Category: Technology

The Most Important Technologies for 2022

1/5/2022

It’s time to flip the calendar yet again, and after another uncertain year, many of us are excited to put 2021 in the rearview mirror. One reason for optimism in 2022 is technology’s continued development and deployment. In this article, we examine – in no particular order — five technologies that could prove to be the most impactful ones in 2022.

5G Cellular Connections

Indeed, 5G cellular connections are not new. However, 5G deployment is increasing in scope and scale. Consequently, many cellular customers – particularly those in urban and suburban areas – presently can access 5G connections. Further, most cell phones purchased since late 2019 can connect to 5G networks. Today, those who have access to 5G connections and have a device capable of connecting to 5G networks already can realize the benefits of 5G cellular networks.

Perhaps the greatest of these benefits are 1) faster connection speeds and 2) reduced latency. Specifications for 5G networks call for transmission speeds of up to 20Gbps. Putting this into perspective, 5G can transmit at speeds 10 to 20 times faster than existing 4G LTE connections and 20 times faster than connections provided over fiber. These speeds, coupled with 5G’s reduced latency, offer faster downloads and reduced buffering over cellular connections. As a result, 5G further enables a “cut-the-cord” environment for individuals and businesses alike.

Robotic Process Automation

Despite the name, Robotic Process Automation (RPA) does not involve physical robots invading your office and replacing human efforts. Instead, RPA consists of software-based tools automating data movements throughout a particular workflow. RPA does not replace human thought and critical thinking. Instead, it automates rote, repetitive tasks. In turn, this relieves humans of performing these tasks and frees up time to focus on tasks that require critical thinking.

Many of the RPA tools available today are “no-code, low-code” solutions. This feature means that many users can implement RPA workflows without requiring assistance from their IT staff. For example, using Zapier, team members can link data from many popular Cloud-based solutions into other Cloud-based solutions. To illustrate, you can use Zapier to link data from a Shopify-powered e-commerce platform into QuickBooks Online, thereby avoiding manually re-keying data into the accounting application.

One of today’s more popular RPA tools is Microsoft’s Power Automate platform. With this tool – a component of many Microsoft 365 subscriptions – end-users and power-users alike can create sophisticated and powerful automated processes. Power Automate’s platform contains hundreds of pre-built templates that you can use right away. Further, it offers connectors to many non-Microsoft tools and applications, enabling many easy and inexpensive automated workflows across a wide range of applications and services. Therefore, Power Automate-based RPA will grow significantly in 2021.

Data Analytics

Accountants, auditors, and business professionals of all stripes continue to look to data analytics to help them understand business performance. Commonly, experts in this field refer to four types of data analytics.

Descriptive analytics refers to measures that define and describe what happened in the past.
Diagnostic analytics help us understand why we achieved a specific set of results.
Predictive analytics tell us what to expect in the future, subject to specified inputs.
Prescriptive analytics help us identify appropriate “next steps,” often when trying to achieve a specific set of results.

No matter the type of data analytics you use, an increasing number of options for generating these tools are available in applications we use every day. For example, Excel’s Data Analysis Toolpak can automate calculating many measures used in data analytics environments. Likewise, Microsoft’s Power BI Desktop application contains valuable features to calculate statistical measures and build forecasts based on historical data. Similarly, Zoho Analytics can also create numerous measures to advance your data analytics efforts. Suffice to say, those seeing to understand and improve business performance should consider using a data analytics tool to propel their efforts.

Artificial Intelligence

Artificial intelligence (AI) is closely related to data analytics, but these tools are different. With AI tools, you can use the underlying technology to identify issues you might otherwise miss. For example, Excel’s “Analyze Data” feature – found on the Home tab of the Ribbon – can identify and display hidden trends and relationships in relatively large data sets. Likewise, if you have access to a paid subscription in Power BI, you can upload a dataset into the Power BI Cloud. There, you can use Power BI’s Quick Insights feature to identify trends and relationships that you may not have realized existed. This powerful feature is an excellent example of a powerful AI tool you can use on transactional data.

However, AI extends to other types of data and applications too. For example, Grammarly is a terrific AI-based tool to check your word processing and other text-based documents. More than just another spell-check tool, Grammarly uses AI to analyze your tone, grammar, punctuation, clarity, and engagement to help you write more effectively. Similarly, PowerPoint now offers AI features to recommend edits to your slides to enhance their effectiveness.

