Tradition Embracing Digital Transformation: Media and Entertainment
The digital shift we are experiencing is not unique to any specific industry.
The digital shift we are experiencing is not unique to any specific industry. The integration of digital technology is fundamentally changing how businesses operate and the value they provide to customers.
While it will look different from business to business these changes also impact on organizational culture. This creates a need for constant challenge, experimentation and being comfortable with failures.
Banking has moved from branch to online. Contactless cards and smartphone payments are taking over from physical cash.
Even in highly sensitive fields such as healthcare and government we have seen rapid expansion of digitization and the use of data. And while some of this digitization may have been expedited by a global pandemic, most was happening before 2020.
Leading professional service firms recognize that to retain an advisory position they must keep pace with, or be ahead of, the transformation progress of their clients. How can a client view a firm as a premium advisor for services like cyber security if services such as audit are delivered using legacy technologies?
The following case studies give an insight in to how other sectors have digitally transformed and the key takeaways for professional services on their own digital transformation journey.
In this article, we will be taking a closer look at the Media and Entertainment industry focusing on three key areas:
- Client Need and Expectation
- Continuous Improvement
- What professional service firms can learn
Inflo Insight | Strengthen Your Advantage
Launched in 2021, Inflo Insight delivers thought leadership articles, research and expert opinions on accounting and audit issues. Our content examines the complexity and challenges audit firms are facing in an evolving business landscape. Our intention is to summarise and simplify key trends and takeaways that saves you time, builds knowledge and capability to adapt.
Inflo was founded by former Big Four auditors with the objective of making more progressive audit technologies and methodologies available to audit firms of all sizes. Our Digital Audit technology and approach improves the quality and relevance of the audit product for over 70% of the UK’s largest, non-Big Four firms. Our goal is to educate and support the profession to embrace and adapt to change and strengthen your advantage.
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