It’s the start of a new year, and a great time to look forward to what the upcoming year and future may hold. If you want to meet or exceed last year’s growth, you will need to evaluate and adopt crucial trends. Let’s look at the latest technology trends that affect accounting and business applications.
Digital mobility remains hot.
Mobility isn’t new but its uses continue to alter the business landscape. In 2016, we will see continued integration of mobile devices with business practices. Large companies already accept mobile payments, but that capability will soon be expected across the board. All business functions will find uses for mobile devices; yes, even accounting. With business applications that can talk to any device, employees in every function will be able to collect, analyze and report on information on their smartphones. New mobile technology in the form of wearables will also move into the business world.
The cloud becomes ubiquitous.
Businesses are moving their systems to the cloud in droves. On-premises applications are rapidly being replaced by cloud applications because cloud software offers efficiency and cost savings. As a result, subscription models are becoming commonplace. For businesses, subscription models offer a recurring revenue stream.
Cybersecurity is an increasingly high priority.
Increased connectivity means that security threat detection and mitigation will remain a spending priority. The unrelenting adoption of cloud, mobile and social media have significantly increased the complexity of how corporations and individuals interact with and try to protect their devices, systems, data, personal information and money. Self-protecting applications and behavior analytics stand to improve security.
Big data and the Internet of Things (IoT) impacts everything.
Users are becoming increasingly global and consuming more data. Big data analytics and the Internet of Things (I0T) will continue to impact how we do business. IoT is about interconnecting and creating intelligence from all the devices around us. This game-changing technology can offer enormous cost savings and massive productivity enhancements in the future. The sheer volume of data is staggering, but it offers a world of opportunities for businesses to better market to prospective customers, develop in-depth user profiles, and enhance daily business.
System integration will become more prevalent.
While system integration across all applications is not new to the world of ERP. Connectivity and big data further drive the need for all business systems to be operating on a common database. Business application companies will create more partnerships to enable seamless transfers of information and a single point of access.
Business intelligence is visual and available to everyone.
People have an increased appetite for more advanced analytics to answer deeper questions. Visual analytics will serve as a common language, empowering people to reach insights quickly, collaborate meaningfully and build a community around data. Advanced analytics are for everybody not just the analysts.
3D printing is not far off.
3D printing experts have a large number of different products, parts and supplies available for download. Soon businesses will simply download 3D printing files and then use those plans to create and build products. Revenue streams in royalties will be paid to the people and companies creating the designs.
Talent management is a critical strategy.
As the economy improves and the employment market tightens up, expect to see more attention paid to attracting and retaining talent. Human resource management systems (HRMS) with talent management will be more critical to be competitive in the hiring market.
Accounting Systems Inc., offers business applications and technology that keep up with important technology trends. If you need a business partner to help you navigate the systems of tomorrow, give us a call.