Today’s accounting firms are continually looking for ways to boost efficiency and grow profits in an increasingly competitive market.
Deciding With Data
Justin Farmer, VP of Product, gives us his thoughts on how lack of data can lead to indecision in accounting firms.
The leading decision today is: indecision.
While I have no way to back this statement with hard evidence, I’ll instead paraphrase a comment that was told to me by a business development partner at a large accounting firm. She explained that the amount of data needed in order to make a decision has become staggering and paralyzing. As a result, the firms are sticking to the status quo, which makes it difficult to meet clients’ needs and expectations.
This was a very big statement, and one made in an exasperated tone. It made me wonder: if accounting firms are facing ever-changing client requirements - will stagnation be the challenge that will overtake the firm? In other words, if a firm chooses not to evolve, will their clients find a firm that better meets their needs?
Truth be told, I don’t know the answer to these questions. But if the trends speak to us, the thirst for data in accounting firms is loud and clear. Customers are trying to solve a myriad of challenges and they want the data to solve them.
The challenges I hear most about include:
- Identifying growth vectors and accessing and cultivating new opportunities
- Determine the right business models that win new opportunities and bring profitable growth to the firms
- Planning for resource needs and leveraging firm staff appropriately
- Improving financial performance and cash-flow
Data is not necessarily the sole answer to these problems. Leaders are seeking knowledge and information about their firms that is required to succeed - and data gives them just that. After all, it is human nature to desire more confidence when making a decision.
At Aiwyn, we are not focused on providing data. Instead, we are focused on providing insights. With understanding of the problems that our customers are facing, we provide the appropriate insights to achieve their goals.
With our newest solution in development, Aiwyn Insights, we are focused on these key questions:
- What are our clients trying to achieve?
- What insights both leading and lagging can help support their cause?
- How effective are the insights that are being provided?
With answers to these and other questions, Aiwyn Insights will continue to grow and be able to help clients achieve their goals and make the decisions with the information to back them up.