Guest blog: SoMoClo technologies - a balance of risk and reward
No one would argue that accounting and finance roles are continually changing, much of this fueled by SoMoClo (social, mobile, and cloud) and other emerging technologies. Increasingly, we use technology to create value, while safeguarding our organizations. We’d be remiss to not take advantage of the benefits that SoMoClo technologies can enable, but we can’t ignore the security factors inherent in any Internet application.
Ask yourself these questions: Are we ignoring the competitive advantages of Cloud platforms or applications? Are we declining flexibility to our workers by not allowing them to use mobile solutions? Do we know what our customers and suppliers are saying about us in the social media?
As accountants, we are painfully aware of costs and we're more risk sensitive than ever.
Poor decisions flow from a lack of relevant and timely information. Just as technologies are converging in the SoMoClo trend, coworkers and supply chains of various types may boost productivity and lower costs through collaboration. SoMoClo can enhance this much needed collaboration.
Indeed, balance is required to avoid risks from diving into unchartered technology unprepared, but there is abundant help available from a market that is maturing at an ever-increasing pace. Someone has “been there and done that,” so ignorance is no longer an excuse. As accountants, we are painfully aware of costs and we’re more risk sensitive than ever. We should not be afraid to propose and enable implementation of SoMoClo solutions to enhance the bottom line, but take advantage of this opening to evolve to the next level of financial professionals.
SoMoClo is the first of a series of “signature” reports from IMA and ACCA that address the future of the accounting profession. I look forward, with great anticipation, to more well-researched guidance stemming from the joint partnership of two great accounting organizations. Together, we are smarter.