- About Us
- Contact Us
Earlier this month, the Slovenian Prime Minister, Miro Cerar, stated that he “want[s] to position Slovenia as the most recognised blockchain destination in the European Union.”  Such grand declarations shows just how far the cryptocurrency public ledger has come in a short period of time. But it’s not just blockchain that’s reshaping industry; there’s a whole range of emerging technology that has the same kind of revolutionary potential. The Internet of Things, augmented and virtual reality, artificial intelligence, 3D printing, robots and drones have all garnered plentiful column inches because of their disruptive capabilities. In fact, many of these topics were covered at our Asia Pacific conference in Kuala Lumpur this August, where Patrick Schwerdtfeger from Trend Mastery talked about “Being a Leader in a Data-Driven World”. But what do of all these emerging techs mean for SMEs?
It’s my opinion that SMEs should be open to these new and emerging technologies. In fact, they could even lead the way. In the case of artificial intelligence, The Financial Times stated, “…there is no reason why SMEs should not welcome these advantages with open arms. The winners in the automation race will be the fastest, nimblest and hungriest, not the big beasts.” I believe that emerging tech should be thought of not just as an operating expense or capital investment, but as a strategic enabler to drive scalability, competitiveness and growth. In fact, according to a new survey-based whitepaper by technology company Insight Enterprises Inc., 69% of small and medium-sized businesses are devoting part of their IT budget for 2016 to newer and emerging technologies. These included 3D printers and wearable devices, as well as dashboard and data visualization software applications.
In the accountancy industry, I’ve seen first-hand the effect of what emerging tech can do. Automation means it’s now possible to free up manpower from administrative tasks and to streamline our processes. This leaves us more resources on to focus on consultative areas, providing our clients with essential expertise to help them thrive and expand, perhaps embracing tech-based opportunities of their own. But it’s also worth noting the reverberations that these technological advancements can have on the wider economy. Research by YouGov estimated that robots could take the jobs of 4 million UK private sector jobs in 10 years, with the finance and accounting, transportation, distribution and manufacturing industries the most affected. 
There’s always inherent risk whenever a business chooses to adopt a new technology. Recent history is littered with examples of lauded tech that failed to live up to the hype. Even the biggest and most successful companies don’t always get it right. Prime examples include “Google Glass” and Apple’s doomed PDA device – the “Newton”. However, on the other side of the bitcoin, businesses that fail to acknowledge change can soon find themselves consigned to the past, Blockbuster Video being a case in point. It’s a tough balancing act to marry immediate business with that of the future, and especially so for SMEs. There’s no right answer, but for me, the acclaimed futurist Roy Charles Amara hit the nail on the head when he said, “We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.”
By Kreston CEO, Liza Robbins. Since I became CEO last year, I have been visiting Kreston firms across the world.
Kreston member Duncan & Toplis is now an accredited centre for the Institute of Leadership & Management (ILM) and will
Irish accountancy firm BFCD recently moved from its existing accountancy association to join Kreston International. We spoke to partners Margaret
Kreston Iberaudit has updated its Spanish regional fiscal guides for 2019. You can access all the guides here: Fiscal Guide
By Elena Bargados Varela, Tax Manager at Kreston Iberaudit S.L. Due to the recent surge in the number of software
From 1 April most VAT registered businesses with turnover above £85,000 will have to file VAT returns through new Making
Author: Sarjit Singh, Executive Chairman at Kreston member firm, Ardent Associates LLP. The future of work is not just about learning a
By Andrew Griggs, Kreston Board Director and Senior Partner of UK member firm Kreston Reeves. In February, the Institute of
“The China One Belt, One Road is going to be the new W.T.O – like it or not.” These are
“A crushing, horrible, unfair disaster”. That’s how President Trump described inheritance tax; he aims to abolish it by 2025. Other
Artificial Intelligence (AI) has been garnering a lot of media attention of late. And for good reason – its potential
Earlier this month, the Senate voted in Donald Trump’s controversial $1.4 trillion tax reform bill by the narrow margin of
To say that there’s been a backlash against globalisation in recent years would be an understatement. From demonstrations in France
“May you live in interesting times” goes the Chinese expression. In fact, it’s actually more of a subtle barb to
Earlier this month, the Slovenian Prime Minister, Miro Cerar, stated that he “want[s] to position Slovenia as the most recognised
In the UK, they’re known as Generation Y, in Germany Generation Maybe, and China has labelled them as the generation
Rodney Sutton, head of manufacturing at Kreston Reeves, recently shared his thoughts on the UK manufacturing industry following the referendum
The adoption of international accounting standards has brought many benefits to the private and public sectors. This being said, there
Remote working is becoming a way of life for many professionals and the ability to work in a variety of
A common global language for business affairs, IFRS Standards are required by more than 120 jurisdictions in the world. Recently,
Automated technologies and artificial intelligence in our society will challenge many professions in the future. Some of them may be
Crowdfunding is still relatively new but should still be considered as a viable source of equity. Nowadays, it is providing
A legal amendment to the Finance Bill recently accepted by the UK government may pave the way for big changes
In the business world, there are bumps on the road and financial setbacks. In this situation, it is easy to
Day by day, technology is becoming an essential part of our lives, as the way we manage our financial life,
A new generation is coming to challenge the market. The Millennials make up a quarter of the US population and
Managing change is one of the biggest challenges for businesses as it requires a huge effort from managers and organisations
Sustainability reports are released by companies and organisations of all types, sizes, and sectors, from all over the world. A
Accounting is an indispensable tool for entrepreneurs to manage their business. The data provided by competent
Thinking about the risks involved in business has become an essential part of an enterprise’s strategy. Risk management enables organisations
When a business does not achieve its expected results, it may be time to think about implementing change. In these
The Financial Times recently reported the dispute in the courts between the UK supermarket chain Sainsbury’s and MasterCard. The Competition
For many, the accounting profession may not seem the most attractive in the world. But with technology and innovation at our hands, this is about to change.
By following these five steps, communication has everything it needs to flow better, regardless of where your business is located and where the people you
The need to go global is something that has emerged over the past decade and promises to challenge business for the next coming years.
Recently a considerable change in the SME market was announced through business news on the internet. The Big Four have
There are five topics that we must remember when dealing with working personal relationships in international business…
Slowly, one of the last socialist countries in the world is preparing to make changes to its economy, but how will this be done?
Developing countries attract the attention of investors by offering good opportunities and new markets, making them attractive for anyone thinking of expanding their
Through a mobile app, a small business can promote its brand, products, and services, expand its sales channels, interact with the target audience and get
Last month, experts at the Milken Institute Global Conference in Los Angeles looked at certain megatrends and predicted several economic scenarios for 2040 to
Your browser (Internet Explorer) is out of date.
It is no longer supported by Microsoft and therefore may not display all features of this and other websites. Learn how to update your browser here