on a project or modular basis. The next generation of Enterprise Resource Planning systems will need to let firms continuously maintain audit trails of all transactions, billings and payments.
Chris Bayne, CEO of Access, said the report was designed to help accountants prepare for the new opportunities and challenges. While Cloud computing would continue to infiltrate business, Bayne commented: "Security is one of the real stumbling blocks for our customers as they struggle to decide where to keep their data. People are very conservative about people data and finance data. They don’t necessarily trust that it’s going to be as secure when it’s up there in the Cloud with everybody else’s data.
“Unfortunately it becomes a hacking target, as in the case of Sony's Playstation network. People’s internal infrastructure will be more vulnerable than the big players, but nobody goes hunting out for ‘Shoe Manufacturers R Us’ to try and break their network and steal their 50 employees’ data," he said.
To address these concerns, hybrid Cloud models will allow businesses to move part of their data into the public Cloud and maintain the rest on site until consumers are ready to wholly adopt Cloud.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.