Technology is ever advancing in a world of skeptics and soothsayers. Leaders of industries around the globe are in an arms race for the next big thing to stay ahead. Artificial intelligence and block chains appear to threaten the livelihood of people around the world. We regularly see the new item to hit the shelves to make our lives more comfortable and more convenient. Watching your specialized product or service become commoditized has become a routine. Some people see the coming of Terminator’s Judgement Day. Others see an opportunity to provide products and services that younger generations consider commodities and pair them with excellent customer service and experience that leads to a greater understanding of how your decisions make an impact.
Industries like accounting, insurance, and investing have already seen technology step into the ring and snatch market share because of ease-of-use and the limited time need. Many of us agree that these two items can make life more enjoyable especially in our busy culture of maximizing the potential of every second. Companies like Lemonade, Acorns, and QuickBooks offer services to provide the quickness and efficiency we want. However, as fast as this amenity has been available, firms have advertised the value of human interaction and the importance of having an advisor you know. Companies like State Farm with their independent agents spread across the entire United States to ensure access or CPA firms who have advisors familiar with you and your business ready to lend help when needed. Even H & R Block has created a series of commercials that relay the importance of having a personal touch to your service. State farm competitor Geico has started opening physical locations to stay able to compete. Younger generations want to build a relationship with people to whom they entrust their money and families. The companies are using the technology developed with a “cherry on top” to prove their value in a world that continues to become automated.
Are you in an industry that feels like it’s becoming a commodity? Are you not sure how to provide clients the “Experience”? Contact Abacus CPAs today at 417-823-7171 or www.abacuscpas.com and speak with a business advisor to receive better guidance so you can make smarter decisions.
Cristian Rath, CPA