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Digitisation asks Fundamental Questions of the Accountancy Sector

January 26, 2018 • FINANCE & BANKING, Digital Transformation, Banking Innovation

By Ben Laker

 

Estimated at $23 billion, the Digital transformation market is growing rapidly across the globe, with 23 percent of activity residing in the UK, 21 percent in Australia and 20 percent in the US.

According to Source Global Research $5 billion of the $23 is serviced by the Big Four consulting firms, who together hold 21 percent of the market. 12 percent is captured by Deloitte, the current market leader who conclude that “strategy, not technology, drives digital transformation”. This view challenges widely held consensus, but supporting research within the MIT Sloan Management Review and Deloitte digital business study suggests that the strength of digital technologies – social, mobile, analytics and cloud – doesn’t lie in the technologies individually. Instead, it stems from how companies integrate them to transform their businesses and how they work, a finding consistent with our own research. New capabilities make new solutions possible, and needed solutions stimulate demand for new capabilities, for as Capgemini Consulting suggest, all sectors are urgently required to “unleash the transformation potential offered by digital innovation”. Yet despite this, many sectors remain somewhat lethargic to change. One sector in particular is accounting, of whom digitisation asks three fundamental questions.

 
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About the Author

Ben Laker is Leader of the Analytics Practice at Transform Performance International. Ben helps Fortune 500 firms including Apple, American Express, Cisco, Dow Chemical and Liberty Global to do more, more quickly with more certainty using machine learning and big data derived from world-class research. A Harvard Business Review contributor and prolific author of thought-leadership, his insights are published by Forbes, The New York Times and The Economist among others.

 

Notes

1. https://www.capgemini-consulting.com/technology-transformation
2. https://www.wired.com/2017/02/robots-will-soon-taxes-bye-bye-accounting-jobs/
3. https://dupress.deloitte.com/dup-us-en/topics/digital-transformation/digital-transformation-strategy-digitally-mature.html

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