CPA Practice Advisor - 32

LEAN SIX SIGMA ADVISOR

4 Steps to Ensure a Return on Your

TECHNOLOGY INVESTMENT
ACCOUNTING FIRMS TODAY have unprecedented levels of opportunities. Tax reform is
driving demand for tax planning services, and advisory fees are outpacing traditional
compliance work in larger firms. Many firms recognize that implementing the latest
technologies is key to winning their share of these new opportunities. That's the right idea,
but firm leaders need to be cautious about chasing after bright shiny objects when they
see other firms doing exciting things. Here are four steps to ensure you're implementing
the right changes so you can see the return on investment in technology.
TAKE STOCK OF WHAT
YOU HAVE
Before investing in new technology,
take a look at what you have and
how you're currently using it. You
may find you have an opportunity
to leverage existing technology
in a new way rather than adding
something new. At the very least,
having a better understanding of
the technology you already have in
place and how it can integrate with
other technologies will influence
new product evaluations.
Also consider the skillsets of
your team. If they have a good
handle on the applications you're
currently using, you can better
assess the components that are
missing. This will also help you
identify and analyze new areas of
opportunity.

GET A CLEAR IDEA OF
WHAT YOU WANT
Once you've identified a need for new
tech, it's time for an IT assessment.
The assessment should answer five
questions:
■ Which? Which technologies do you
want to pursue?
■ What? What objectives do you want
to achieve?
■ Who? Who should be involved in
evaluating and implementing the
solution?

JUNE 2019 ■

■ When? What is the timeline for
evaluation and implementation?
■ How? How will you roll it out to your
team and get people trained?
This assessment gives you a
clear idea of what you want before
you begin evaluating new solutions
and helps you vet what you find in
the market. If you don't start with
this five-step assessment, you're
setting your technology and team
up not to be successful.

to review your old processes and
update them. We often see firms
that adopt new solutions but skip
this critical step because they are
so excited to run with the latest
technology. Then they blame the
technology for not working as well
as it should. In reality, the problem
stems from misalignment. Even the
best technology will fall short if it's
not aligned with process.

ALIGN PROCESSES WITH
TECHNOLOGY

Now that you've selected your new
tech and updated your processes to
get them in alignment, it's time to
roll the new technology out to your
department or firm.
Make sure your roll-out plan

Now that you've decided on new
technology, how will it align with
your process? Whenever you
implement new tech, it's crucial

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ROLL IT OUT

includes educating your team - both
on how you got to this point and how
to use the new technology. Learning
a new system is a big change and
change is hard. When you educate
people on why you selected this new
solution and how you make your
selection, you'll help prevent at least
some of the inevitable pushback that
comes with asking people to change.
Without this background, your team
may feel like the change is happening overnight or without careful
consideration for the complexity
of the project.
After the rollout, continue to
check in with people and give them
an outlet for feedback. Schedule
check-ins at regular intervals and a
refresh one year out. This refresh is a
mini version of the initial evaluation
to ensure it's still working well.
Your firm's ability to keep up and
deliver value to its clients depends on
how capable you are at harnessing
the potential benefits of new technology. Make sure you're taking the
steps necessary to take advantage
of the opportunities new technology
brings so you and your clients can
reach your full potential. ■
As a director for Boomer
Consulting, Inc., Arianna
Campbell helps accounting
firms challenge the status
quo by leading process
improvement initiatives that
result in increased profitability and client satisfaction. She also facilitates the
development and cultivation
of future firm leaders in
The P3 Leadership Academy™. Internally,
she blends concepts from Lean Six Sigma and
leadership development to drive innovation and
continuous improvement within the company.
Arianna also enjoys the opportunity to share
knowledge through regular contributions to the
Boomer Bulletin and other industry wide publications, as well as public speaking at industry
conferences.

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