Pandemic affected all the countries, nations and people around the world, challenging everyone to come up with solutions, previously unthinkable, as the survival became a challenge. Growth was a mere dream for many since financial discipline had been considered unnecessary if not neglected totally prior to 2020.
However, signs of economic revival are around the corner resulting from dramatic effort put into action by responsible parties around the world. Also, the revival is itself a challenge as business norms have been changed during the same period and competition has been multiplied due to innovations came up as a direct result of searching for new ways and means of meeting business needs. In other words, innovators are marching fast in the business world gaining speed, flexibility and seamless consumption of business data around the clock.
In addition to huge demand pressure on production inputs which causes prices to surpass all-time highs, innovations have eliminated routine jobs to some extent while decision making has become frequent and formidable with the influence of technological improvements and resultant products like data analytic tools and cloud accounting solutions.
In the business world, majority of business decision makers have become well-aware of the presence of these tools and others are getting used to them faster. As these innovations also create opportunities for diversifying businesses, need for accurate real time business data is ever increasing. This means faster gets the momentum whereas slower has to become faster first to survive and to grow thereafter.
Even though all other things remain the same as in the past, most experiences and skills will become irrelevant too fast. Therefore, even accounting world will be challenged with the increasing rapidity with which the business decisions will have to be taken up.
As a business owner, are you aware of this shift in the business world? And have you taken sufficient steps to enhance your decision making?
ව්යාපාරික හිමිකරුවෙකු වශයෙන් ඔබ ව්යාපාර ලෝකයේ මෙම වෙනස ගැන දැනුවත්ද? ඔබේ තීරණ ගැනීම වැඩි දියුණු කිරීමට ඔබ ප්රමාණවත් පියවර ගෙන තිබේද?
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5 comments on “Accounting Beyond 2021”
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