Accountants who are looking for suitable cloud software for their clients should be aware of these trends.
Increased cloud storage capacity
Cloud services are becoming the norm for businesses and it is expected that data storage will grow exponentially to meet this increase in demand. A Cisco survey estimates that in 2018, we will have a total global storage capacity of 1.1 ZB – twice that of 2017!
For future-ready businesses who are ready to take advantage of the space, they will be able to store large data sets, perform analysis, harvest in-depth insights to customer behaviour and more. Smaller businesses can also take advantage of the increased cloud storage capacity. An increase in storage means that software providers will offer customised storage options at lower prices.
Cloud Software Integrations and Extensions
Businesses need to realise the importance of linking data sets from one software to another. Even though the cloud software might come from two different providers, the data they share between them is important to the users of both systems.
For example, if a business handles their inventory management in Unleashed Software and their accounting in Xero, the shared data sets will be important to them. It will allow them to track their stock movement, stock value, cost of sale and more within Xero.
Effortlessly sharing data from one cloud software to another combines the workflow across both systems will make work processes more efficient. This also empowers small business owners to manage their own softwares instead of having to hire software developers. They can implement SaaS software without too much costs or complications.
Unlike artificial intelligence, machine learning refers to a software system’s ability to improve its own internal algorithms to improve performance. As you continue to use the software, the machine keeps learning and becomes more intelligent.
Machine learning helps businesses do things such as automatically sorting billing statements, recommend account codes, and forecast trends. As the machine learns, it will result in better decision making. This allows your business to increase productivity and provide more data insights to understand trends and forecast future performance.
Many large corporations are currently using software with machine learning. While software with machine learning might not be common among small businesses now due to its hefty price tag, it will not be long before it becomes commonplace for SMEs.
Unleashed Software will be at the Accounting Business Expo in Sydney this week so head over to our booth to find out more on how accountants can maintain their competitive advantage in the digital era.
Unleashed Software relies on our great network of partners to spread the word about our great inventory management software. Find out how you can be a Referral Partner or an Implementation Partner today!