Blockchain

And then there’s blockchain. Some describe blockchain as “a solution in search of a problem,” and there’s probably some truth to that. At its’ core, blockchain is a highly secure, distributed database that users can adapt for many different uses. To date, blockchain’s most visible use has been as the core technology underpinning cryptocurrencies. But, doubtlessly, blockchain is adaptable to a multitude of other applications. For example, blockchain could record deeds, issue insurance binders, and potentially even secure votes in elections.

Perhaps 2022 will be the year when blockchain expands beyond cryptocurrency and begins to move mainstream, and there are some signs it is moving in that direction. For example, spending on blockchain solutions in 2022 will approach $12 billion. Further, Forbes reports that blockchain can help secure Internet of Things devices, perhaps those deployed in concert with 5G rollouts. Likewise, in the same article, Forbes indicates that pharmaceutical companies could use blockchain to prove the authenticity of vaccine shipments, including COVID-19 vaccines.

Summary

Every New Year causes most of us to think about how the next twelve months might unfold. From a technology perspective, 2022 will be an exciting time. Undoubtedly, some of the technologies discussed here will move faster than predicted, and some will move slower. Further, other technologies not mentioned in this article will become media darlings and create much excitement and buzz. However, for the technologies likely to impact us the most in 2022, focus on the five discussed in this article.

Learn more about the technologies mentioned above by participating in a K2E Canada learning option. CLICK HERE for more details.

Tommy Stephens

Five Technology Resolutions for 2021

1/10/2021

For many, the Holiday Season is a time to look back and reflect on the year gone by – and what a year it was! It is also a time to look forward, plan, and consider how we can do better in the coming year. Often, this results in making resolutions for the new year. In that spirit, let us consider five technology resolutions that you might consider adopting for 2021.

We Will Collaborate More Effectively

The first of our five technology resolutions centers on collaboration. In today’s work environment, collaboration is critical. Team members no longer work in isolation. Instead, they work collaboratively with customers, clients, vendors, and others who work for different organizations. Recognizing this new reality, yesterday’s work methods are no longer optimal for today’s environment.

To illustrate, the age-old practice of emailing documents to others for review and revision is outdated. Instead, we can take advantage of collaboration tools to enable simultaneous, multi-user collaboration. For instance, we can use the co-authoring feature in Excel, Word, and PowerPoint to collaborate on common Microsoft Office documents. Likewise, we can use Adobe’s Creative Cloud to enable collaboration too. Further, tools and platforms such as Google Workspace, Microsoft Teams, and Zoho One provide excellent collaboration options. No matter the technology used, recognize the benefits of collaboration. A recent Forrester report indicated that team members save almost two hours per week using collaboration tools. No matter the type of business you are in, seek out opportunities to improve collaboration in 2021.

Information Security Will be a Part of Everything We Do

The second of our five technology resolutions is to incorporate information security into all we do. You have, no doubt, read the headlines and know that cybersecurity attacks continue to rise. Ransomware, spear phishing, and Internet of Things attacks are just a few of the threats we face from external forces. But we also need to address internal security issues. These risks include team members sending sensitive and confidential information as unsecured email attachments, failing to use encrypted Internet connections, and not taking advantage of multi-factor authentication when a device or application.

Information security must become an integral part of each of our businesses. A single security incident – such as a ransomware attack – could cost millions in remediation expenses and perhaps more in reputation damage. Further, with ever-expanding data privacy laws and regulations, fines for non-compliance could cripple organizations of all sizes. To address these threats, resolve to make information security a fundamental part of every activity in your organization. Among other actions, encrypt all your data, and mandate multi-factor authentication wherever possible. Consider adopting a “zero trust” security model to minimize risk. Above all, train every team member on identifying and responding to the dangers that will inevitably arise. The issue of information security is not going to disappear, so address it now and ensure that all business processes incorporate appropriate security measures and all data remains secure.

Equip Work From Home Team Members Appropriately

In the understatement of the century, 2020 was a year of unprecedented business change. At the outset of the pandemic, business leaders told millions of workers to “pack up your computer, take it home, and figure out how to work from there.” And these team members did an outstanding job of making the best of the situation. Along the way, many realized they prefer to work from home and will continue to do so in the future. Therefore, the third of our five technology resolutions centers on remote team members. We must ensure that our remote workers have the equipment and tools necessary for the “new normal.” Stated differently, they need to be at least as productive at home as they were in the office.

In addition to addressing hardware issues and fast and secure internet connections, also carefully consider issues such as desks and chairs. Remember, employers typically have a responsibility to ensure that team members have the equipment they need to get their jobs done efficiently and safely. In most cases, workers’ compensation laws still apply, even if a team member works from home. Hence, it remains necessary to address workstation setup and safety measures, including those related to ergonomics. Further, do not let relatively inexpensive technology expenditures hamper productivity. For example, purchasing an inexpensive scanner or other hardware devices may pay big dividends in increased productivity for team members working from home or other remote locations.

