Jul 2016

KPCB’s 2016 Internet trends report. Voice and other trends affecting accounting compliance

By: Odyssey Publication
Tags: compliance, Internet trends, Offshoring

KPCB’s Mary Meeker has become a legend for publishing the annual compilation of the most critical statistics and trends in technology.

The 2016 Internet trends report was released last month with the slides available here.

It’s well worth spending some time going through and having a look at some amazing trends, and new businesses that have sprung up virtually overnight (excuse pun).

Have a look at Houzz.com which started in October 2014 and less than 2 years later has 5.5 million products. More recent initiatives include their Houzz: Sketch released December 2015 and Houzz: View in My Room released February 2016. Have a look at the statistics from slide 96 of the slides.

And the generational differences are very clear with Gen Y preferring internet/web chat 24%, and social media 24%, with electronic messaging being 21% of channels preferred. Consider that to the Baby boomers who 74% prefer the telephone as their channel of choice (slide 107).

Voice as computing interface is gathering pace. We can speak 150 words per minute versus typing 40 words per minute on average. This means likely in the future the amount of information coming online will be a factor of 4! And with speech recognition systems moving up to 99% this is recognised as a game changer.

With increased voice recognition systems, computing interfaces will move from keyboards to microphones/keyboards. And the flow on effects to other industries are not yet known. We may be on the cusp of some impressive Translation apps. Offshoring can only benefit from voice recognition systems.

Amazon Echo and Alexa are two things in this area to keep an eye on. Amazon has moved into this space with an interesting speaker like product.

The car industry is moving ahead at a fantastic pace, with computers now have processing power to enable them to move driverless. We’ve covered some exciting developments in a previous blog. Mobility is being reimagined.

Worth spending some time looking through the video here, or a quick video summary here.

One thing is clear. With these massive disrupting forces occurring at a mind blowing rate of speed, Accounting owners need to focus away from accounting compliance work into the future. The future is here. It’s coming fast and hard. Late adopters will not have sufficient time to catch up.