Technological advancement has had its share effect on professional service firms as businesses are having to adapt to an increasingly digitalized environment by trying to integrate advanced business tools to increase their efficiency. Adopting the use of Information Technology is essential to getting new clients and retaining existing clients as it allows companies to have a competitive advantage over their rivals and maintain good reputation by enriching client experience because client’s expectation has increased.
Technological advancement is helping professional service firms improve their client experience, employee experiences, transform their business processes, and change their service delivery methods. Artificial intelligence (AI), cloud hosting, cloud computing, and robotic process automation are driving productivity up as technology increase efficiency, improve business speed and helps protect sensitive data and reduce workloads due to automation process.
The corona virus pandemic couple of years ago increased the demand for cloud computing solutions as employees adopted the hybrid system of working. Cloud computing is an on-demand access, via the internet, to computing resources applications, servers, data storage, development tools, networking capabilities, and more hosted at a remote data center managed by a cloud services provider.
The increasing focus on digitizing business processes is encouraging the use of cloud computing service in various industries to help improve business speed and reduce workloads. Cloud computing technology gives users access to storage, files, software, and servers through their internet-connected devices.
Professional services firms like MOORE Bishop & Rooks now use Cloud Computing Services to manage data from clients, online records, and much more. Cloud services are services offered through the internet to users on-demand rather than by the company’s own servers. It allows Data to be stored and backed up online. The use of cloud services has helped reduce storage costs by seemingly making it easier for Professional service firms to access data and information resources with the click of a button.
Furthermore, in lieu of having to maintain several software and various platforms on each employee’s computer, you can simply work from anywhere once there is internet access. Sending emails, Proposals, Letters of Engagements to clients and raising Invoices or collaborating on a document now has cloud service solution like Microsoft 365, Google document, Xero, SharePoint just to name a few to ease the process.
Computer Assisted Audit Techniques or CAATs for example, is the practice of using computers to automate audit processes. CAATs can sometimes be referred to as CAATTs (Computer Assisted Audit Tools and Techniques) or BEASTs (Beneficial Electronic Audit Support Tools) and it is defined as an auditing method that uses computer software tools and software like Cygna Auditor, Caseware, EZTax, Gusto, TurboTax Business, Patriot Payroll to query business data and produce reports that will enhance audit and Tax computation process.
Integrating technological innovation to business process plays an important role in the shift in operating model of professional services firms from one solely focused on service delivery to one focused on responsive and continuous solution deployment. In other words, digital transformation is key to sustaining increased revenue, increase in client references, improved project delivery efficiency, higher revenue per employee in short for the continued success of a business.
As new innovations and emerging technologies keeps evolving, client expectations are also increasing. MOORE Bishop & Rooks is happy to partner with firms across board to replicate the results of adopting technological advancement which includes improved service delivery and giving client the best experience.