The accounting industry has always been awash with massive amounts of data and now thanks to technological advancements, that information is quite literally at its fingertips.
Supercharged by the cloud and technologies like AI, capturing, collecting and analyzing large sets of data is not only possible but accessible to firms both large and small. AI-enabled software can analyze vast amounts of data in a fraction of the time it would take a human practitioner to quickly and easily identify patterns, potential issues and efficiency opportunities.
Even if a firm isn’t utilizing the data, it’s still creating it and is there for the taking. A recent report by the Capgemini Research Institute, Data-Powered Enterprises: The Path to Data Mastery, found that those companies categorized as “data masters” (17% of the 500 companies surveyed worldwide) reported a 39% higher net income margin the previous year than the whole of the 500 companies on average, and 42% higher net income growth over the past three years. Among the data-related actions that helped put those data masters over the top, 87% of data executives said their company has a vision for a data-powered enterprise with AI at its center.
Data insights can be an extremely valuable asset. More companies are beginning to discover the significant benefits from a strategy that harnesses the power of data and AI.
How do firms capture the massive amounts of data when there are often multiple disparate solutions that make it difficult to navigate and collect?
Fieldguide Insights, part of Fieldguide's overall AI platform, provides a centralized way to make sure that firms are in control of all their engagement data. Practitioners have one place to gain visibility into every phase of their engagements, allowing for smarter, data-driven decisions. Firm leaders know exactly what their team is working on, they can identify potential overages and delays before they happen, enabling teams to manage client relationships with greater precision.
“We are able to use data from Fieldguide Insights to share with our team and identify specific actions they can take that could save us hundreds of hours per year,” said Angela Haasch, Partner at Wipfli.
Insights Light the Path Toward Success
The path to taking your firm from lagging to leading, starts by harnessing your data to gain a comprehensive understanding of your firm’s current position. Fieldguide Insights serves as a guiding light into that visibility.
Here are three invaluable insights you can get with Fieldguide:
If you want to set your company up for success for years to come, it’s essential to future-proof your business and be open to the transformative technologies that are here to stay. Read how the Fieldguide team gathered key customer insights to determine which types of engagements and phases offered the highest efficiency gains in its new benchmark report, Transforming your Firm: the Impact of Smarter Engagements.