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01 emerging-trends

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01 emerging-trends

  1. 1. CHECKPOINT LEARNING® GEAR UP™ UNIT-5 : Emerging Trends
  2. 2. Introduction Technology and how it affects Accountants! Things, they are a changing. . . “We’re talking about a time in human history when you can take a picture of a check with your phone to deposit it in your bank account, and do it while you are in-flight. A time when you can pay $15 for two doughnuts simply by swiping your card through a tiny piece of plastic attached to an iPod” Chapter 1: Emerging Trends2 Page 1
  3. 3. The Big Trends  Security, digital, physical and virtual  The Changing of the Guard  The Cloud  Artificial Intelligence/Wired World  Automated IRS  Virtual Offices, Staff, Clients, Currency  Social Media  Block Chain Chapter 1: Emerging Trends3 Page 1
  4. 4. Eight Changes to Take Notice Of 1. Google just keeps on going – Google Hire goes online 2. Microsoft continues its push to ditch the password – MS believes in the future of biometric login authentication 3. Amazon starts “Subscribe with Amazon”. – What they sell is mind boggling and the Amazon entry into the Rx market is likely to change how Americans buy their prescriptions. When will they enter into financial services. 4. Volume versus price – Cents per transaction versus dollars will define commerce. Chapter 1: Emerging Trends4 Page 2
  5. 5. Eight Changes to Take Notice Of 5. The Demand Economy – Steady employment is at risk as more individuals work only when needed. 6. Facebook’s Workplace – AI inserts itself into the service business, the Facebook model chatbots guide customers through decision trees. 7. Digital Marketing Gains – Ads in print media continue to disappear as targeted mobile ads replace them. 8. Twitter Introduces Live Video – Sharing information will change as video replaces text and phone. Chapter 1: Emerging Trends5 Page 2
  6. 6. The Strategic Trends of 2017 Much of this is big guy toys but economies of scale and cloud applications will change this:  AI and Advanced Machine Learning  Intelligent Apps – Virtual Assistants and Collection of Big Data  Intelligent Things – Robots, Drones and Autonomous Vehicles Chapter 1: Emerging Trends6 Page 2
  7. 7. The Strategic Trends of 2017 Much of this is big guy toys but economies of scale and cloud applications will change this:  Digital Twins – Devices and people working in harmony with each other  Block Chain – Individuals can work on an individual transaction in concert with each other providing their slice of the pie. Chapter 1: Emerging Trends7 Page 2
  8. 8. The Strategic Trends of 2017  Conversational Systems - Systems using AI will not simply respond to user input, but will adapt to users/customers to the point where they will actually hear and anticipate what a user/customer says and wants.  Mesh App and Service Architecture - The blending of digital architecture, cloud and server-less computing, and micro-services meld to serve the needs of a business enterprise.  Digital Technology Platforms - Business will be built upon the concept of which digital solutions will be used to deliver the necessary products.  Adaptive Security Architecture - Blending digital meshes and digital technology platforms will allow systems to “adapt” to any infrastructure attacks that occur. Chapter 1: Emerging Trends8 Page 3 Much of this is big guy toys but economies of scale and cloud applications will change this:
  9. 9. The Survival Techniques The fear – 65% of Americans expect to be replaced in 50 years – but 80% say it will be somebody else’s job. The Danger Five 1. Middle Management 2. Commodity Sales Force 3. Report Writes, Journalists and Announcers 4. Accountants and Bookkeepers 5. Doctors Chapter 1: Emerging Trends9 Page 3
  10. 10. The Survival Techiques The fear – 65% of Americans expect to be replaced in 50 years – but 80% say it will be somebody else’s job. The Danger Five 1. Middle Management 2. Commodity Sales Force 3. Report Writes, Journalists and Announcers 4. Accountants and Bookkeepers 5. Doctors Chapter 1: Emerging Trends10 Page 3
  11. 11. Security Cyber Security – Likely most critical issue facing accountants in the future: The Risks:  Data  Reputation - TRUST  Client Channels – Loss of Access to Data  Practice Environment – HVAC, Power Systems, Etc. PRACTICE ALERT – Security will require agility, vigilance, and resilience. Plan for the WORST and have a PLAN B.  Social Engineering  Ransom Ware  Alternate Device Storage, i.e. a printer or other device on system Chapter 1: Emerging Trends11 Page 4
  12. 12. Security The BYOD (Bring Your Own Device)  The Phone  The Tablet  The Home Computer Cloud Based Malware – The new Battle Front Chapter 1: Emerging Trends12 Page 5
