The changing tide of the tech world

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Technology is becoming an ever-present, constantly evolving force which is shaping the world we live in.

Since the early 20th century technology has been changing the way we live, everything from the way we listen to music to how we order food is being reinvented practically every decade.

It is undeniable that the pace of change is unprecedented, and businesses are at a crossroads where adopting the latest technology is becoming a necessity.

The tech industry is nothing new, and countless companies such as Uber, Amazon and GoCompare have cottoned on to a niche in the market early enough to benefit significantly.

Some startling facts which highlight the current state of play;

  • The world’s biggest retailer is 18 years old and owns no stock.
  • The world’s most popular media owner is 13 years old and creates no content.
  • The world’s biggest taxi company is 6 years old and owns no vehicles.
  • The world’s biggest accommodation provider is 10 years old and owns no buildings.

Alongside these stark revelations is a workforce on the cusp of the biggest generational shift. In the not-too-distant, 2025 to be exact, 75% of the workforce will be millennial.

Currently, the workforce is made up of one-third of millennials, so with such a dramatic increase its integral for companies to integrate technology into their processes.

41% of businesses think the way they operate will be obsolete in 5 years, and many industries are either embracing change or falling by the way-side.

Although many menial tasks may be taken over by computers and robots, there will always be a space for the human touch with creativity becoming the number one asset to businesses in the next five years.

The accountancy industry is no exception. The market is now awash with apps and services which make the bread and butter process of ‘accounting’ more streamlined. This new technology has left a chasm which has been filled with closer, more involved client services – a role which is becoming part and parcel of the modern accountants’ job description.

Rather than being tech-averse, the time to step up and embrace the change is here

 

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