|By PR Newswire||
|November 5, 2012 06:40 PM EST||
SAN DIEGO, Nov. 5, 2012 /PRNewswire/ -- Cloud and mobile top the list of emerging technologies transforming the tax and accounting profession, according to the 2012 CCH Technology Survey, an independent nationwide survey of more than 400 accounting professionals, conducted by ORC International for CCH, a Wolters Kluwer business.
Wolters Kluwer Tax & Accounting CEO Kevin Robert discussed the findings in a keynote address to more than 1,200 professionals at the CCH Connections User Conference in San Diego.
"We're now at a point where all the benefits that have been talked about from emerging technologies are here – firms using these technologies today are seeing tremendous benefits in productivity and the value they can deliver to clients," said Robert.
According to professionals surveyed, improved client service is the driving force behind their adoption of these emerging technologies, along with improved productivity and profitability. Firms also report that they still face challenges in leveraging technology effectively, despite its importance to their success. Specifically, survey findings include:
- The majority of firms (64 percent) said that when making decisions to invest in new technology, their top consideration is if it will enhance client service;
- Improved client service is also the top benefit firms say they realize from supporting a mobile workforce, and leveraging social media;
- In addition to cloud and mobile, social media and Big Data are emerging technologies the majority of firms identified as having a future impact on the profession; and
- Two-thirds of firms say leveraging technology is important to their success; yet 87 percent report they can do it more effectively; and fewer than 15 percent were very confident in their ability to understand and manage emerging technologies.
"Firms need to continuously monitor to ensure they are keeping up with technology changes and investing in the right technology, at the right time, to help deliver the best results," Robert said.
Emerging Technology Adoption Rates Vary, But Benefits Clear
Across industries, cloud, mobile, Big Data and social media are having a profound impact on businesses.
"Each of these technologies is powerful, but brought together they will have a game-changing impact on the profession," Robert said. "I believe we're at a tipping point, when these technologies will deliver new capabilities to firms to get closer to their clients and significantly enhance client service. In the past, firms focused on the improvements that technology could drive within the firm. That's changed. Firms are now looking at technology in a brand new way – specifically how it increases their relevance to their clients, and strengthens those relationships."
Key findings from the CCH Technology Survey related to emerging technologies include:
Adoption of cloud-based solutions varies by firm size, with 84 percent of large firms (50 or more employees); 67 percent of mid-size firms (10-49 employees); and 46 percent of small firms (1-9 employees) now using or planning to use cloud solutions in the next three years.
The top benefits of working in the cloud:
- The ability to work anytime, anywhere;
- The ability to serve clients in any location;
- Improved security and backup procedures; and
- Improved collaboration with clients.
Other top benefits include lower costs and greater value to clients.
"Having integrated solutions that are available anytime and can communicate with one another provides professionals with the ability to significantly improve their productivity and the value they can provide to clients," Robert said. "This is why CCH's Open Integration Platform is gaining the attention it has: firms want to be able to leverage the cloud to bring together the best applications from across CCH's offerings, other providers and the firm's own applications – and our platform provides that open and integrated flexibility."
Accounting professionals are increasingly mobile, with 81 percent reporting they spend time working away from the office. The average number of hours a week professionals work remotely ranges from 5.8 hours for those in mid-size firms to 8.6 hours for those at large firms.
Additionally, firms of all sizes expect an increasing number of their staff will spend more time working remotely. Among key benefits firms report from enabling mobile workers are:
- Improved client service;
- Improved productivity; and
- Work/life benefits.
"Mobility is allowing firms to cast a much wider net in attracting clients and firm talent, and it's allowing for anytime access and supporting the way many CPAs and their clients entering the market now want to work," Robert said. "These professionals expect to be able to use platforms such as CCH Mobile to quickly access tax research, software, journals as well as the latest tax industry news.
Professional use of social media remains in its infancy across parts of the accounting profession, but firms report they will be quickly embracing social media to strengthen relationships with clients and peers. According to the CCH Technology Survey, 90 percent of large firms have or will implement social media within three years, compared to 66 percent of mid-size firms and 39 percent of small firms.