  13. 13. The Changing of the Guard Millennials aka Generation Y 1/3 of working force are those born from 1980 – 2000 but will comprise 50% within 3-5 years. What does this mean? A new generation of business owners is emerging The issue – Almost a blind faith in Technology  54% would rather text than talk  Create twice a much online content as others Chapter 1: Emerging Trends13 Page 5
  14. 14. The Cloud Becoming More and More Important Synched devices Physical infrastructure going the way of the dinosaur…. Chapter 1: Emerging Trends14 Page 5-6
  15. 15. Artificial Intelligence Artificial intelligence is coming to Accounting Chapter 1: Emerging Trends15 Page 6-7-Bonus journalofaccountancy.com/news/2017/oct/a ccountants-role-in-managing-artificial- intelligence-disruption-201717688.html
  16. 16. Wired World More information than we can digest How to sift through it all? Accountants: be more strategic A. How to use data B. Use Big Data C. Combine financial and non-financial metrics Chapter 1: Emerging Trends16 Page 7-8
  17. 17. Wired World Chapter 1: Emerging Trends17 Page 7
  18. 18. Wired World Chapter 1: Emerging Trends18 Page 7
  19. 19. Wired World The rise of the “Social” Robot  Interaction with humans on a behavioral level  Integrated with our operations  Wearables  Employees using to work from anywhere in the office  Smart Glasses  Devices attached to other parts of the body, i.e. arm or leg for hands free communication  Headsets Chapter 1: Emerging Trends19 Page 8-9
  20. 20. Automated IRS Moving to the Web - The IRS is attempting to automate more of its processes and procedures, and concurrently reducing the number of taxpayer assistance services in person and over the phone. … Accountants and taxpayers should expect less (live assistors) help, … The IRS …security and authentication, involving email addresses, text-enabled phones, and intrusions into credit files (for things like credit card numbers, loan numbers, etc.) Chapter 1: Emerging Trends20 Page 10-Bonus irs.gov/help/tools  Transcripts  Filing  Refunds and Payments  Credits and Deductions  Calculators  Taxpayer Assistance  For Businesses  For Tax Professionals
  21. 21. Virtual Offices, Staff, Clients & Money Where in the world is Waldo (your client, your staff, your office) Virtual  Clients  Production resources  Employees  Meetings  Work Papers / files  Currency Firms may have no brick and mortar  Younger clients may want convenience versus physical contact  5-10% of start up firms Chapter 1: Emerging Trends21 Page 10
  22. 22. Digital Currency Understanding Digital Technologies  Use of digital currencies can simplify transactional exchange  Can allow both sides of a transaction to “share” data  Create Traceable Audit Trails  May allow automation of audit process.  Seamlessly integrate  Order  Delivery  Confirmations  Invoice  Transfer of Funds Chapter 1: Emerging Trends22 Page 11
  23. 23. Social Media Social Media Because:  Important Influence on the Under 40 crowd  Social interaction  Social Listening  Provide platform to show professional competency Chapter 1: Emerging Trends23 Page 11
  24. 24. Technology Changes Be wary of change for the sake of change – But issues to consider:  Evolving integration of social technology into business systems  Security concerns  Information which is more consumer friendly  Increasingly tech savvy consumers  Accelerating velocity of information  The simultaneous fear and embracing of new technologies The discontinuance of old, comfortable technology with a new one.  Technology changes how our brains work.  Pairing hand-eye coordination with rapid decision-making skills Chapter 1: Emerging Trends24 Page 11-12
  25. 25. 10 Concepts Shaping Accounting 1. Greater Transparency & Trust 2. Authenticity 3. Out-tasking & Outsourcing 4. Contracting vs. employing 5. Hiring is more difficult 6. On-boarding critical 7. Career paths are no longer straight lines 8. Knowledge transfer – BB to Millennials 9. Demographic Shifts 10. Virtual work is commonplace Chapter 1: Emerging Trends25 Technology Changes Page 12-13
  26. 26. How Will Firms Capitalize on Changing Technology Understand what the firm has. Step 1 – List all of the technology tools currently being used (Actually being used not what the firm has. Step 2 – What is important about all the stuff we have and what is its purpose. Step 3 – If the stuff is too old can it be updated or should it be replaced. Chapter 1: Emerging Trends26 Page 13-14
  27. 27. Additional Information “Robots Are Coming to the Accounting Industry” www.businessinsider.com/artificial- intelligence-is-an-opportunity-for- accounting-2017-3 “How Does Blockchain Work?” https://medium.com/@micheledaliessi/how- does-theblockchain-work-98c8cd01d2ae “How AI is Reshaping the Accounting Industry” www.forbes.com/sites/forbestechcouncil/201 7/07/20/how-ai-is-reshaping-the- accountingindustry/#7e55e4ae37f3 Chapter 1: Emerging Trends27 Page 14

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