We Will Leverage Our Investment in Existing Technologies to Improve Efficiency

Our fourth of five technology resolutions seeks to leverage existing investments. Most organizations have invested heavily in technology over the past two decades. But are these same organizations receiving the promised return on investment? The unfortunate answer is a resounding “no!”

One of the biggest reasons for this failure is that most organizations have not committed to training their team members to use the tools provided or discover some of the newer features in core applications. For example, although almost all accounting and financial professionals use Excel daily, they do not know how to work with data models, create formulas based on dynamic arrays, utilize Flash Fill, or perform “what-if analysis” using Solver. Thus, tasks take longer than necessary, and results are often not as precise as needed. For 2021, commit to leverage the investment already made in core technologies such as Excel, Word, Outlook, PowerPoint, Adobe Acrobat DC, and Windows 10. Incredible improvements in accuracy and efficiency await!

Our Team Will Adopt New Technologies to Improve Productivity

Rounding out the list of five technology resolutions is adopting new technologies. Just as we will leverage existing technologies, we also resolve to adopt innovative technologies, where appropriate, to improve productivity. One example lies in Robotic Process Automation (RPA). RPA allows businesses to automate rote, repetitive tasks such as manual data entry. With tools such as Automation Anywhere, Microsoft Power Automate, and Blue Prism, you can build custom applications to automate virtually any repetitive task performed in your organization.

But do not stop with RPA! Consider how you can use other technologies such as machine learning and artificial intelligence to improve productivity. For example, is there a role for artificial intelligence to help audit employee expense reports for errors, irregularities, and fraud? Tools available from companies such as AppZen can help you do precisely that, identifying out-of-policy spending and enhancing internal control at the same time. Once considered to be “bleeding-edge” technologies, these tools are now mainstream and offer new productivity plateaus.

Summary

Another New Year is upon us. With it, we will gladly say goodbye to what was a most tumultuous 2020. As we do, let us look forward to all that 2021 has to offer, including the opportunities to become more efficient, more effective, and more secure with technology. Resolve to improve your business with the five items outline above – collaboration, information security, equipping remote workers, leveraging existing technologies, and adopting new and transformative technologies. Next year, when you look back at the year that was 2021, you and your bottom line will be delighted you adopted these five technology resolutions for 2021. All the best to you and yours for a Happy Holiday season and a healthy and prosperous New Year!

Make 2021 your best year yet by becoming more knowledgeable, efficient, and secure when working with technology. You can do so by participating in the various learning opportunities we make available. To learn more, please click here or visit https://www.k2e.ca/training.html

Tommy Stephens

Authors

Ward Blatch
Ward provides consulting and training services as the Managing Director of K2E Canada Inc. He joined K2E Canada in 2005 and is responsible for the Canadian operations of this international consulting group, which provides professional development technology education for accountants across Canada and the US. Ward lives in rural Nova Scotia and can be reached at [email protected].

Tommy Stephens
Tommy is one of the shareholders in K2 Enterprises, affiliating with the Firm in 2003 and joining as a shareholder in 2017. At K2, Tommy focuses on creating and delivering content and is responsible for many of the Firm's management and marketing functions. Tommy resides in the metro Atlanta area. You may reach him at [email protected].

Randy Johnson
Randy is a nationally recognized educator, consultant, and writer with over 40 years experience in Strategic Technology Planning, Accounting Software Selection, Paperless, Systems and Network Integration, Business Continuity and Disaster Recovery Planning, Business Development and Management, Process Engineering and outsourced managed services. Randy can be reached at [email protected]

Bernie Smith
Bernie coaches businesses to develop meaningful KPIs and present their management information in the clearest possible way to support good decision making. As the owner of Made to Measure KPIs, he has worked with major organisations including HSBC, Airbus, UBS, Barclays, Credit Suisse, Lloyds and many more.

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The Most Important Technologies for 2022

5G Cellular Connections

Robotic Process Automation

Data Analytics

Artificial Intelligence

Blockchain

Summary

Tommy Stephens

Five Technology Resolutions for 2021

We Will Collaborate More Effectively

Information Security Will be a Part of Everything We Do

Equip Work From Home Team Members Appropriately

We Will Leverage Our Investment in Existing Technologies to Improve Efficiency

Our Team Will Adopt New Technologies to Improve Productivity

Summary

Tommy Stephens

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