Today, the average number of hours professionals use social media professionally also varies, with accountants at large firms spending 5.6 hours per week using social media compared to 1.8 hours for accountants at small firms. LinkedIn and Facebook were the leading social media sites accountants said they used professionally.
The greatest benefits professionals say the firm overall realizes from social media include:
- Improved client service;
- Increased profitability; and
- Improved support for mobile workforce.
Overall, large firms are more likely to leverage web and social media compared to small firms. But firms are still under-leveraging the collaborative power of social media, with only about one-third of firms maintaining involvement in professional online communities.
More than one-half of professionals (58 percent) reported they were concerned about social media security and privacy.
"It's important for firms to set policies, adopt best practices and train staff on how to effectively leverage social media for building professional connections," Robert said. "Social media can play a powerful role in everything from getting closer to clients, improving your marketing, engaging with peers for expanding knowledge and strengthening relationships; it also is an important resource as more firms begin to explore Big Data."
Two in three professionals (67 percent) believe Big Data will have an impact on the accounting industry in the future. Professionals surveyed also identified analytical and problem-solving skills among the top skills CPAs need to have in the future.
In fact, Big Data has the potential for significantly changing tax and accounting professionals' work. For example, bots could be used to scour the Internet for a client's financial transactions with that information then pulled into the tax return, further automating tax preparation. At the same time, many companies are challenged by a shortage of data analytic talent.
"The role of data scientist is a natural fit for accountants and plays right into one of their strongest skills," said Robert. "It also is a way accountants will add even greater value to clients in the future."
Technology Innovation: Crucial to Future Success
Today, most firms acknowledge that they take a wait-and-see approach to technology. However, many professionals also realize that their firm will need to move to a first-to-adopt approach to be successful in the future. For example:
- 41 percent of large firms today identify themselves as first to adopt; 53 percent say they will need to take this approach in the future;
- 23 percent of mid-size firms today identify themselves as first to adopt, 46 percent say they will need to take this approach in the future; and
- 6 percent of small firms today identify themselves as first to adopt, but 21 percent say they will need to take this approach in the future.
"Firms have a tremendous opportunity to use emerging technologies to their advantage," said Robert. "For example, firms that adopt an open architecture and base their infrastructure on the cloud may be able to leapfrog their current positions and be positioned for future technology gains."
For More Information
Complete CCH Technology Survey findings are in the CCH white paperKey Findings from theCCH Technology Survey: Then, Now and Next and available at CCHGroup.com/TechnologySurvey.
About the Survey
The CCH Technology Survey included quantitative interviews with 405 tax, audit and accounting professionals in U.S. firms nationwide to examine how technology has changed the profession and how professionals anticipate it will change the skills and tools they need to compete in the future. The survey was conducted for CCH online by ORC International from August 9-22, 2012. The survey reflects experiences of randomly polled tax, audit and accounting professionals working at firms ranging in size from one to more than 100 employees.
Follow the 2012 CCH User Conference
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading solutions are The ProSystem fx® Suite, CorpSystem®, CCH® IntelliConnect®, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill. Follow us now on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
SOURCE CCH, a Wolters Kluwer business
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: ...
Oct. 24, 2014 09:30 PM EDT Reads: 1,067
Compute virtualization has been transformational, yet security policy implementation and enforcement has lagged behind in agility and automation. There are a number of key considerations when implementing policy in private and hybrid clouds. In his session at 15th Cloud Expo, Holland Barry, VP of Technology at Catbird, will discuss the impact of this new paradigm and what organizations can do today to safely move to software-defined network and compute architectures, including: How normal ope...
Oct. 24, 2014 07:00 PM EDT Reads: 1,424
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: S...
Oct. 23, 2014 11:45 PM EDT Reads: 2,587
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff hap...
Oct. 23, 2014 07:45 PM EDT Reads: 1,605
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accel...
Oct. 23, 2014 06:15 PM EDT Reads: 1,632
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customiz...
