Like many industries, destination organizations are embarking on a digital transformation journey. There has been a big shift to digital in the last few years and technology is rapidly changing. 

We’re beginning to see this transformation in all aspects of business, reshaping the way it’s conducted. Yet, change isn’t always celebrated. It can be hard, disruptive, and frustrating working with something new. 

However, with the emergence of cloud computing, data analytics, artificial intelligence, and automation, it’s hard to ignore the benefits. People are leveraging technology to streamline operations, reduce errors, and improve efficiency. The additional free time can be used for higher-value activities like strategic planning and analysis rather than manual data entry.

Innovation and automated processes

Innovation and automated processes are at the core of digital transformation and may bring a quick return on your investment because they save time. By leveraging technology, you can streamline operations and enhance service offerings more rapidly. 

Chatbots and artificial intelligence (AI) can provide instant feedback to frequent questions or requests. In accounting, AI can be used to eliminate recurring manual tasks and speed up the month-end close process while also helping to reduce errors. AI won’t completely replace employees, instead it allows them to focus on more impactful and strategic tasks.

Cloud-based systems

Cloud-based systems are another critical aspect of digital transformation. When evaluating new technology options, consider whether cloud capabilities are offered. It integrates with other systems more easily and cost effectively. You  can use cloud software to assess your organizational goals efficiently, allowing you to focus on your core mission. 

A major upside to cloud systems is transparency. It provides visibility to real-time data from anywhere, at any time, which is vital to your strategic decision makers. It’s difficult to make meaningful impact without full transparency or current information. Moreover, cloud systems may provide better security and data backup, reducing the risk of data loss due to hardware failure or natural disasters.

Data analysis

Data analysis is a powerful tool that can help you understand your constituents better. By analyzing data, you can identify trends, preferences, and pain points. This information can be used to put strategic action plans together and help achieve goals.

Data analysis also may help measure your impact and demonstrate value to stakeholders. With the right data, you may be able to show how services have improved the lives of communities and businesses you want to impact, making it easier to secure funding and support.

Cybersecurity

Change is not without risk. As you embrace new technology, keep cybersecurity and the related risks top of mind. Hackers and bad actors can cause significant damage to organizations by compromising data and reputation.

To mitigate the risk of cyberattacks, invest in proper security. This includes firewalls, antivirus software, and employee training. Social engineering is one of the top ways hackers penetrate systems, so phishing tests can teach employees to be skeptical about clicking email links and help reduce the risk of data loss.

The future of accounting will continue  to evolve and change isn’t easy. Embrace the positives that come with technology advancements. It’s not about replacing people; it’s about utilizing technology to expand human capabilities and enable more meaningful and valuable services to your constituents. View your digital transformation not as an obstacle, but as an opportunity for success.

For more information  

To learn more about digital transformation, join us for our session at Destinations International’s Business Operations Summit on October 9th.

Additional resources are also available on CLA’s digital web page or in our Crawl, Walk, Run webinar series which covers using AI, machine learning, and data analytics. 

For more information on digital opportunities, contact Keven Truhler at [email protected] or 612-376-4550.

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting, investment, or tax advice or opinion provided by CliftonLarsonAllen LLP (CLA) to the reader. For more information, visit CLAconnect.com.

CLA exists to create opportunities for our clients, our people, and our communities through our industry-focused wealth advisory, digital, audit, tax, consulting, and outsourcing services. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.