The Inevitable Increase in Autonomous Business Processes and How to Lead the Charge
Mindset is absolutely everything in this world we live in, and having a specific mindset in the professional world is a quantifiable asset.
How we think on a daily basis determines our professional output, whether we are an entry-level employee, middle manager, or a C-suite executive. Out of those categories, having a positive mindset about your industry as a business leader is perhaps one of the most critical, as business leaders make integral decisions that trickle down through an organization, directly impacting employees at all levels.
Technological Factors That Impact Your Mindset
Of course, maintaining a positive and even transformative professional mindset as a business leader is not as simple as motivational videos and literature may make it seem. The world both inside and outside of your industry has a direct impact on your mindset.
Common factors that may impact your professional mindset may include organizational culture, the state of the economy, or perhaps even personal home life, which all of us carry to the office in one way or another. But today, it is worth noting that disruptive digital technology is definitely a leading factor in the mindset of a business leader.
For many seasoned C-suite executives and other business leaders, there is still a sense that the good days are long behind us, and that too much is being transformed by exponential digital acceleration. For instance, Artificial Intelligence (A.I.) is a digital transformation happening in nearly all industries. Given the connectivity of 5G alongside Edge Computing, both of which better facilitate the functionality of A.I., business processes will continue to become autonomous — a Hard Trend future certainty that you cannot change.
A business owner or C-suite executive at an organization that views A.I. as a threat to their organizational structure and many employee roles will naturally shut down any ideas that include its application. This in turn shuts a door on ways in which their business or organization can both positively transform their industry and continue to grow. Essentially, they have a pessimistic mindset and negative outlook on the future.
Understand What You Don’t Understand
Largely, business executives and other leaders balk at new, disruptive technology like in the A.I. example above because they simply do not understand it. A lack of understanding around what exactly something like A.I. is erases entirely the potential for them to think exponentially about the transformative software and hardware applications.
Perhaps this comes from that same type of generalization that often encompasses talks about mindset that I mentioned earlier in this writing. Most of the marketing surrounding A.I. applications appears to legacy thinkers at businesses or organizations as robots taking jobs away from humans.
But whether you are “old school” in your thinking or fully embracing new technologies, the key to leveraging new technology exponentially and having a positive mindset toward them is quite literally by understanding what you might not already understand. Carve out small pockets of time to learn more about the technologies that directly impact your industry to develop an actual understanding behind their functionality instead of a general overview that leaves you with uncertainty.
Mastering Soft Trends to Think Exponentially
In the Hard Trend Methodology that I teach in my Anticipatory Leader System, there is a component that business leaders and executives can actually create an impact with — Soft Trends. These are future possibilities surrounding Hard Trend future certainties that are more open to influence.
Artificial Intelligence itself is a Hard Trend as mentioned earlier; however, how A.I. is implemented is a Soft Trend that you can influence! Too often, new technologies are soaked up by industry leaders as one-trick ponies, when in reality there are boundless opportunities that surround them, all unique to their industry and more specifically, their organization itself.
If we isolate A.I. for a moment, how you implement A.I. at your organization to improve business processes or better serve your external customers is the Soft Trend that is open to influence. When you take a Soft Trend as such and use it to your organization’s advantage, you are thinking exponentially as a human in a digital world!
An accounting firm that shifts its mindset from believing that A.I. applications on the outside will steal their customers to a mindset of utilizing the A.I. internally in custom, unique ways to better serve customers will find significance and success in the industry.
The Human Competency in Digital Technology
Even if you think exponentially about how you implement autonomous digital technology at your organization, what sets you apart from competitors that utilize the same digital technology?
Human beings and their individual characteristics! Human competencies in our digital world coupled with autonomous technology like A.I. are vital to leveraging these digital advancements exponentially. This is commonly witnessed in the world of customer service. You can have the most advanced A.I. chatbot to help your customers 24/7; however, many from all generations still want to speak to a person to have their problem solved.
Pairing digital components with human cognition is how an organization offers unique services to its customers, stays ahead of the curve of disruption and change, and most importantly, fosters a positive Futureview® organization-wide. And with this newfound mindset around how to integrate digital technology with your human workforce exponentially, you as a business leader can now watch for more Hard Trends and be Anticipatory in thinking exponentially about what is to come.
The Role of Big Data Analytics in Accounting
Companies generate enormous amounts of data that need to be processed to produce readable insights and outcomes.
Big data analytics in accounting is a game-changer as it’s improving risk identification and real-time access to data and reporting.
More firms are increasingly adopting newer technologies to make them more efficient. This includes blockchain, artificial intelligence, machine learning, robotic process automation, data analytics, etc. The use of traditional accounting has disrupted the world of accounting, but with the onset of big data analytics, it has gone leaps and bounds, tapping into the untapped potential of any business.
Use Cases of Big Data Analytics in Accounting
Businesses accumulate tremendous amounts of data that could go into petabytes and zettabytes. The accounting function in any organization records all types of financial and non-financial transactions, collects them and analyzes them using predictive models to find actionable insights. Data analytics is all about making sense of the data received and thus, it takes away the hassle of traditional accounting. Let’s dive into why you would need to transition your business from using conventional to big data analytics.
1. Real-time Reporting
One of the biggest USPs of using big data analytics in accounting is its real-time reporting functionality. Most of the analytical tools available today are cloud-based, making real-time insights and reporting more accessible than ever. As big data deals with a trove of data, it crunches historical data in terabytes and even petabytes to find actionable insights.
2. Real-time Access
Another characteristic of using data analytics in accounting is real-time access. As it is cloud-based, it has the upper hand in timers of data visibility across different functions in an organization. It can be accessed concurrently, and different users can have different privileges for access.
Apart from that, the data syncs so that the changes made in one node are easily accessible on other nodes. This improved access to information in real-time with transparency makes decision-making easier.
3. Risk Identification and Mitigation
Certain risk factors can prevent a business from outperforming the revenue it hit last quarter or against the rival. Big data can help find risks associated with financial services, such as the supply chain, fraudulent transactions or activities, liquidity, data breach, etc. Businesses can use all the data and add it to various algorithms to anticipate or predict possible outcomes or track fraudulent activities in the books. As accountants can now find errors and risks sooner, the chances of propagating from the point of no return diminish.
4. Data Visualization
Making sense of voluminous data is impossible without using tools such as Tableau. It is a heavily used data visualization tool for big data as it helps find the flow, pattern and irregularities in the dataset. Analyzing the visualized data can assist in making business decisions and strategies needed to adhere to in the future.
Big data analytics in accounting can be a significant driving force toward many use cases. It includes predicting sales performance on food, travel, hospitality and others across different data sources, such as Booking.com, Yelp, etc. It can reduce downtime and operational costs thanks to monitoring IoT sensor data.
Companies can use data analytics in accounting to zero fraudulent activities. Optimizing labor and staff requirements is another chunk of issue that can be curbed using big data based on prediction analysis.
Organizations worldwide are leveraging the power of big data analytics in accounting over the traditional approach. It is because of the many benefits that it brings to the table, including real-time data access and reporting, data visualization, data audits, and others.
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