I worked in a data center for The Vanguard Group (FinTech) for almost a decade. If you don’t know what a data center is it’s basically where all the computers, servers and geeky tech stuff lives.
Years ago we were facing a crisis. We were running out of servers, energy to power those servers, cooling to operate those servers…you get the idea. This was a real problem and we didn’t know how to solve it.
Then technology evolved and virtualization changed everything. Virtualization meant we could share resources beyond the physical limits of any given server. This meant we needed WAY less physical servers.
We ended up have rows and rows of empty cabinets because of virtualization. Our hosting costs went way down and our problems were solved.
A similar crisis is facing the professional services industry. I’ll use CPA firms as an example. The audit service they offer has come under fire for lack of performance and innovation. They are still doing things the old way and can’t keep up with changes in the industry. So what are CPA firms expected to do?
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Intelligent automation to the rescue. AI or Artificial Intelligence is providing CPA firms with a new way change how they offer this service.
This type of technology allows the firms to be proactive instead of reactive. People don’t need to search for problem patterns in their client data, AI can do that now and find WAY more than a human ever could.
This technology is going to forever change how CPA firms offers audit services. However, your firm would still need to embrace it.
Ask yourself what major shifts in technology will solve the looming crisis in your industry and whether or not you’re ready to embrace it.