Digital disruption is the shaking up of the way we work, facilitated by digital technology. Successful leaders will identify where they can shake up their own business to diversify and engage with clients…
Whether we like it or not, the wave of digital disruption has engulfed us. Firms that failed to adapt and harness the power of technology face a difficult future. On the other hand, those that have adapted quickly by making informed decisions on the right technology for their firm will ride the wave of success by creating positive differentiation. So we need to ask: How does digital disruption impact the accounting industry? And, more importantly, how do we ride this wave?
Digital Disruption 101
According to James McQuivey, vice president and principal analyst at Forrester, digital disruption is about building better products and processes, creating stronger relationships with customers, and bringing it all to market faster. He defines digital disruption as a process where you disrupt your own processes and products to create a better customer experience at home and at work.
The most obvious and commonly cited example is that of Apple under the visionary leadership of Steve Jobs, who took a mobile phone and turned it into an extension of our arms. The iPhone and iPad revolutionised the mobile device market, freeing us from the confines of the four walls of our workplace and turning us into a workforce that never stops.
The accounting industry is neither immune to digital disruption nor incapable of it. This phenomenon is not reserved for IT, electronics and the telecommunications industry, but for anyone who wants to break away from a competitor saturation point and create a significant differentiation.