Greater accuracy. More insight. Faster answers.
That’s the kind of professional services the market increasingly demands. Powerful forces of change, such as digitization, automation and cloudification are driving this shift. As are customers and employees who expect anytime-anywhere access to information, and a simple, intuitive user experience. A massive industry is on the verge of massive change, possibly disruption. In 2019, the Big Four accounting firms earned revenues of more than $150 billion – more than the combined economic output of two-thirds of the world’s countries. But even greater value is at stake because professional services are critical to the overall health of the global economy, whether it's audits that build trust in capital markets or tax and advisory services that help enterprises realize commercial goals while mitigating risk.
Professional services firms will further evolve in these core business areas:
Audit function: With lower-end services becoming commoditized, expect clients to access them over self-service platforms. Upskill your workforce, to not only augment their digital but also human acumen. With a push of a button, auditors will be able to visualize high volumes of data and spot anomalies in transactions. AI and ML will extract and find patterns in billions of data points, freeing up auditors to exercise judgment in high-risk and strategic areas.
Tax function: For tax departments inundated with regulatory changes and complexity, automation has been a boon. Robotics are already automating rules-based processes and data visualization tools are helping tax professionals analyze information faster. In the future, tax professionals will spend less time on compliance and financial reporting, and more on strategy, planning and managing risk. We envision a tax function in which multiple solutions are orchestrated by people, including emerging ones such as optical character recognition (OCR) for unstructured data, resulting in more forecasting and decision support for business.
Risk and Assurance function: Companies will demand that BI and analytics provide instant visibility into risks and insights to help turn those threats into opportunity. Access to real-time data and application of AI and ML to complex issues will shift many services from problem solving toward prevention.
Professional services firms have the opportunity to lead in reimagining how technology can provide better outcomes for clients.
Your clients may be asking: In the not too-distant future, will it be possible to audit 100% of the financial transactions of a company? Can our tax function pivot from backward looking reporting to predictive “what if” scenario planning?
Orion Innovation provides business solutions rooted in Digital Strategy, Experience Design, and Engineering, delivering game-changing business transformation and product development for our clients. We have deep domain knowledge in Audit and Tax, serving major global professional services firms over the last 20 years.
We can partner with you to anticipate evolving client expectations, find the right answers, conceptualize and build the right solutions, and deliver the business transformation you need.