Digital Transformation in Accounting

By Team bluQube

Although digital transformation is benefitting some departments more than others, confidence in its ability to enable growth is high

 

Over the course of the last decade, the business landscape has been characterised by a surge in the adoption and evolution of digitalisation.

The increased accessibility and sophistication of tools such as cloud computing, artificial intelligence (AI), and machine learning (ML) have allowed modern businesses to develop a dynamism and agility
that has been transformational.

Below are some key statistics pulled from the research. If you would like to know the details behind the numbers: The full report is available to download here


Finance and accounting departments benefit the most


Almost half of businesses feel that their finance/accounting departments have benefitted most from digital transformation (47%), followed by sales & marketing (40%) and operations (37%).


Digital technology enables growth

78% of business leaders believe digital technologies have enabled the growth of their business.
The pandemic has shifted adoption of digital technology

76% of business leaders said the pandemic and the move to remote working sped up their company’s plans to implement digital technology.


Technology is needed to support operations

36% of business leaders believe that they will have to implement more technology to support the rise in hybrid / remote working.

 

Interoperability is key

Interoperability with other systems is a key business requirement but familiar concerns are preventing deeper implementation of technology. 

The biggest concern for business leaders preventing them from implementing new technology is digital security breaches (35%), followed by cost (34%) and lack of time to implement and train (33%).

99% of business leaders said that when implementing new digital systems, interoperability with other systems is important to them.

 

Human touch is vital

A ‘human touch’ remains a vital customer service component together with transparent pricing. 

Transparency/no hidden costs is most important to business leaders when choosing new accounting software for their business (50%). 

89% of business leaders feel the human touch of customer service is important to them.

 


Further investment in technology is necessary

There is a widespread belief that further investments in technology will both be necessary and will deliver results over the next five years

47% of business leaders believe they must implement more technology in order to stay competitive in the next 5 years.

34% believe changes in customer demands/expectations will make more technology essential to success.

Almost half (44%) of businesses believe that digital technology will impact their accounts/finance department most over the next five years.

 

These are just a few of the insights from our 2022 report. To get the full report with all the findings included download it here.