A new player is making waves in asia’s major economies and making an impact in a way that it helps these regions experience unprecedented growth. The digital transformation market, an estimated $23 billion industry, has been observed to be growing swiftly across the globe, particularly in the Asian region. It is not all technology, however, as one of the digital transformation market leaders say that the force behind this movement is actually, and still, strategy. This view is also shared by think tanks who agree that the strength of digital technologies like mobile, social, cloud and analytics, does not lie in individual technologies, rather on how it is integrated in a company’s operations.
New Capabilities And Solutions
As an old economics adage would point out that giving rise to demand would necessitate supply. In like manner, there is a need to automate some aspects of the business, thereby requiring the need for solutions to do it. When such solutions are implemented, it stimulates demand for new capabilities, which would further enhance a company’s operations. It is like a cycle where you create demand then provide the supply which then gives rise to yet another demand. Regulatory technology is a good example of this. As more policies and regulations are enacted and implemented, financial institutions saw the need to automate in order to hasten the process. Thus, instead of having to pass through countless personnel and bureaucratic red tape, machines and software take over following a set of mathematical permutations that arrive at acceptable solutions.
Some Are Lethargic To Change But Are Getting There
While it is true that almost all sectors in the business community is getting electrified by the advent of new ideas and solutions, there are still some that are a bit lethargic to change. The reason varies, from being skeptical of these new technologies and solutions to fear of their jobs being replaced by machines and software. One of these sectors, in particular, is accounting. There are various reasons why accounting professionals are a bit slow to catch on with available technology and one of these is their fear that robots may soon be doing the tax returns of their clients. Their fear is not unfounded, though, as more businesses are turning to cloud based solutions and doing routine accounting processes by themselves with help from software applications.
Routine Jobs Are Now Self-Service
A lot of traditional accounting services are now being done as “self-service. This does not mean accountants are entering the Jurassic era though. They are still needed to analyze and interpret data using the muscle between their ears. Nevertheless, routine accounting jobs like generating financial statements might soon be gone. Aside from this, the accounting industry has also been known to charge fees that are viewed by some businesses as exorbitant. Although some accounting firms have started to lower their professional fees to compete with robots, the move means that they must secure more clients in order for them to cover costs. This further allows accountants to have very little time where they are expected to render quality service. More often than not, because of the sheer volume of clients, such quality service expectations are usually not met.
The Inevitability Of Digitalization
Despite all the resistance and efforts at discouraging others in going the way of full automation and digitalization, the future has already been set. There is no other way to go for all sectors in the business community but to go the way of digitalization. This is perhaps why the digital transformation market is experiencing, and will continue to experience in the coming years, unprecedented growth that can impact even the world’s major economies. With the continuous flow of new applications designed to enhance or speed up traditional manual operations, it will not be long until all sectors will be riding the digital wave.