As chartered accountants in Qatar we always insist our clients to look into digital adoption and transformation and how it can benefit your company. Today we have listed down the areas of digital transformation, the techniques to consider according to your company goals and benefits.
Digital transformation refers to implementing digital technologies to unlock the total value of your digital technologies. The four main areas of digital transformation as suggested by chartered accountants are as follows:
- Customer Experience (CX)
- Data & Analytics
- Cloud Computing
To adopt into the bliss of technology, there needs to be a change in mind-set within the entire organization. What the management always forgets its that It’s not enough to hire people who know how to use digital technology; you also need to train them to work together as a team.
Digital Transformation Technologies
To work together, your team needs to know the tools that can be used to support digital transformation initiatives. Technologies are create to help us grow and ease our burden. They include:
The delivery of computing resources via the internet is known as cloud computing. Cloud computing enables users to gain online access to applications, content, and storage. One such example is Google Drive. Many users take advantage of drive, even chartered accountants service in Qatar. It is a free online storage service that allows users to store and access files. The server and hardware are rented from the provider rather than owned by the user.
Big Data Analytics
In digital marketing terms, Google analytics is a big tool to access the data. Big data analytics employs advanced analytical techniques to analyse large amounts of data. The Best Chartered Accountant Firms in Qatar use best data analytics tools to keep data secure and to keep up with workload.
Social networking websites
Social media is a type of electronic communication where individuals share ideas, news, opinions, and messages via websites and blogs by posting text, images, videos, links, and other multimedia content. Make a creative account in social media!
Mobile apps are those that are designed for Smartphones and Tablets. Users can use these apps to make phone calls, send emails, take photos, play games, listen to music, watch movies, browse the web, and read books, among other things.
Many artificial intelligence (AI) softwares are being used to reduce business workload. The science of creating systems that think like humans is known as artificial intelligence (AI). To mimic human decision-making, AI employs algorithms, mathematical analysis, and human knowledge. Many accounting services in Qatar have started to adopt towards AI.
IoT (Internet of Things) (IoT)
The concept of the “Internet of Things” refers to the idea that everyday objects have unique identifiers. Every object has at least one sensor that can collect and transmit data over a network. To know more about the topic you can refer to this detailed blog.
Robotic process automation is the use of robots to automate tasks that were previously done by humans.
Machine learning is a branch of computer science that enables computers to learn without explicitly programming them. This will lead to better work speed. A kind of technology chartered accountants consultancy in Qatar use.
8 Advantages of Digital Transformation
- Improved data collection
- Better resource management
- Customer insights based on data
- Improved customer service
- Encourages digital culture (through better collaboration)
- Increased Profits
- Increased Agility
- Improved Productivity
The global digital transformation market is expected to grow at a compound annual growth rate (CAGR) of 16.5% between 2020 and 2025, from $469.8 billion to $1,009.8 billion in 2020, according to Research & Markets. There’s no denying that the pace of digital change is quickening. Many businesses, however, are struggling to meet the demand for digitally skilled workers in this fast-paced environment.
What can be done to address the shortage of skilled technology workers? Train your current workforce and transition them into the next phase of the world. Yes, it will take time and money… However, we are a growing population, and this year will bring many challenges, most notably the anticipated recession.