In October, we’ve observed various trends that will impact and define business decisions in the months to come. Highlighted frequently in this month’s trends was a clear emphasis on evolving finance and accounting to better align with the increasing use of technology across various industries.
Here are the top three trends we saw in October:
More Cloud ERP Users Turning to Social Media
Social media is such a commonplace in 2018 that at times it’s almost hard to believe how we ever functioned as a society without it. According to Statista, by 2021, an estimated 3.02 billion individuals around the world will use social media. These platforms becoming more commonly and frequently used provides companies with a golden opportunity to leverage social media to glean critical business data. In just the past year, cloud ERP has emerged as a new method for accessing key social media functions. In other words, organizations are integrating their ERP solutions with their social media platforms.
While this trend actually initially appeared in 2016, it lost momentum when vendors misread their customers’ needs. ERP social media integration has made a comeback in 2018 as more providers are recognizing the value and impact of social media and are including social media functionalities and tools in their cloud offerings.
Shifting Customer Demands Changing Business Models
Baby boomers are on their way to no longer being the largest generation in the United States; according to Microsoft’s 2019 Finance Trends Report, millennials will soon outnumber boomers, and by the end of next year, Generation Z will be the third largest U.S. generation. This growing number of young, technology-empowered customers will continue to disrupt industries as well as force companies to reevaluate their business models and evolve.
“Globally-minded, well informed and passionate, they will push businesses to operate with greater transparency and create more sustainable products.”
-Angel Shimelish, Senior Product Marketing Manager, Dynamics 365 for Finance and Operations
These two rapidly growing, influential generations will spark new customer demands to which business will have to listen in order to grow their consumer base. There will also be an increased push exploring new ways of selling to customers, including voice commerce, mobile payments, direct-to-customer and, especially, social media selling.
Read More: 6 Trends That Will Redefine Finance in 2019
Tech Fluency Leads Accounting Profession’s Needs
Accounting firms are evolving their skill set preferences in response to ever-changing client needs and demands. New considerations continue to emerge, but accounting technology and its impact on the overall profession continue to be a focal point. These new technologies including machine learning, artificial intelligence, automation, continuous auditing, remote auditing, cybersecurity and blockchain not only increase efficiency but are causing companies to change their business practices and models. As the industry becomes more tech-centric, CFOs are looking for candidates with skills that accommodate these modern trends.
Read More: Technology Fluency Leads Profession’s Needs
Evolving Business in a Changing World
The world is constantly changing, the finance and accounting industries along with it. In our digital world, those who don’t adapt can get left behind. Not sure where to start? Our team’s expertise allows us to guide you through the process with financial advisory, finance & business intelligence, transaction advisory and systems integration services. Let 9Gauge help you navigate these changes to ensure a seamless transition into growing your business and accelerating your vision.
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