Oct. 23, 2014 05:45 PM EDT Reads: 1,552
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Oct. 22, 2014 09:00 PM EDT Reads: 1,465
SYS-CON Events announced today that ElasticBox is holding a Hackathon at DevOps Summit, November 6 from 12 pm -4 pm at the Santa Clara Convention Center in Santa Clara, CA. You can enter as an individual or team of up to 10 developers. A New Star Is Born Every Month! All completed ElasticBoxes will then be sent to a judging panel - 12 winners will be featured on the ElasticBox website in 2015. All entrants will receive five full enterprise licenses for one year + ElasticBox headphones + Elasti...
Oct. 22, 2014 01:00 PM EDT Reads: 1,531
Once the decision has been made to move part or all of a workload to the cloud, a methodology for selecting that workload needs to be established. How do you move to the cloud? What does the discovery, assessment and planning look like? What workloads make sense? Which cloud model makes sense for each workload? What are the considerations for how to select the right cloud model? And how does that fit in with the overall IT tranformation? In his session at 15th Cloud Expo, John Hatem, head of V...
Oct. 22, 2014 12:00 PM EDT Reads: 1,555
Cloud services are the newest tool in the arsenal of IT products in the market today. These cloud services integrate process and tools. In order to use these products effectively, organizations must have a good understanding of themselves and their business requirements. In his session at 15th Cloud Expo, Brian Lewis, Principal Architect at Verizon Cloud, will outline key areas of organizational focus, and how to formalize an actionable plan when migrating applications and internal services to...
Oct. 22, 2014 11:45 AM EDT Reads: 1,581
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, will discuss how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP ...
Oct. 22, 2014 07:00 AM EDT Reads: 1,676
Ixia develops amazing products so its customers can connect the world. Ixia helps its customers provide an always-on user experience through fast, secure delivery of dynamic connected technologies and services. Through actionable insights that accelerate and secure application and service delivery, Ixia's customers benefit from faster time to market, optimized application performance and higher-quality deployments.
Oct. 21, 2014 09:00 PM EDT Reads: 1,513
SYS-CON Events announced today that Calm.io has been named “Bronze Sponsor” of DevOps Summit Silicon Valley, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Calm.io is a cloud orchestration platform for AWS, vCenter, OpenStack, or bare metal, that runs your CL tools puppet, Chef, shell, git, Jenkins, nagios, and will soon support New Relic and Docker. It can run hosted, or on premise and provides VM automation / expiry, self-service portals,...
Oct. 21, 2014 08:45 PM EDT Reads: 1,460
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud pla...
Oct. 21, 2014 07:30 PM EDT Reads: 1,555
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue bu...
Oct. 21, 2014 06:00 PM EDT Reads: 1,548
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce t...
Oct. 21, 2014 05:15 PM EDT Reads: 1,618
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources on configuring infrastructure and multiple software licenses. In this track, you will learn about the...
Oct. 21, 2014 05:00 PM EDT Reads: 1,575
Blue Box has closed a $10 million Series B financing. The round was led by a strategic investor and included participation from prior investors including Voyager Capital and Founders Collective, as well as the Blue Box executive team. This round follows a $4.3 million Series A closed in December of 2012 and led by Voyager Capital. In May of this year, the company announced general availability of its private cloud as a service offering, Blue Box Cloud. Since that release, the company has dem...
Oct. 21, 2014 01:45 PM EDT Reads: 1,617
SYS-CON Events announced today that Verizon has been named "Gold Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Verizon Enterprise Solutions creates global connections that generate growth, drive business innovation and move society forward. With industry-specific solutions and a full range of global wholesale offerings provided over the company's secure mobility, cloud, strategic network...
Oct. 21, 2014 09:30 AM EDT Reads: 1,665
SimpleECM is the only platform to offer a powerful combination of enterprise content management (ECM) services, capture solutions, and third-party business services providing simplified integrations and workflow development for solution providers. SimpleECM is opening the market to businesses of all sizes by reinventing the delivery of ECM services. Our APIs make the development of ECM services simple with the use of familiar technologies for a frictionless integration directly into web applicat...
Oct. 20, 2014 10:00 PM EDT Reads: 1,781